Small businesses are the highest number of businesses that operate in any given market economy. Merchants are not left out since they make up a majority of small business owners.
Efficiency is the key when it comes to operating any business to ensure that the business makes the optimum amount of profits it can. Payments for goods and services are made in a number of ways depending on the particular merchant’s discretion. But with the increasing competitive business environment, customers’ preferences and comfort have now taken priority over merchant choices.
With the advent of credit cards and its following popularity, it is now the most preferred mode of payment among both consumers and merchants.
Why do I need a Mobile Merchant Account?
Mobile devices have become an unprecedented part of the modern economy, driving it forward.
According to Forrester’s 2018 Retail Best Practices: Mobile Web study, smart phones will be used in over one-third—or more than $1 trillion—of total U.S. retail sales at some point in the process of buying something, including research, price comparisons and purchases.
Recent data indicates that consumers are becoming more comfortable finalizing transactions on their smart phones. In fact, in-store mobile payments are expected to top $500 billion by 2020.
Customer awareness, the many options and benefits that mobile wallets offer coupled with growing acceptance for the same; merchants have naturally started acknowledging mobile payments as a legitimate form of payment.
The meteoric rise of online business giants like Amazon that offers instant purchasing power and somewhat immediate gratification, is a testament to the customers’ increasing demand for faster fulfillment.
Now, have you thought about what your business does to fulfill this criterion? How will your business adapt to customer expectations to accept payments on the go?
Mobile Merchant Account Solutions:
Mobile merchants are merchants who are always on the go and largely conduct their services in a door-to-door kind of setting.
Businesses that fall under the mobile merchants include; businesses like food delivery, food trucks, taxi cab drivers, repair, plumbing, door-to-door sales, trade shows, lawn mowing services among a number of other retail businesses find the need to accept payments at any location.
Are you a merchant that does on-field business and requires take payments anywhere, anytime? A Mobile Merchant Account solution is what you should instantly look for!
A mobile merchant account works similarly to a regular merchant account but structured to suit a mobile merchant. Some of the available methods of accepting and processing credit cards available for the mobile merchant account include the wireless swipe terminal, which may be quite costly. It typically works on the spot where the merchant swipes the client’s credit card on the wireless terminal for immediate transfer of funds. For mobile merchants with internet access, a virtual terminal would be ideal where the transaction is processed in a secure website. There are also PDAs attached to swipe devices, which can be used to process transactions by mobile merchants.
Last but not least, a merchant could simply use their cell phones or tabs, which is the cheapest option.
In summary, a mobile merchant account exists to help small business owners’ to transact credit card processing with ease. Dissolve barriers and simply accept payments beyond the walls of your business!