Many businesses are skeptical of mobile payment solutions because they’re adverse to tweaking their processing environment or buying mobile equipment. What they don’t realize, however, is that they’re paying a price in other ways.
Matt Valego, Infintech payment processing advisor, explains why you should consider mobile payment solutions – and how you could be hurting your business by not doing so.
#1 Improve Your Cash Flow
For service contractors, like HVAC or roof repair companies, the ability to accept payment on-site helps them get paid faster. Without the ability to accept credit cards on-the-go, these businesses typically resort to mailing an invoice later, which often paves the way for outstanding receivables.
“You’re banking on your customer receiving the invoice, opening it, writing a check and sending it back,” Matt explains. “How often is that happening the first time anymore? Plus, if you have to send out two paper invoices, your costs are probably over what you would have paid if you accepted the payment on the spot.”
#2 Offer Convenience and Sensitivity to Your Customers
Mobile payment options in the veterinary or healthcare space can be especially beneficial, depending on the circumstance. For veterinary customers who are euthanizing a pet, for example, they’ll appreciate being able to make a payment from the privacy of an exam room, versus a public waiting area.
On the other hand, customers or patients may receive an unexpectedly large medical bill. So mobile payment solutions may curtail embarrassing disputes over medical bills in a public waiting room.
#3 Enhance the Credibility of Your Business
For companies that have mobile workers out on the field, whether it’s a road-side towing service or a pizza delivery driver, it’s becoming increasingly more critical for these businesses to accept credit card on-site for credibility alone. “A consumer may use your company the first time because they’re in a bind, but if you don’t accept cards, it could hurt your brand credibility and make you seem less legitimate,” Matt points out.
#4 You Remain in Control
At many companies, the person or department handling accounts receivables may feel nervous about having field workers accepting payment – mainly for tracking purposes. “They’re concerned that if they have someone accepting mobile payments on-site, that they’re not going to know what’s going on,” Matt points out.
However, mobile payment solutions offer a variety of ways to streamline the process. You can automatically copy accounting on receipts, enable GPS features to see where the transaction took place or change the level of access for certain users.