Pros and Cons of Mobile Credit Card Processing
Mobile credit card processing is a burgeoning way to accept payments by card. It provides merchants a way to process credit cards and debit cards at non-traditional locations like outdoor markets and pop up shops, and it’s also easy to use. Here we cover some of the pros and cons of going mobile with your credit card processing.
Location, Location, Location
Until recently, if you wanted to accept and process credit cards, you needed a terminal that was hard wired in a fixed location. However, with mobile technology you can now turn a smartphone or tablet into a credit card terminal. This gives you the freedom to accept payments virtually anywhere. This is a great option if your business doesn’t operate from a permanent location. Food trucks, trade shows, and farmers markets are ideal locations for mobile credit card transactions. Many customers don’t carry cash, and giving them the option to use their payment cards increases your chances of finalizing sales.
Let’s face it: in today’s marketplace, aesthetics are important. Consumers want an experience, not just a purchase. When you process credit cards with a mobile device, it looks simple and elegant. Gone is the bulky processing machine and in its place is a sleek tablet or smart device. Many merchants use tablets as their point of sale system too, giving their checkout counter a streamlined, minimal look that fits well with modern sensibilities.
Most mobile processors offer pay as you go or short term contracts, whereas traditional processors want to lock you into long term contracts. For new or small businesses, mobile can be a great option. The rates and fees tend to be lower and easier to understand. However, as with all credit card processing contracts, you need to make sure you understand all of the rates, fees, and terms before you commit to service.
While there are many positives associated with mobile processing, there are a few drawbacks as well. One is less customer support. Customer support is an important aspect of your credit card processing. If you run into problems you need to know you have the resources to remedy it quickly. Top quality traditional processors tend to offer 24/7 live phone support. Many mobile processors have limited support, and some don’t offer phone support at all. When you process credit cards, a lot can go wrong. You don’t want to lose valuable sales or repeat customers because you can’t process their payment.
As you know, phones and tablets are prone to glitches and issues. It can be frustrating enough if a text message or email won’t send from your phone, but it’s even worse it your livelihood depends on it. Traditional terminals are typically more reliable than phones and tablets.
We Can Help
There are many variables to consider when choosing between mobile and traditional ways to process credit cards. More and more businesses are transitioning to mobile because it offers flexibility and ease of use. If you’re considering mobile credit card processing for your business, give Allied Wallet a call. We can help you determine if mobile processing is right for you.