How to choose a mobile payment solution for your business

Selecting a payment method for your business is a crucial part of setting yourself up for long-term success. Today's customer expects flexibility and ease when completing a transaction. Thanks to advancing technology and changes in consumer behavior, they also anticipate being able to pay through their smartphones.

With so many different payment tools available, it can be a little tricky to decide which mobile option is best for your small business. Here's a quick rundown of things to consider and how to find a payment solution that fits the needs of both your business and your customers'.

What is a mobile payment solution?
A mobile payment is a digital transaction that can be made on a device like a smartphone or a tablet. This type of payment solution has grown in popularity due to the convenience it offers when making a purchase. YouGov Profiles found that more than 60% of Americans say they use mobile payment apps like Venmo, Square and Zelle. Some examples of common mobile payment types include:

• Mobile or wireless credit card readers
• In-app mobile transactions
• Mobile browser purchases
• Mobile wallets and contactless transactions
• QR codes
• Wearable devices

Mobile payment options can help increase sales and revenue for your business.

Choosing the right mobile payment method
Implementing mobile transactions can help expand your business dramatically. The right digital payment method improves customer convenience, loyalty and overall experience, which in turn increases your sales and retention rate. Whether you're brand new to these platforms or looking to switch from one service to another, here are a few key questions to consider when choosing a payment solution:

• What services are my customer base most likely to be familiar with?
• How do my customers interact with my business on mobile devices?
• How much will this service cost me to use?
• Are there additional monthly or annual fees?
• How secure is this payment solution? Does it ensure customer data protection and fraud detention?
• Does this provider offer customer service or technical support?
• Do I need any additional technology or software to use this solution?

There are pros and cons to every payment solution available on the market today and what suits your business best may be different from other organizations. For example, if you are an ecommerce-based company, you may be better suited for a platform like Shopify. On the other hand, someone who offers freelance services most likely won't need extensive checkout features, and would benefit more from a platform like PayPal. It's also important to keep up with changes in trends and consumer preferences when it comes to making transactions. Data from Statista suggests Americans shifted their preferences from predominantly credit to debit in 2020. This can be attributed to features such as "buy now, pay later" which encourage more debit card usage.

With security and fraud always a looming aspect of moving toward digital transactions, legal representation is an important consideration as your business transitions. Contact The Law Offices of Donald W. Hudspeth, P.C. today to learn more about how our experienced business attorneys can help protect your growing company.

Categorised in: Starting a Business in Arizona

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