Mobile Payment Solutions: Empowering Your Business Anywhere

More and more consumers are jumping on the mobile payment train, and when you consider the added security, speed, and convenience mobile payment processing offers, it's easy to see why.

But embracing mobile POS means more than catering to consumer demands; it can also unlock a host of benefits for your business. From reducing operational costs to strengthening customer loyalty, here are a few reasons to start accepting payments anywhere.

What are Mobile Payments?

A mobile payment is a transaction made through a mobile device like a phone or tablet. While initially more popular in Asia and Europe, more consumers and businesses have made the switch. Most mobile payments use a “digital wallet”—an app that stores credit card, debit card, and ACH payment info on a mobile phone.

Now, instead of digging through purses and physical wallets, consumers simply tap their phone against a virtual credit card terminal or scan a QR code with their phone’s camera, and voilà—payment complete.

Sounds cool enough, right? But what makes mobile POS systems superior to traditional payment methods beyond giving consumers the freedom to leave their credit cards at home?

It’s More Cost Effective

No matter your industry, traditional payment processing systems typically require expensive hardware. Prices vary widely, but you can expect to spend anywhere from $750 to $1,700. Conversely, mobile POS systems require minimal investment—typically a small card reader or none at all.

Another money-saving advantage? Mobile payment processing systems generally use cloud-based software that has lower monthly fees. And thanks to digital receipts (which you can text or email to customers), you no longer have to purchase ink or receipt paper.

It’s Improves Cash Flow

Payments made via traditional POS systems generally take several days to clear. In contrast, mobile POS systems typically clear payments instantly or within a few hours. This faster payment clearing not only gives business owners quicker access to funds but also offers additional benefits. Many mobile POS systems perform real-time authorization checks, significantly reducing the likelihood of payment failures and chargebacks.

It Strengthens Customer Loyalty

Mobile payment processing systems often have built-in features that allow you to create customer loyalty programs. Typically, these can be customized into a points system where customers earn purchase rewards or even a tiered system where benefits increase with customer spending. And the best part? These programs can be automated, which means both you and your customers reap the rewards.

It Makes You More Competitive

According to a recent Capital One report, there were 3.4 billion digital wallet users in the world (that’s over 40% of the global population) in 2022. That same report estimates that by 2026, the number of global digital wallet users should jump to over 5 billion.

Long story short? A growing consumer base prefers that you accept payments from anywhere. And if you don't offer this convenience, you risk losing customers to competitors who do.

Go Mobile With Help From The Payment HQ

Ready to go mobile with your payment system? We can help. At The Payment HQ, we can turn your computer, tablet, or mobile phone into a fully functioning credit card terminal. Find out how our virtual terminal can become your primary digital payment source. Contact us today!