Why Businesses Need Mobile Payment Services
Many different kinds of businesses require a customized point-of-sale (POS) system. During the COVID-19 quarantine, the need to accommodate customer payment preferences has been emphasized even more, particularly by businesses whose customer service model has changed to match the needs of the times. Since brick and mortar transactions have been de-emphasized, businesses now require options for online payment services in order to be able to sell their products and services online.
Businesses that cannot avoid conducting transactions in person can benefit from the mobile payment services provided by a merchant account. A credit card swipe machine may not be ideal in 2020, and yet not all products and services are translatable to an online format. Certain businesses need payment services optimized for mobile devices.
Why Businesses are Going Mobile
Some subscriptions and products can easily be sold through an online store. Others cannot get around conducting in-person interactions, even during the lockdown. Examples include exterminators, carpenters, plumbers, food truck owners, electricians, and many other owned businesses that make house calls.
These businesses may be struggling during quarantine, but the services they offer are still very necessary. Because people aren’t going to the bank in person, they may not have cash on hand. More than ever before, people who pay for these services expect credit card and debit card payment options.
To offer these transaction methods in an increasingly competitive environment, businesses that conduct house calls can obtain a merchant account so that they can take their credit card machine with them to the job site. This applies to food vendors and other strictly in-person services as well. If a business is unable to take a customer’s payment, then that’s a customer that will find a competitor who is willing to take their money.
What is a Merchant Account?
A merchant account is a kind of bank account that allows businesses to accept electronic payments, whether online, by mail, over the phone, or in person. Deposits are made into the merchant account by the payment processor, which will transfer the money from the cardholder to the merchant account. The account provider typically also provides the merchant with software and hardware solutions to facilitate transactions.
One such solution is a portable credit card swipe machine or software solutions on mobile devices. Being able to bring these options to people’s homes offers them the payment choices they expect from a business in 2020.
The demand for these options will only increase, even after the quarantine has lifted as people become accustomed to paying in this way.
The Takeaway
Not being able to offer mobile transaction services can cost sales, particularly for businesses that need to conduct house calls to stay afloat.
Businesses that need to replace or upgrade their credit card swipe machines may wish to consider a new merchant account. Visit Charge.com or call (888) 924-2743 to view these products and services and choose one that fits your business’s needs.