Imagine, you are on vacation and found a cool souvenir you want to buy. Unfortunately, you are out of the cash and the business owner do not accept any credit cards.
Wouldn’t it be good simply pay using your mobile phone? Indeed!
Small business owners and mobile payments
Nowadays there are more and more ways to pay available and new solutions are being presented monthly and possibly even weekly.
Nevertheless, more than 80% of small business accepts cash only and only around 10% accept credit cards. Almost 30% of SMB do not accept any kind of mobile payments.
The reasons for the slow adoption of mobile payments are the following:
- SMB do not have access to the technology to accept mobile payments
- on-boarding is too complicated
- higher or additional costs need to be taken into account while enabling mobile payments
- concerns over security and fraud
What are the risks of not accepting mobile payments?
If you, as a small business owner, do not accept payment in the way that your customers want to pay, you could be cutting yourself off from potential income. Even if you are happy with your current payment options, that doesn’t mean your customers are.
Accepting mobile payments is just as secure as using credit cards. The mobile payment apps use tokens to encrypt and hide the transaction information.
Last but not least – the cost of enabling mobile payments for your business will be compensated by the benefits in reaching a wider customer base, increasing transaction size and capturing sales you might otherwise lose far outweigh these costs.