Small business owners face plenty of challenges in today’s marketplace. Mobile payments systems are helping take one big worry off the hands of small businesses today while also looking to the future. The 2011 Juniper report suggests that while mobile payments accounted for roughly $240 billion dollars in sales for 2011, those numbers would increase to upwards of $670 billion dollars by the year 2015. In other words, if small business owners are looking for new ways to embrace the future, mobile payments systems need to be on the tops of their lists.
Here are just a few of the benefits small businesses have to gain by embracing the future mobile payments systems have to offer.
Lower Credit Card Processing Fees
Most mobile payment companies charge a lower “per transaction” fee for processing credit cards than the credit card companies offer on their own. Granted this isn’t a universal benefit but one that many people enjoy when working with a mobile payment processing system. Check around and compare prices to find the best match for your business needs—especially when compared to the costs of dealing with the credit card companies.
Track Sales Trends and Inventory Better
Improved tracking of sales trends and inventory are both huge benefits for the average small business owner. In fact, the inventory tracking alone can offer a significant improvement over the way you’ve been conducting business. That is one of the most difficult tasks for the average small business owner to tackle.
When combined with the ability to track trends you can learn important lessons about your business in a matter of days and weeks that would have taken business owners of the past months or years to figure out. If you know when certain items are most likely to sell you can have more on hand during times of peak performance and keep your inventories lower during times when those items aren’t typically in high demand.
Improve Customer Service
Prompt and courteous customer service is still appreciated by the average consumer. Mobile payment processing allows you deal with your customers quickly and efficiently. The courteous part of the process is completely up to you. With mobile payment processing you have a cost-effective method to provide your customers with options regarding payments without spending a lot of extra time or money (which is always tight for small businesses) to offer that convenience.
Small business owners rarely have an abundance of money to waste on plans and systems that don’t work for them. That’s why it’s so important to take advantage of systems that do. Mobile payments systems are efficient, budget-friendly tools that any small business owner looking to the future cannot afford to dismiss out of hand.