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How to set your business up for mobile payments

Australians are in love with their smartphones and take them everywhere, so your business needs to be set up for mobile payments.

Read on for some tips on joining the digital revolution.

Getting started

If your business has a contactless point of sale (POS) system, such as an EFTPOS machine, then you’re already set up to accept payments from mobile wallets like Google Pay and Apple Pay. PayPal Here can also work on an existing contactless POS system, but purchasing a card reader will reduce transaction fees.

The pay-by-mobile services offered by the big banks prompt you to purchase their card readers at the same time. These are usually compatible with apps that provide sales analytics, bill splitting, tab and invoice management or cloud storage services. The cost of the reader varies, depending on the plan chosen.

Integrate your loyalty plan

Businesses that transition to mobile payments can integrate loyalty and reward programs. By removing the need for physical reward cards or keychains, you can overcome the hassles associated with loyalty programs while improving customer retention.

More efficient service

Allowing customers to pay anywhere with a tap of their phone will drastically reduce payment times. There are two main benefits to serving people more quickly and efficiently:

  1. Cutting down on queues: This is particularly helpful on busy shopping days or in rapid service industries like fast food. Customers will be more satisfied, and are more likely to tell their friends about their positive experience.
  2. Streamlined services: Reducing the time staff spend on transactions frees them to focus on providing better customer service, cleaning or merchandising. This spreads efficiency through all areas of your business.

Technology security

Services like Google Pay don’t share customers’ actual card numbers, which creates an additional security barrier while streamlining the payment process. By advertising your mobile payment services – and making sure customers understand how secure they are – you can potentially broaden your customer base.

While consumer demand for mobile payments is high, there are costs involved in setting them up. You won’t be able to ignore mobile payments forever, but small businesses should weigh those costs against the benefits. Do the calculations, see if your competitors are using them, and decide whether it’s time to embrace the digital revolution – your sales will thank you.

If you need funds to join the mobile commerce boom, talk to Prospa on 1300 882 867 or apply online for a hassle-free small business loan.

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The information in this post is provided for general information only and does not take into account your personal situation. Nothing contained in this post constitutes advice or an endorsement or recommendation of any kind by Prospa. Any links to third party websites are strictly for informational purposes only. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Prospa, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.

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