Although still relatively new, mobile credit card processing is on the rise.
What we thought couldn't be any more convenient, taking a single card out of your wallet to pay for something, has somehow gotten even easier.
Credit cards are slowly killing cash.
Are we about to witness mobile credit card processing kill the credit card?
The benefits are innumerable for both the business and the consumer.
Mobile credit card processing is more convenient, the business can streamline their POS system, and they gain access to a new world of business opportunities based on data collected from their customers.
However, mobile payments as a whole remains a hotly debated topic among retailers, customers, and industry experts alike.
Maybe it's because humans are generally resistant to change.
When credit cards were first introduced, no one trusted them over cash.
Even when banks first became mainstream, people would still rather keep their money in a safe at home.
Every innovation takes time to evolve. Mobile credit card processing is no different.
Moreover, with every innovation, comes a laundry list of myths that keep it from breaking through.
Myths that are either completely made up, or are based on false information.
In the article below, we will bust five myths about mobile credit card processing.
1. The Hassle Of Getting A New POS System Isn't Worth It
Most new technologies are going to require a little bit of work.
If you consider upgrading your business and keeping up with the latest technology a hassle, then maybe it's time to rethink your business strategy.
New technologies are released just about every single day.
Businesses that keep up will thrive, and business that
Even if you do consider it a hassle, the "hassle" will be well worth it.
Mobile payments offer more flexibility to reach your customers than ever before.
Your salespeople are no longer tied to a cash register or a counter to finish the sale.
They can meet the customer where they are. That can mean the difference between revenue and a lost sale.
Mobile payments also come equipped with the latest technology to track sales, log revenue, fight chargebacks, and analyze performance quickly and easily.
2. The Fees Are Too High
This myth is continuously used by businesses as an excuse to not accept mobile credit card payments.
The reality is that it can be affordable for all businesses, no matter how big or small you are.
The fees for accepting mobile credit card payments are significantly lower than the fees for renting a traditional wireless terminal.
There are also no setup fees, and often there are no cancellation fees.
You generally have two options when you use mobile credit card processing; pay as you go or high volume.
What's best for your company will depend on how many sales you expect to make using mobile processing.
The pay as you go option comes with no monthly fees, and you only pay when you process a transaction.
This is usually a great option for smaller businesses who don't make enough sales per month to justify the monthly fees.
Bigger businesses would benefit from the monthly payment system, so they aren't paying per transaction.
3. The Setup Will Be Too Difficult
This myth is easily busted.
Most of the time, all the setup entails is downloading your vendor's app and then following step by step instructions to get everything up and running.
That's the beauty of mobile credit card processing.
Just like all of our other mobile apps, they are built to be as user-friendly as possible and intuitive, so merchants have little to no trouble setting them up.
Most, if not all, mobile payment providers offer customer support as well, so help is just a phone call away if you end up needing it.
4. Mobile Payments Aren't Secure
A common concern among customers and merchants alike is that mobile credit card processing isn't as secure as using a credit card terminal.
However, this concern isn't based on facts and is strictly an unfounded worry.
The only reason people feel this way is because they've become so comfortable with their credit card terminals that they are hesitant to accept the new technology.
Using a reputable company that will encrypt credit card data will help you sleep better at night when you start implementing mobile credit card payments into your business.
5. Mobile Credit Card Processing Raises The Risk Of Fraud
This is another myth that isn't based on facts or research.
If you run a good business, and you care about your customers, fraud will always be a concern.
However, data isn't stored on the device; it's instead stored on your vendor's servers, so that lessens the risk of fraud.
There's no need to worry about someone stealing your tablet, or an employee going home with it, and downloading all of your customer's information.
There's also not an added risk of fraud if you ever decide to sell your tablet or mobile device.
Your customer's information never makes it to your device.
It's stored safely and securely on your vendor's servers.
When something new and potentially revolutionary begins to emerge, there will always be doubters.
Change can be hard and uncomfortable, and it seems much easier to stick with what we're used to.
However, if changes aren't accepted soon enough, it may be too late for the business.
We've already seen this happen with several traditional businesses that had to declare bankruptcy and close down entirely because they became too comfortable.
Mobile credit card processing is here, and in all likelihood, it is ready to take over.
Is your business ready to accept mobile payments?
Not only will it make life a lot easier for you, but it will also make it easier for your customers to buy from you.
It's a win-win all around.
If you're ready to talk to someone about setting up mobile pay for your business, EMS is ready and waiting to help you.
They've been in business for over 30 years, and they have kept up with every innovation that has come along.
They'll make sure this new technology doesn't pass you by.
Click the button below to get started.