Doing business is now easier than ever before and there is even a way for you to accept payments using your smartphone. This makes the days of smaller scale companies or mobile companies only being able to accept cash or check, a thing of the past. Now, it is possible for any company, regardless of size or location, to be able to accept plastic as well.
Accepting payment with your smartphone is done in one of two ways, either by a plug in device, or by app. Here is how both work:
• Plug in Device: There are now a few plug in devices that can turn smartphones, like the Apple iPhone and others, into a credit card swiping machine. This allows for any business owner to easily accept a credit card payment, even while they are on the go. These tiny little devices make it possible to accept credit cards without having to set up a merchant account, which can be a hard and costly process. There are also typically no contracts to sign or any costly monthly fees to pay. Some of the more popular plug in devices includes Intuit’s GoPayment, VeriFone’s PayWare, North American Bancrad’s Pay Anywhere, and Square, which was created by Twitter co-founder Jack Dorsey.
• App: In additional to plug in devices, there are also many apps that can be downloaded to your smartphone which will allow you take payments. PayPal, which is one of the most popular online payment platforms, has an app as do many of the more popular payment platforms. Recently, PayPal even integrated Bump, which allows smartphone users to exchange payment info by ‘bumping’ them together lightly. This is usually done between friends, but the method is also picking up steam with businesses.
A nice added feature with accepting payment on your smartphone is the end of paper receipts. Because everything is done electronically, you can therefore have your receipts sent electronically. This is typically done in the form of an e-mail receipt.
While the idea of accepting payments using your smartphone was originally thought of as somewhat of a taboo idea, more and more companies are starting to look at the possibilities. Even some of the big banking institutions are scrambling to capture some of this new market by either developing an app or coming out with a plug in device.
Their main motivation is of course money. Because you can use your smartphone to conduct business and accept payments, all without having to pay costly fees or even sign contracts, the typical merchant account is losing its luster. This is great for you as a business owner as more plug in devices and apps coming out mean an even easier and more cost effective way to accept payments with your smartphone.
If you have a smartphone and you have a business, let the two work together and start accepting payment with your smartphone. The process is affordable and couldn’t be easier to implement. When you accept payment with your smartphone, as opposed to only cash or checks, the end result will be an increase in customers and a tremendous increase to your bottom line.