Does your small business accept mobile payments from customers? If not, there are good reasons to start.
Mobile payment apps have become commonplace in the B2C world, but they aren’t just for retail stores or food trucks. Accepting mobile payments can help a wide range of small businesses (including B2B companies) save time, reduce hassles, and get paid faster.
Here are some situations where mobile payments can benefit your business:
You’re displaying your products at a tradeshow and attendees want to place orders. With mobile payments, you can take their payment on the spot.
You visit a client’s office to finish up a big project. Use your mobile device to collect the balance of your payment right there instead of going back to the office and mailing an invoice.
Your construction company needs to purchase materials for the next phase of a project. With your mobile device, you can take a payment, have the funds in your bank account quickly, and purchase the products you need without waiting for a check to clear.
You deliver a shipment of products to a customer. Use a mobile device to get paid on delivery.
B2B and Mobile Payments
The B2B world has been slower to embrace mobile payment technology than consumer-facing businesses. However, that’s starting to change as people come to expect the same speed and convenience in their business transactions as in their personal transactions.
Some businesspeople are even embracing mobile wallets such as Apple Pay, Android Pay and Samsung Pay for business purchases. Mobile wallet apps store your credit or debit card information on your smartphone so you can pay without swiping a card. The global mobile payments market is expected to grow by over 33% annually, reaching nearly $3.4 billion by 2022, according to a 2017 report by Allied Market Research.
Have a customer who still prefers to pay by check? That’s OK: You can still use your mobile devices to get plain old paper checks into your bank account faster. Just download your business bank’s mobile app. Mobile Remote Deposit Capture (mRDC) technology enables you to take a picture of a check using that app and deposit it without a trip to the bank.
Mobile Payment Solutions
If you want to accept payment cards or mobile wallet payments on the go, Square, PayAnywhere, PayPal Here, and QuickBooks Payments are some of the most popular.
All of these options work essentially the same way: After you sign up, the provider sends you a mobile card reader that attaches to your mobile device. You can use it to swipe payment cards, accept EMV chip cards or accept mobile wallet payments. As with any type of merchant account, you will pay a small fee for each transaction.
Here are some things to consider when choosing your mobile payment solution:
Is there a limit on the number of payments you can accept per month? If you won’t be using the solution very often, this may not be a problem.
What are the fees per transaction? Generally, you’ll pay more per transaction if you do fewer transactions or if you choose a pay-as-you-go option. If you subscribe to an annual plan or as the number of transactions increase, your fees will typically go down.
What is included in the plan? For example, do you get a mobile device and accessories, or just the card reader?
How easy is the app to learn and use? You want something your employees will embrace and use in the field.
Does the mobile payment solution integrate with your accounting software?
Are there any additional features such as invoicing tools or e-commerce capability?
For a small business owner, getting paid in a timely fashion is the key to success. Mobile payment solutions are one way you can help speed up the process.
Aside from being mobile-friendly when it comes to payments, you’ll want to make sure your business website is mobile friendly for visitors.