Common Mobile Payments Myths All Business Owners Need To Know
While we all know how popular credit and debit card payments are and have been for years now, these days more consumers expect to be able to pay using their mobile device, instead of a typical point-of-sale system. Transactions made on smartphones or other types of small, Internet-enabled devices have been growing significantly, and demand doesn’t look like it will slow down anytime soon. In fact, according to recent statistics, the worldwide mobile payment revenue is expected to hit more than $1 trillion in 2019.
Based on this, it’s easy to see that the cost of not accepting mobile payments in your venture can include many lost sales, not to mention losses when it comes to repeat business and referrals — after all, customers desire convenience, and if they can’t find the payment method they want when dealing with your firm, they’re likely to shop elsewhere in future. They’ll also only recommend to their contacts those businesses they find to suit their needs completely. If you haven’t started making mobile payments available to your clients yet, it’s, therefore, time to remedy this situation.
It is also possible you’ve heard some of the many common myths about mobile payments which are floating around, and think incorporating mobile just isn’t for you. To ensure you’re up on all the facts, read on for the truth behind some of the prevailing myths surrounding mobile payments.
Too Difficult to Incorporate Into Your Business
If you’re like most other entrepreneurs, you’re no doubt crazy busy every week and feel like you never have enough time to get all your jobs done or even make a dent in their number. As such, you might have been avoiding setting up a mobile payment system because you think it will take too much time and be too difficult to set up.
This just isn’t the case though, because most popular mobile payment systems can be put in place in just a few minutes. Like other applications available these days, mobile payment apps are created to be intuitive to use and simple and user-friendly for even people who have limited experience in dealing with this type of tech.
For most mobile systems, to set them up all you have to do is get yourself a merchant account with the provider you have chosen (just like you would with other types of payment systems), and then download the company’s app. If needed, you might also have to plug a credit-card swiper into the audio jack of your smartphone or tablet. Most often these days, though, mobile systems can use NFC and/or Bluetooth tech to read a customer’s card. Credit card information can also sometimes be manually keyed in if required.
For a large number of business owners, the myth that mobile payments are less secure than other payment options is the thing that stops them from setting up such a system. When you think about it, you can see that mobile transactions are very similar to traditional POS or e-commerce payments, because no data needs to be stored in the device itself.
All your customer’s sensitive details are transmitted digitally instead, so even if you did happen to lose one of your devices or have a company smartphone or tablet stolen, no personal or financial client information can be accessed by prying eyes.
Like with any other type of payment system you might use, it’s still a good idea to seek out a provider that’s reputable, well-established and takes security very seriously. Look for a firm that adheres strictly to the Payment Card Industry (PCI) compliance standards, and that has a top security record.
Not Worth the Hassle
Another pervading myth that stops some entrepreneurs from going down the mobile payment route is that these types of systems are “not worth the hassle.” Business owners can mistakenly believe they won’t be able to put through enough transactions on their mobile payment app to make the time and effort they think is involved worthwhile. This is just not true though.
As noted above, time is not a factor to worry about with mobile payment systems, and they’re very straightforward to use, too. What’s more, though, is the fact that your business will be able to enjoy many benefits from offering mobile payments to your customers. You can make clients happy because they can pay using their preferred method, plus you can reach people where and when you want.
Instead of having to be tied down to a physical cash register or another location-dependent point-of-sale system, you can complete transactions on the go and at alternative places like tradeshows, client homes or offices, festivals, and conferences. The resulting sales and exposure you can get from this should be well worth it.