I remember hearing this when starting my business…”the only thing worse than not getting sales in the door is not getting paid for the sales make or work you've done.”
If you're relying on cash or check payments only from your customers, here's something to consider. Stumbled across an article on AllBusiness.com and found this interesting and worth sharing…
The article points out these benefits of taking mobile payments.
Image courtesy of: hyku
“Do you accept mobile payments at your business? If not, you could be missing out on a valuable—and growing—source of income. Although some 61% of small businesses admit to having cash flow problems, many aren’t taking advantage of smartphone technology to accept payments from customers.”
Today, there are more and more ways to pay than ever before—so many, in fact, that it can get a bit overwhelming. According to a new survey by TSheets, nearly eight in 10 survey respondents accept cash and more than six in 10 accept credit cards, but just 29.05% say they don’t accept any form of mobile payments. Why?
Some 38.08% say they are happy with their current payment options, 19.48% say they don’t have the technology to accept mobile payments, 11.92% think it’s too complicated and 6.69% believe it’s too expensive. In addition, about 13% express concerns over security and fraud.
If you don’t accept payment in the way that your customers want to pay, you could be cutting yourself off from potential income. Even if you are happy with your current payment options, that doesn’t mean your customers are.
According to The Future of Money, 63% of U.S. millennials rarely use cash. But it’s not just millennials who are turning to mobile payments. A study by Zelle reports consumers of all ages are now using digital peer-to-peer (P2P) payment apps such as Zelle and Venmo, and this growing comfort with mobile payment apps is extending to businesses, too.
By 2020, in-store contactless payments (including mobile wallets) are projected to hit $2 trillion, accounting for one-third of total in-store transactions, according to Juniper Research. The most popular payment methods are those built into smartphones—Apple Pay, Google Pay and Samsung Pay, the report found.
Customers aren’t the only ones who benefit when you accept mobile payments. Nearly one-fourth of entrepreneurs in the survey say they like being able to accept payments anywhere, anytime. In addition, 18.33% say accepting mobile payments is convenient for them, while 8.69% say it helps improve their cash flow.
Among those who do use mobile payments, the most popular option is PayPal, which 76.19% use, followed by Apple Pay (30.36%), Square (26.67%), Google Wallet (23.10%) and Venmo (21.43%). Zelle, Android Pay and Samsung Pay are each used by about 18% of those in the survey.
As consumers increasingly rely on payment cards and smartphone apps rather than paper money, if you’re still sticking to cash out of some misplaced fears or worries about costs, you’re shooting yourself in the foot.
Technology in the form of the cellphone has really changed the business world. People are using there phones to not only search and find local businesses they would like to do business with…
But also use the mobile capability to make payment.
The complete article about the benefits of mobile payment options can be found by following the link below.
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