Across the country, mobile credit card processing continues to surge as American consumers and businesses increasingly use smartphones, tablets and other electronic devices to buy and sell what they need.
But how fast is this trend growing?
- In 2012, U.S. consumers bought $500 million worth of services and goods using mobile wallet apps. By 2017, that number is expected to reach a whopping $35 billion.
- Point-of-sale (POS) mobile payment volume could reach $1.4 billion by 2017.
It seems that Americans can't get enough. But does your business model lend itself to mobile credit card processing? Below are three questions you should ask yourself before taking the plunge.
1. Does My Business Have a Merchant Account?
In order to make mobile credit cards work for you, you need a merchant account that allows you to accept credit and debit payments. More specifically, you need a merchant account that offers PCI-compliant data security to protect your customers’ financial information from prying eyes.
If you don't already have a merchant account, be sure to check out this resource.
2. Does My Business Have Smartphones or Tablets?
It’s easy to get started with mobile processing using iPhone credit card readers and the latest credit card processing apps for Android or iPad, but first you need to mobile devices. If you already have the smartphone and tablet devices you’ll need, you can begin shopping for swipers or opt to manually key in credit card payments using a virtual terminal.
3. Have I Ever Missed a Sales Opportunity Because…?
Lastly, you need to examine your business strategy and determine if your company has ever missed a sale because:
- There were long lines at the checkout counter.
- A customer didn't have enough cash on hand (it happens more often than you probably realize).
- You were off-site at a trade show or other event and didn't have a credit card terminal on hand.
Because mobile credit card processing allows you to accept payments anywhere and everywhere you go, you can dramatically reduce the risk of missing out on future sales opportunities.
Need Help Jumping on the Mobile Credit Card Bandwagon?
Getting on the mobile credit card processing bandwagon can help you become more competitive, boost profitability and control expenses. If you’re ready for your company to accept payment on mobile devices, use the free resources below to get started: