This year, you can resolve to hit the gym more often and eat a little better, but let’s be honest: resolutions like that rarely last through the end of January. How about a business resolution that will last? There has never been a better time to go mobile with your payment processing. Setting up your company to accept mobile payments is a great business decision. “Why?” you ask. Why not? After all, the benefits far outweigh the drawbacks.
For one, it’s far less expensive. You could save thousands by losing the clunky, expensive POS cash registers and switching to a smartphone- or tablet-based system. You’ll also be more mobile with the ability to accept payments anywhere. Let’s say you have a medium to large retail store. Instead of waiting for your customers to come to the cash register when they’re ready to check out, you can go to them. Don’t forget about the wow-factor of having the latest technology for all your customers to see. You won’t be alone. Here are a few wildly successful companies that have already taken the mobile plunge:
Big Companies Accepting Mobile Payments
Starbucks made big headlines this year by incorporating mobile payment options with a mobile wallet application, which connects to the customer’s credit or debit account. The company has also retained the same process to all of their normal credit and debit card transactions.
Urban Outfitters recently announced that they would save hundreds of thousands of dollars by scrapping their POS cash registers and using iPad and iPod Touch devices for all transactions in all of their retail locations. It’s a bold move that should signify a change in the way young consumers shop.
The Growth of Mobile Payments
The mobile payment industry is not a new one. Rather, it’s already quite established. Studies show (Gartner) that the current mobile payment processing marketing is worth more than $170 billion. And by 2016, the technology research organization predicts that it will grow to more than $600 billion. Gartner’s recent study also shows that, as of this year, there are more than 200 million users accepting mobile payments.
How to Set Up Your Company For Mobile Payments
Ready to make that resolution yet? Making the switch is easy with SwitchPay. To get started, just head over to our application page. Once you fill it out, a member of our SwitchPay Team will walk you through the approval process. Once approved, you’ll receive an activation email with a username and password. Login with those and begin the initial set up process for your company. Enter the rate of sales tax for your region, whether or not you want to accept tips, and then enable a signature capture setting. After that, you’re ready to accept credit card and debit card payments anywhere. Trust us, it’s a decision you won’t regret come February.