Mobile credit card processing is a relatively new technology that has many benefits for both businesses and consumers. If you’re a small business owner looking for ways to better serve your customers and make the shopping experience more enjoyable, mobile credit card processing may be for you. Even though mobile credit card processing is fairly new, there are still many myths floating around about mobile processing technology. As a business owner, it’s important that you educate yourself about this technology and learn the truths surrounding mobile credit card processing. Here are five of the most common myths and misconceptions about mobile credit card processing and the truth behind them:
I don’t need mobile credit card processing if I already have a POS system
Even if you already have a standard point of sale system for your business, mobile credit card processing offers a more flexible shopping experience for your customers. With mobile credit card processing, your sales team is no longer tied to a cash register or counter to finish a sale. This increased flexibility can mean the difference between an additional sale and a lost sale. With mobile credit card processing, you can also track sales, log revenue, fight chargebacks, analyze performance and more.
Setup is difficult and complicated
Setting up mobile credit card processing is much easier than it seems. Set up usually involves downloading an app and following the necessary steps to get the hardware and software up and running. The beauty of today’s technology is that apps are built to be user-friendly and intuitive, meaning setup should be fairly simple. Most mobile payment providers offer customer support as well, so if you’re struggling to get your new system setup, you can give them a call to help finish the setup.
Customer credit card information isn’t safe
A reputable mobile credit card processing company won’t store any critical customer information on your device. Sensitive customer information is transferred through an encrypted service between the application and the credit card processor. If you encounter a company that says credit card information will be stored on your device, you should avoid using them. Your first priority should always be your customers, and a reputable mobile credit card processor will also do everything they can to make sure your customer data is safe.
Mobile credit card processing increases the risk of fraud
Fraud is always a concern for businesses that accept credit card payments. Customers trust businesses with their credit card information, and the last thing you want is for a customer’s credit card to be compromised in your store. However, since credit card information isn’t stored on your device, the risk of fraud is lessened. For example, you don’t need to worry about one of your employees walking out of the store with your tablet and downloading all of your customers’ credit card information.
Mobile credit card processing has high fees
As with other types of credit card transactions, there are fees involved with accepting credit card payments via a mobile device such as a smartphone or tablet. Although mobile transactions are generally more expensive than the cost of a traditional credit card transaction, the difference is very small. For most businesses, the additional charge associated with mobile transactions is typically made up by the extra sales gained through accepting mobile transactions.