Let's Get Mobile: How to Incorporate Mobile Pay Into Business Plan?
As consumers expect to be able to complete their purchases on the go, mobile payment has become more and more important. There are so many products on the market, it's now imperative to make the right choice among the options. Choose one, some, or all of the products below to integrate into your business.
PayPal was the original innovator in the e-payment space. The company brought the concept of payment by email to the world. The PayPal Application for iOS, Android and Microsoft products allows their vast user base to quickly send payments to your firm. The app offers a flat 2.7% fee on credit card transactions. Log on to their site and register for a merchant account. It will allow mobile Paypal users to buy your products without using a credit card.
Mobile payment readers are becoming more popular and Square is the leader in the space. They provide a simple credit card reader that attaches to any mobile phone. The company charges a flat 2.75% fee for each credit card transaction. If you are a mobile businessperson constantly selling on the go, this is the product for you. Purchase their e-Reader online. When it arrives, attach it to your phone and accept credit card payments from anywhere you are. The customer will receive an email confirmation and you will receive payment, all through the convenience of your mobile phone. Artists, flea and farmers market sellers love this device. If you have had problems with unpaid balances, you may need to research companies who perform debt collection for merchant accounts in order to recoup your losses. Be diligent when reviewing your balance sheet to catch any issues before they sink you.
Not to be outdone, the major banks including Chase and Bank of America have gotten into the mobile payments space. You can use these mobile payment systems to immediately integrate expenses and sales into your financial statements. These banks also provide a suite of financial software to help you analyze your sales and expense data to help optimize your business.
Apple Pay is the newest entrant into the mobile space. This behemoth allows users to pay for apps, online purchases, in-store purchases and mobile purchases all from the security of their phone. If you develop an app and want to provide in-app purchases or have an e-commerce site dedicated to Apple products, this is the mobile product for you. Simply go to their site and register to accept payment. Then integrate the Apple Pay back-end into your checkout options.
Whichever application your business chooses to accept, they each have positives and negatives. Maximize the convenience while limiting the cost to achieve the optimal result.
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