Mobile payments have increased in popularity by 178% over this time last year, according to the National Retail Federation. For many businesses, mobile payments are the only method they have of accepting credit cards, while other businesses are able to broaden their customer base and increase customer loyalty with mobile payments.
Through services such as Merchant Seek, many businesses are able to find a credit card processing company that can provide mobile processing services. In fact, Merchant Seek can analyze the credit card processing needs of a business and recommend a processor that fits the needs of the business.
Businesses that conduct most of their transactions in the field are the ones most likely to benefit from mobile payments. Companies such as landscapers and plumbers can use mobile processing to take customer payments when service is rendered as opposed to waiting for their customers to respond to mailed invoices. A business that accepts credit cards instantly appears to be more trustworthy to new customers than a business that insists its clients only pay in cash. In addition, being able to pay immediately and have a company representative available to explain the bill improves the relationship between the customer and the company.
Small companies that conduct business at events like craft fairs and farmer’s markets can really benefit from mobile payments. Research has shown that customers tend to spend more at a retailer when they are able to use a credit card. This makes it possible for a business to increase their sales without paying extra for marketing. In addition, many companies have found that they are able to sell larger and more expensive merchandise than what they were able to sell before accepting credit cards. Since many people do not like to carry a lot of cash in public places, businesses that operated in these areas were often stuck with small transactions. Once a business can accept credit cards, however, customers feel more comfortable spending a larger amount of money.
Accepting credit cards is a great way for a business to distinguish themselves, and the ability to process customer payments quickly and securely will ensure that customers build up enough trust that they can order larger and more expensive work through the business. Setting up mobile payments is fairly easy to do, and there are many good reasons for businesses to accept credit card payments.
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