How to set your business up for mobile payments
Read on for some tips on joining the digital revolution.
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:
- 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.
- 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.
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.
Kalleske Wines reimagined what a small business website could achieve, using digital solutions to bring the cellar door to customers’ homes. Here’s how.View more
3 cafe owners share their tips for sustainable hospitality, including reducing takeaway cup use and getting customer support.View more
You don't have to own a florist or chocolate store to bring in coin for Valentine's Day – just ask this vet, sign maker and circus company founder.View more
Subscribe to the Prospa Blog
Be inspired! Sign up to Prospa’s newsletter to receive tips, tools and small business success stories straight to your inbox.