Home businesses face many unique challenges, one of which is accepting payments. With cash transactions making up only 27 percent of all sales, according to Business 2 Community, the ability to take credit and debit payments is essential to a thriving enterprise. Prior to mobile payment processors, many home businesses had to invest in merchant payment accounts. These merchant payment accounts usually included old card swiping technology, were expensive to lease, and required exceptionally good credit. Today, many home business owners are finding payments easier than ever with a mobile payment processor.
Integration With Accounting Systems
One of the major benefits of mobile payment processing is the ability to integrate directly with an accounting system. The payments that you collect can be directly entered into your accounting program to ensure that everything is accurately recorded. This can cut down on the time you spend dealing with administration and help you keep better bookkeeping records overall.
The Ability to Distinguish Yourself from Competitors
Intuit reports that 55 percent of all small businesses don’t accept debit or credit cards. With almost 75 percent of all transactions now occurring through a debit or credit card, this can significantly impact a small company’s clientele. The ability to accept alternate payment methods is an easy way for you to differentiate yourself from your competition and facilitate the payment of delinquent accounts.
More Than Just Credit Cards
As noted by Merchant Warehouse, a mobile payment processor is more than just a payment option. With a mobile payment processor, you can also offer coupon codes, discounts and more, all of which can encourage your clients and grow your home business. You can consider developing your own promotional scheme or even gift cards for your business through your mobile processor. This can be especially useful during the holiday season and can offer you the opportunity to reach clients you might not otherwise be able to engage.
Get Them While They’re There
The ability to process payments on the fly is the best way to secure a sale immediately. Nerd Graph points out that the ability to purchase with debit or credit card often encourages a consumer to spend more. When consumers are able to complete a sale right away, they are more likely to commit. Using a mobile payment processor will also allow you to complete sales out of your home, at a client site, trade show or other event.
Hidden Inventory Tracking Options
One of the hidden benefits of mobile processing is the ability to easily track your inventory. Your mobile processor can directly connect to your accounting system to track your inventory and warn you if you are selling items you don’t currently have in stock. Open Forum also points out the ability of mobile processing to show a straightforward analysis of sales. For example, you can analyze the quantity of products that are sold on any given day.
A mobile payment processor isn’t the only mobile tool that can make operating a home business easy. There are many mobile applications that can make a home business owner’s life much simpler. Home business applications can help a business owner track expenses, locate deals, manage collections, stay on top of projects and more.