It’s not often these days that you hear a business owner say “cash only,” but it does still happen from time to time. However, most businesses have long been users of credit card payment processing devices, such as POS terminals in stores or virtual terminals for phone and online transactions. But today there’s a new service that allows you to accept credit cards through a payment processing center: mobile payment processing.
In addition to being able to take credit and debit cards on a traditional PIN machine, many retail and restaurant spaces are not opting to use mobile payment solutions to give their customers more options. Mobile payment processing is done fairly easily: all you need is a tablet or smartphone, and you just clip a small device to it to swipe credit cards. This option is increasing in popularity because it can save costs for small businesses who don’t want to buy a bunch of POS systems.
Payment processing centers are supporting these new devices to give merchants more choice in how they take payments. There are several advantages to using this new technology, too. For one, they make it easier to take payments all over a business. No longer do customers need to line up in one specific area. A mobile payment device can take payments from anywhere in a store. Additionally, these solutions are great during peak holiday seasons, when registers might be overloaded with customers. They’re also good for providing extra support in the event of technical difficulties.
Payment processing companies have other types of mobile payments in the works, too, although many aren’t as widespread just yet. Some retailers are using QR codes on smartphones to take payments. Even Apple is rumored to be in talks with certain retailers over the use of its iTunes accounts to use as payment. Some retailers now also accept PayPal accounts instead of traditional debit and credit cards.
As more retailers adopt these alternative payment processing methods, retailers have more opportunities to make money from their customers. Just think: all the customers who are put off by “Cash Only” signs can be won back over with all of these great options — and even more will follow. The more ways customers have to pay, the more likely can be to spend money with a specific business.
Have questions about what options your payment processing center can give your business? Ask them! You can also leave a comment below if you have more questions about how these mobile payments work!
Leave a Reply