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Should you switch to a mobile payment system?
Mobile payment systems make sense for mobile businesses because they need their equipment to be portable. But what about regular businesses in brick-and-mortar establishments? If you run a sporting goods store, fast food restaurant or coffee shop, could you benefit from switching to mobile technology for credit card transactions? Experts say: Maybe.
Here are 5 ways that switching to a mobile payment system could benefit your business:
1. Spend less to make
The benefit of mobile payment systems is that your payments are simplified -- and even reduced. The service, for example, charges a simple 2.75 percent charge per transaction. There are no other confusing fees to catch you off-guard.
Plus, mobile payment systems don't require the expensive hardware common among traditional merchant accounts. If you are a start-up business with limited capital, this can help you get up and running faster.
2. Go green
3. Save space
Additionally, a mobile payment system allows you to use
equipment you already own. Smart phones are so common these days that it makes
sense to get as much use out of them as you can. And even if you have to
purchase a smart phone, iPad or other device, it is bound to be less expensive
than the hardware required of most merchant accounts.
4. Work faster
If you use mobile payment systems, however, the process takes much less time. Square, for example, is a streamlined approach to credit card processing. Each screen is designed with simplicity in mind, and you don't have to worry about fumbling with buttons, pens, tiny receipts or other time-wasters.
5. Reduce training
A mobile payment system, however, is very intuitive. You can train employees in a single hour on the job, which means they start working faster and you're paying them to benefit your business, rather than to learn how to benefit your business.
The final verdict
Published: April 13,2021