Making mobile payments at a small business.

Mobile payment technology has steadily gained immense popularity from businesses and customers looking for a convenient way of making and receiving payments. While there are several forms of mobile payments, the term “mobile payments” refers to transactions done from mobile devices. This payment allows businesses to receive payments from apps, such as Samsung Pay, Apple Pay, and Google Pay, which customers download on their smartphones.

While some businesses use these payment methods already, others are still at crossroads, debating if they should consider them or not. Well, below are some insights that can guide your decision.

The Benefits of Mobile Payments

1. Unmatched Convenience

Did you know more than 50% of customers don’t carry cash every day, and if they do, they carry less than $20? This is a small amount that can’t make significant purchases. Even though some may prefer to make payments for large purchases using credit cards, customers may easily forget their wallets containing their credit cards at home. And, while many people forget their wallets regularly, you hardly hear of anyone who has forgotten their smartphone.

Smartphones are practically attached to everyone’s hands. Mobile payments allow customers to easily pay for their goods and services. Easy payment options also help breed customer loyalty. That aside, you can equip your sales teams with this payment technology. This means customers can pay for their goods anywhere in the store instead of having to queue.

2. Tracking Trends

Tracking trends is important as it helps businesses identify customer trends, especially the highest purchases and customer spending patterns. Mobile payments make it easy for businesses to analyze such customer data and identify trends. This information can then help tailor sales and marketing promotions. Tracking customer data also enables businesses to craft customized product and service recommendations based on customer’s previous purchases.

3. Cost Saving

The 2011 Federal Government policies on credit and debit card transactions interchange fees capped the processing fees for purchases made with a debit card but didn’t restrict credit card processing charges. Therefore, businesses that accept credit cards can now save money by onboarding mobile payments.

Several mobile payment options charge much lower transaction fees compared to some credit card providers. Others offer a discounted fee for a specified amount of credit card purchases monthly. Even if mobile payment technology is only saving you a few cents, it can add up to significant amounts throughout the year.

4. Better Security

Cyberattacks are a real threat to businesses and customers using digital payments. A compromised point-of-sale payment system can have disastrous financial effects on a business. However, mobile payments alleviate some security concerns. For instance, instead of keeping your customers’ debit or credit card numbers, mobile payment technology uses tokenization, which secures this information.

Risks of Mobile Payment Technology

While mobile payments are beneficial, you should be wary of the following risks;

Security Breaches

While mobile payments provide enhanced security, they are also a security threat just like any other transaction that depends on internet service. As mentioned, these payments use tokenization to encrypt customer data. However, businesses should ensure that they use the latest encryption technology to protect the business and customers from data theft.

Different Customer Expectations

While mobile payment technology is overly convenient, it only really appeals to a young audience. Therefore, it may not be convenient for an older audience that is less tech-savvy. You should assess your customer demographic data before implementing this payment technology.

Bottom Line

Integrating mobile payment technology into your business can position you ahead of competitors and help boost sales. However, getting started can be quite costly, as you will need to update your POS systems to accommodate this technology. Therefore, conduct a cost-benefit analysis and weigh its pros and cons to determine if your business gains from this technology.


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What is Rerun App and How Do You Use It-315Rerun is a unique billing and invoicing software for small and mid-sized businesses in the United States and Canada. With it you can customize payment streams, plan recurring billings, monitor account activity and generate financial reports with filter options. In addition, you can customize payment channels through streams, clients, product or projections. Use Rerun to automate client emails and get control over failed transactions and other exceptions.

Sign up for one of the following Rerun Live accounts:

Here is how to use Rerun account for better financial control.

1. Accept Payments from Customers

With Rerun, you can accept credit cards from customers or transactions via banks for goods or services. Alternatively, create customized payment streams that match your brand and the products in your catalog. This will enhance your efficiency and make it easy to manage your venture.

2. Manage communication with Customers

Emails allow you to send out invoices and create long-lasting relationships with your clients and suppliers. Rerun lets you brand and customize emails with free templates. It provides a robust automation system that sends an email based on an event projected to occur. For instance, a transaction that went awry, or a simple "Thank-You" note.

3. Excellent Third Party Integration

Rerun is developed for efficiency. To be as efficient as possible with the software you currently use it integrates easily with third-party application software.

Account integration: The information in your Rerun account lives beyond Rerun. You can link the account to customers, tax codes, QuickBooks, Account Edge, and Xero. Remember to process payments from Rerun to your internal accounting system. This prevents rekeying information.

Slack Integration: The Slack App integrates with your account to send important notifications to your Slack network of preference.

4. Manage Invalid Credit Cards Easily

There is nothing quite as disappointing as a failed payment and not being able to get current information from your clients. Rerun eliminates this hassle by setting up a Customer Center, customized and secure, with editing options that help customers change credit information or select an entirely different payment policy.

5. Create a Customizable Check-Out Process

Checkout is the latest upgrade in Rerun. Create a hosted, fully customizable checkout process that makes accepting recurring payments easy. When a visitor checks out, Rerun automatically adds them to your payment streams.

Benefits of Rerun

Rerun creates transparency. The app stores all data. Quickly find info if a client has an issue or has a question about a transaction. Data also includes full action on lead generation to payment reception.

Rerun is simply a lifesaver for many businesses. It has tremendously changed how people do payment collection. The software automates the entire billing system and lets you receive money online and on time.

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How Safe Is Venmo And Why Is It FreeNeed to split the dinner bill but don't have cash? Want to settle up with colleagues the quick and easy way? Do what the millennials are doing. Go Venmo.

What is Venmo?

The use of Venmo as a way to pay between friends has exploded since startup in 2009, launching first as a text message-based system. But it's changed and evolved right along with the rise of social media apps and the peer-to-peer economy.

A series of acquisitions brought Venmo under the control of online financial giant PayPal. While it does have competitors, its name has almost become synonymous with transferring money quickly between friends.

Before you condemn it as a millennial fad, however, you might want to consider how much money is getting transferred using the app. In January of 2016 alone, Venmo handled $1 billion.

The smartphone app is popular with people under 30 that some have even begun referring to the age as the "Venmo Line." When someone transfers money to you, for the rent, last night's dinner tab or even the water bill, they can optionally comment on it as well, bringing in the social media component. Friends can check another person's feed and see what they have paid other people for, seeing where they've been and what they've done as well.

Cost of Doing Business with Venmo

Another advantage is that, unlike even parent corporation PayPal, money can be transferred for free. Venmo is free to download and free to setup an account. You can even transfer money without a transaction fee, provided you link to your bank account.

When you transfer money from a credit card, you will incur a three percent charge. At this point, Venmo still reports zero revenue, but that doesn't mean the app isn't profitable. As part of the PayPal family, it's helped its parent company extend its reach.

How Safe is Venmo?

Of course one of the main concerns about using any electronic form of banking is how secure it is.

It's no fly-by-night operation. They employ bank-level security and data encryption to protect users against security breaches. Users can also set a PIN code for increased security. When used as originally intended for moving funds from friend to friend, it's entirely safe. Risk enters when Venmo, like any other similar app, is used in a way that isn't consistent with its stated purpose.

Staying safe with Venmo requires you to know how it works.  Transferring money isn't instantaneous. It helps to think about it working like a checking account. While your balance might reflect money someone just sent you, it actually takes a couple of days for the transaction to complete.

So, when used among your trusted friends and family members, Venmo is just as safe as any other payment method such as giving them a check. Judging by its ever-increasing market share, it's pretty popular, too.

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