For the small business owner looking to gain an edge over the competition, something as simple as offering mobile credit card processing can do the trick.
As more and more consumers opt for online browsing and shopping, it only makes sense (cents and dollars, too) for business owners to offer the mobile option. By doing so, they stay up to speed on technology, while also meeting the needs and desires of many shoppers.
According to a report last fall from Javelin Strategy and Research, four out of five consumers would spend additional money online if they considered credit cards safer and had different payment options. Javelin also noted that an additional $109.8 billion would be spent by making available a “no credit card required” way to pay online and at merchants. The survey polled more than 2,000 U.S. adults concerning payments preferences.
Meantime, research firm Gartner reported that global mobile payment transactions will total $171.5 billion in 2012, a 62% jump from $105.9 billion last year, and could reach $617 billion by 2016.
Despite those numbers, there are those small business owners that have been slow to the dance when it comes to offering mobile payment options.
Why you may ask? Many company heads remain skeptical when it comes to putting out more money for yet another piece of hardware.
If you are a small business owner that is just getting by, you are more than likely keeping tabs on how each and every dollar is being spent, meaning you will not invest in something like mobile technology without thinking it will be a win-win situation for you over time.
So, how do you know if mobile credit card payments are right for your business? Among some of the benefits that can benefit from such an option include:
- Delivery services;
- Mini-marts/gas stations;
- Restaurants and other eateries that offer delivery services;
- Spas, health centers and personal trainers;
- Merchants who sell at swap meets, garage sales, etc;
- Business owners (caterers, florists, photographers, etc.) who come to customer’s residences to conduct sales.
As you can see, there are many opportunities with which the business owner can and should offer mobile payments. When they do, there is a good chance they will grow their customer base, while also increasing their sales.
If for some reason you are still skeptical about the impact mobile credit card processing is having on businesses not only in the U.S. but worldwide, just take a look at Starbucks. The famed coffee business noted more than 26 million mobile payments in less than a year following its launch of a mobile app providing a payment component. While your business may not be raking in the sales that Starbucks is, your thirst to grow as a small business owner should include the mobile payment option.
About the author: With 23 years of experience as a writer, Dave Thomas covers a wide array of topics from marketing to starting a small business.
