8 reasons why a mobile merchant account is for you

8 reasons why a mobile merchant account is for you

It seems like everything is going mobile these days, and business owners often feel like they're struggling to catch up. Whether you run an online-only business or a brick-and-mortar store -- or something else entirely -- a mobile merchant account can provide welcome flexibility.

Here are eight signs that you should probably get yourself a mobile merchant account:

1. You or your employees travel.
Mobile merchants have, in the past, been limited to accepting cash and checks for payment. With a mobile merchant account, however, you can accept debit and credit card payments using your wireless terminal. As long as you sign up with a reputable provider, all transactions are fast and secure.

2. You already have a smart phone.
If you're looking to save money but you have already invested in a smart phone, a mobile merchant account might be more attainable than you think. Some of these providers permit credit card processing directly from your cell phone. There are apps for iPhones, Blackberrys, Androids and other smart phones on the market.

3. You don't like extending credit.
One of the problems of providing a product or service now and allowing the customer to pay later is that sometimes payment never arrives. If you have a mobile merchant account, however, you can collect at the time the product is delivered or the service rendered. No more 30-, 60-, and 90-day invoices to send out.

4. Your customers prefer plastic.
Maybe you've been putting off the merchant account business entirely. But according to the American Bankers Association, the average customer preferred paying with plastic as far back as 2006, and that trend continues to increase year after year. So you might be losing business if you force your customers to pay with check or cash.

5. You're afraid of the cost.
Your worries might very well be unfounded. Mobile merchant accounts are set up similarly to regular merchant accounts, basing your costs on monthly volume. In other words, the cost of running this type of service will escalate only as your business grows, keeping the costs proportional. Just make sure you read the fine print with regard to fees so you aren't taken by surprise.

6. You'd like to take your show on the road.
Perhaps you've been eyeing the trade show circuit, or maybe you'd like to branch out into other communities but you don't have the hardware. A mobile merchant account permits credit card processing on the go and will get you on the road with no worries. And you might be able to increase your customer base if you can reach people who don't visit your main location.

7. Your business happens in the field.
Sometimes a business will grow if sales professionals are able to visit target customers in the field. If you sell surgical equipment, for example, visiting hospitals and clinics in your community could help you reach a broader audience. A mobile merchant account allows you to go to your customers instead of waiting for them to come to you.

8. You're a one-man show.
If you're a sole proprietor -- a consultant, for example -- it can be difficult to manage every aspect of your business from your main location. A mobile merchant account provides freedom and allows you to take care of business instantly, without having to put off processing payments.

A mobile merchant account might not be necessary for all business owners, but it can benefit anyone who likes to get out of the office or store every once in a while. Just make sure you research providers carefully and choose one that will fit your current model of conducting business.

Article by Steve Thompson

Published: January 27,2023