The convenience of on demand full browser internet access has dramatically changed the way the public interacts with technology and the web. While the ubiquity of mobile devices’ impact on the public has been well documented, it is also having a seismic impact on the way business payments are made, particularly in IT.
Specifically, for an IT professional, the proliferation of frictionless mobile payments means that you are no longer limited to processing or requesting payments at the office. Mobile devices now allow you to process payments remotely by providing mobile payment options to customers on the job and in the field.
Get Paid Quicker and Reduce Expenses
Most IT professionals provide services before receiving payment, thus facing the problem of wondering when and if they will be paid. One of the greatest advantages of adopting a mobile payment system is the ability to instantly receive payment the moment your work is complete, and in certain riskier situations to pre-authorize a charge prior to performing the work. You no longer need to wait for checks to arrive, or wait for funds to transfer into your account after a deposit. On average, mobile payment processors have the ability to transfer funds to a merchant account electronically within 48-72 hours of the approved transaction. This eliminates a significant portion of the risk your business takes on when accepting payments in forms other than debit or credit card. When using mobile payment processing you will know immediately if a transaction is rejected or accepted, and will typically be in front of the customer, so you can make other arrangements for payment if it fails.
Rich McIver is the founder of MerchantNegotiators.com, a service that helps match IT professionals with competitive credit card processing for their business.
Mobile payments are an extremely economical way to ensure customer payments, since the only equipment required to process is a mobile device and an approved merchant account. IT Professionals can incorporate their own personal mobile devices into any mobile payment system, which eliminates the need to invest in expensive payment processing equipment and software. To take this even further, you can eliminate the need to provide customers with a paper receipt when using mobile payments. This can now simply be accomplished via email or text message. Surprisingly, processing mobile payments typically does not cost any more than credit card processing. In fact, some mobile payment processors charge as little as 0.95 percent per transaction.
Provide Customers a Convenient Payment Solution
It is estimated that over three quarters of all transactions are processed by credit and debit cards. This preference for cashless transactions is becoming more and more popular among customers, which pressure businesses to provide convenient credit card processing. Incorporating mobile payment processing into your IT business allows customers to flexibly pay with credit or debit cards without great upfront costs to your business. Mobile payments also allow customers to pay for high ticket invoices via credit card that they otherwise cannot afford to pay in cash. The option for IT professionals to use mobile payments when selling products offsite at, for example, a convention or conference is another great reason to open a mobile payment processing account. It is not uncommon for customers to carry around less cash than they intend on spending on a single purchase.
Mobile Payment Analytics and Marketing
Many mobile payment services allow businesses to track customer trends via an automated process, giving you a convenient way to see all of your transactions. This allows IT professionals who accept mobile payment to effectively use transaction data to evaluate which products and services were most purchased by customers. Subsequently, this allows you to understand what parts of your business are lacking in productivity, and which bring in the most revenue. You can also use this data to determine where any marketing efforts should be directed towards. IT professionals can benefit from mobile payments using customer history data to send marketing emails. When customers opt to receive receipts by email, you can sign them up to receive newsletters or information about special deals your business is offering. This is a simple and effortless way to utilize mobile payments into your marketing strategy.
As cash payments become a thing of the past, it’s important for your business to consider alternative methods of payment for your customers. Mobile payments allow you to accommodate customers’ specific payment needs and, once collection issues are considered, bring in payments faster and with fewer costs than cash or check. Mobile payment processing has advanced dramatically in the last few years, quickly supplanting invoicing as the most effortless and convenient payment option for your business and for your customers. Mobile payments can easily enable your IT professional business to provide additional convenience to your customers, eliminate collections issues and increase customer conversion rates.