If you operate a mobile business, then taking credit card payments can be a cause for concern, but limiting payments to checks and cash can be bad for business.
In the past, mobile merchants had to rely on old-fashioned methods that were flawed at best — the results of a transaction were unclear, with merchants not realizing that a transaction didn’t go through until they returned to the office. They also had to rely on customer memory for payment, leaving a statement behind and hoping for the best. Fortunately, times have changed. Now, mobile merchants accounts ensure that on-the-road electronic payments can be processed quickly and efficiently.
Having an Account
Having a mobile merchant account means being able to process payments securely and confidently while on the road. If you or your employees regularly travel, there is a good chance you could benefit from one. Here are some other reasons to consider signing-up:
1. Some providers can process payments from a smartphone; with applications for BlackBerry, iPhone, and Android cell phones available. If your business has already invested in smartphones, then this could be your next step.
2. Having the means to take mobile payments means you do not need to extend credit or hope for the best. Using your account, you can collect at time of delivery or when the service is provided, without the need for extended invoicing.
3. Statistics published by the American Bankers? Association show that most consumers prefer paying with plastic to cash or check.
4. Mobile accounts and equipment come in handy at trade shows and conferences. The wireless credit card processor will provide immediate authorization and confirmation of sale, at a lower cost than those incurred by having to call in a credit card number.
5. Mobile merchant accounts are very similar to regular accounts; offering reliable and quick service at reasonable costs based upon monthly volume. But, as with any contract, always be sure to research and read the fine print before signing up with a provider.
If you have been considering taking your business on the road or are a sole trader who needs more flexibility, then a mobile account can help you do just that; allowing you to reach customers who do not shop in-store or even online.
Applying for an Account
Once you are ready to apply, you should be able to move forward quickly. If you have decent credit and are able to show ability to pay the monthly fees, then approval can be as quick as 48 hours. Be sure to review rates and procedures with your provider before committing, as you may have the option of being billed per transaction or using a monthly percentage.
A mobile merchant account is not for everyone; but, if you do business outside of the office or store, or if you believe your business would benefit from being able to those things, then it could be for you.