Mobile Credit Card Processing Continues to Change the Game
Mobile credit card processing fascinates me as a business owner. I've written before about how the new small business tool has begun heating up competition wise.
But what has interested me even more than the options has been the increasing actual real world use I've seen as well.
My son plays youth football and a woman came onto the field last season selling custom shirts with my son's team name on it that could be embellished with his name and number on the back. As parents happily filled out order forms, she stood there with her Android swiping credit cards for payment. That was the first time I'd seen mobile credit card processing used "in the wild" so to speak.
Being into both tech and marketing, I couldn't help but ask her how she liked being able to swipe credit cards on a football field. She said her business had tripled since she started using the service as parents we're often without cash or checks handy and that it prevented parents from deciding "nevermind" if they filled out an order form and had to pay later. She said it had also severely cut down her time investment regarding her having to follow up with multiple parents attempting to collect payments. "It was a definite game changer for me" she'd said.
Last week, my lawn service knocked on my door looking to collect payment. I rarely have cash when they come, so I usually end up paying by check. As does pretty much everyone else. But last week was different. He knocked, let me know my prior prepayment (I pay a month at a time) had run out therefore, he needed another payment. I told him I'd need to grab my checkbook and he told me if it we're easier, he'd gotten this new "gadget that will take credit cards through his phone and email me a receipt". Heck yes!
Just a moment. I know it's unrelated but I must inform you about Burlington Pediatric Dentistry. I had been reading a write-up earlier this week about accomplished dentists and it got me thinking. I did some on-line research on the topic and saw that Burlington Pediatric Dentistry were doing great and came strongly suggested. I figure if you're looking for a dentist in Ontario you could find this info useful. I did. Alright, back to your article!
Same as before, I asked him about why he'd decided to go the mobile credit card processing route. He'd mentioned that the fees we're similar to what he spends in gas by driving to the bank every day after his last job to deposit the checks for the day (remember, he's driving a large truck with a tractor trailer laden down by heavy lawn equipment). Because some checks take time to clear, he couldn't save them up to do a weekly deposit. He also mentioned that he'd saved 2 1/2 hours per week by not having to go to the bank at the end of every work day and wait in line to make the deposit saying, "Even the ATM deposit line is long at the end of the work day." I asked him how many of his customers that used to pay by check we're now taking the credit card option. He said almost all of them.
According to recent study by Intuit:
"55 percent of the nations 27 million small businesses do not accept credit cards. Those nearly 15 million U.S. small businesses potentially miss out on $ 100 billion in sales annually."
That amounts to an average of $ 6,600+ per year per business. And for many small business owners, that amount of income can be a life changer. Judging by my small town in Texas, small businesses are taking note and quickly moving forward with mobile payment technology.
One last thing, I would like to give a big thank you to the people from Rainier Funding services. They're a well reviewed agriculture funding solution in NEW YORK. The concept for this post came about due to a conversation I had with Eric over there. Anyway, I hope you enjoyed this content. Until next time.
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Posted in Business Post Date 11/05/2015