Make the Most of Mobile Payments to Improve Your Business Cash FlowPosted by
The ability to accept payments on the go can open up a whole new world of opportunities. However, it pays to do your research before taking the plunge into mobile payments.
The best argument for embracing mobile payments is that they can significantly improve your cash flow. They let you process payments on the spot rather than handing customers an invoice and waiting for them to pay. This also reduces the need to track overdue invoices at the end of the month.
Secondly, the ability to accept cards can help you pick up extra sales in those times when potential customers are strapped for cash. Thirdly, it limits the amount of cash your people carry. That makes them less of a target for would-be thieves.
Thankfully mobile payment options are becoming more affordable, even for the smallest of businesses. There are several options at your disposal if you need merchant facilities on the move.
Mobile EFTPOS terminals
EFTPOS terminals aren’t just intended to sit on your counter next to the cash register. Many financial institutions offer mobile terminals with built-in batteries and wireless access for handling transactions in real time.
Keep in mind that Australians are embracing the convenience of contactless tap ‘n’ go transactions. Thankfully, many mobile payment options work with Visa payWave or MasterCard PayPass-compatible credit cards, along with smartphone-based mobile payments like Apple Pay, Samsung Pay or Google Pay.
Australia’s financial institutions are phasing out old magnetic swipe card transactions. However, most mobile payment terminals also support chip ‘n’ pin card transactions for customers who can’t take advantage of contactless payments.
Smartphone-friendly card readers
Rather than opting for a standalone mobile EFTPOS terminal, you might consider small card readers that link to a smartphone or tablet.
These tiny card readers tend to offer more attractive upfront costs and fee structures for small businesses that might only accept mobile payments occasionally – including options with no monthly rental. They can also be a more attractive option if you need to equip a large workforce with portable payment capabilities.
Mobile banking apps and portals
Some financial institutions also offer apps and online gateways that let your people accept payments on the go, without the need for a physical payment terminal or card reader. You need to study the fee structure with care. Once again, this can make a lot of sense when you have a large workforce that needs to accept payments on the go.