Gone are the days when the majority of customers paid cold, hard cash for their purchases. Some of the most intrepid greenback supporters even brought piles of the stuff to the bargaining table when it was time to seal the deal on an automobile. In a world where convenience and security vie for the top spot on everyone’s priority list, paying with plastic has become standard operating procedure. If you’re still on the fence about whether your business can gain from joining the credit card revolution, take some time to check out three of the main benefits.
Most of us seem to have fully embraced the mobile phone, that tiny computer in your pocket that not only makes and receives calls, but also is a music player, photo album, note taker, GPS system and so much more. Step into many cutting-edge retailers and you’ll see that it’s also being used as a portable point of sale (POS) machine. Using your phone in this fashion enables you to take payments right on the sales floor of your store—or halfway across the country at a trade show.
How many times have you looked at promotional literature produced by one of the major credit card processing merchants and rolled your eyes at the cost. “No way,” you may have said to yourself, “this is too much for me.” No matter how profitable your enterprise may be, chances are good that your needs are not as complex as those of a major retailer. And that includes what you would require in POS equipment. Thanks to the versatility of your mobile phone, you may not be required to purchase any additional hardware or even a new phone. While you can always expand should your requirements grow, you can tap into the mobile processing world with ease—and without much pain to your wallet.
Unless you have been living under a rock lately, you know that so-called data breaches are high on customers’ and merchants’ worry lists. Fortunately, any retailer who accepts, stores or transmits cardholder data must comply with the Payment Card Industry Data Security Standards, usually abbreviated to PCI. This holds true even if you only accept card payments online or over the phone. Although the processing of complying with data security standards may seem burdensome, particularly if your business is small, doing so is to your advantage. Most important, it reassures customers that your systems are secure and the sensitive data they share with you will not be compromised. Finally, the PCI Security Standards Council is working tirelessly to stay ahead of new hacking technologies. This offers you an ongoing layer of protection for years to come.
The bottom line is this: your business has a much higher chance for success if your customers are happy. With cash going the way of the dinosaur, people are getting to the point where they resent retailers who don’t accept plastic. If you take the time to ensure that their information is as safe as possible, they will give you their trust, as well as their repeat business. Best of all, the mobile solution you choose can be amazingly versatile, portable and convenient. In short, everybody wins.