If you’re a retail business owner looking for ways to better serve your customers and make the shopping experience more enjoyable, mobile credit card processing may be for you. While mobile credit card processing is fairly new and delivers many benefits to both businesses and consumers alike, there are still several concerns surrounding mobile processing technology. As a business owner, it’s important to educate yourself and learn the truths surrounding mobile credit card processing. Here are five of the most common myths and misconceptions about mobile credit card processing and the realities behind them:
1. I don’t need mobile credit card processing if I already have a point-of-sale (POS) system: Even if you already have a standard POS system for your business, mobile credit card processing offers a more flexible shopping experience for your customers. With mobile credit card processing, your sales staff is no longer tied to a cash register or counter to complete a sale. This increased flexibility can mean the difference between a shopper making a purchase or walking out the door. With mobile credit card processing, you can also track sales, log revenue, fight chargebacks, analyze performance and more.
2. Setup is difficult and complicated: Setting up mobile credit card processing is much easier than it seems. Setup usually involves downloading an app and following the necessary steps to get the hardware and software up and running. The beauty of today’s technology is that apps are built to be user friendly and intuitive, meaning setup should be fairly simple. Most mobile payment providers offer customer support as well, so if you’re struggling to get your new system up and running, you can give them a call for help.
3. Customer credit card information isn’t safe: A reputable mobile credit card processing company won’t store any critical customer information on your device. Sensitive customer information is transferred through an encrypted service between the application and the credit card processor. If you encounter a company that says credit card information will be stored on your device, you should avoid using it. Your first priority should always be your customers, and a respectable mobile credit card processor will also do everything it can to make sure your customer data is safe.
4. Mobile credit card processing increases the risk of fraud: Fraud is always a concern for businesses that accept credit card payments. Customers trust businesses with their credit card information, and the last thing you want is for a customer’s credit card to be compromised in your store. However, since credit card information isn’t stored on your device, the risk of fraud is lessened. For example, you don’t need to worry about one of your employees walking out of the store with your tablet and downloading all of your customers’ credit card information.
5. Mobile credit card processing has high fees: As with other types of credit card transactions, there are fees involved with accepting credit card payments via a mobile device such as a smartphone or tablet. Although mobile transactions are generally more expensive than traditional credit card transactions, the difference is very small. For most businesses, the additional charge associated with mobile transactions is typically made up by the extra sales gained through accepting mobile transactions.
Time is money, and mobile credit card processing has the power to streamline the shopping experience and bolster sales for your business. As more and more retailers adopt this technology, don’t be left behind or busy shoppers seeking speed and ease of checkout may take their business elsewhere.
Donna Marks is the founder and CEO of Windfall, a group purchasing organization that connects more than 200,000 members to savings from preferred national suppliers.
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