Mobile technology – in particular smartphones and tablets – has increased the scope of retail opportunity for businesses of all sizes. For SMEs, the ability to accept payment for products and services ‘in-the-field’ helps them compete with the larger, more established businesses. Sales are now guaranteed at local events, trade fairs, in customers’ business premises; in fact, anywhere a smartphone can go, so, too, can the sale be processed.
How to accept mobile credit card payments
There are two ways to accept credit card payments on mobile devices. The first is by manual entry of card details, the second by using card swipe hardwire.
There will be service fees to pay, which vary with merchant account, which is usually levied as a percentage of the total transaction value. The process, whether through a card swipe or manually executed, follows three basic steps:
- Card information is collected via the merchant account
- Payment is authorised
- Email a receipt to the customer
Five tips for successful mobile payment processing
If you are expanding your business, attending events, or simply seeking to enable salespeople to close deals earlier while they are with the customer, then a mobile payment processing solution is the answer. Here are five ways to make sure your business gets it right first time and every time:
- Make sure your merchant services provider cam accept mobile payments, and that their security options are designed to protect your business.
- Make sure you always charge your mobile device. If you’re at a sales event, such as a trade show, use breaks to plug in and charge up. There is nothing that looks less professional than a mobile device (used for payment processing) that dies in front of a customer.
- Make sure your employees are trained and know exactly how to process payments on mobile. Reiterate the training the day before a major sales event, so that payments can be taken, receipts emailed, and refunds given easily if necessary.
- Let your customers know that you accept mobile payments. Tell them of the events you are attending, and use signage at trade shows to tell prospective customers that they can buy immediately.
- Finally, be prepared for extra sales by ordering extra inventory. Obile payment processing really does boost sales.