Millions of small businesses do not accept credit cards because terminals and merchant accounts can be expensive, but new technology helps to reduce the financial burden. For construction-related companies that rely on smartphones to conduct business, a mobile credit card reader is a simple, affordable solution that allows payments on the go.
Many construction businesses could benefit from a mobile option but are worried about meeting compliance standards and security needs. However, secure options on the market today can eliminate those concerns and the benefits of mobile credit card acceptance are too numerous to ignore.
1. It allows companies to gather funds in one simple swipe with an immediate record of the transaction. The only thing worse than losing track of checks, cash or receipts is a bounced check. With a mobile credit card reader, payments post quickly, so the firm receives funds faster and never has to worry about cash flow and whether the payment is good. Once a transaction is complete, simply text or email receipts directly from the smartphone.
2. It is easy and affordable. After purchasing a high-quality mobile credit card reader and completing a merchant account application, payments can be taken almost immediately. Most offer an app as well as a terminal that plugs into smartphones. (Be sure to select one that is compatible across platforms so it can be used with Blackberry, Android or Apple devices.) Different products offer different fee systems, but transaction fees typically are less than 3 percent, making it much cheaper than a traditional in-office credit card reader.
3. Accepting credit cards can help grow the company’s customer base. By taking cash, credit or check, the company has no limits on how it receives payments. That means customers can use the payment method of their choice. Plus, it signals to existing customers the company values their business and wants to offer increased convenience and flexibility.
4. Accepting credit card payments adds validity to the business. This is particularly true for very small businesses. Customers feel companies are more established and secure when they accept credit cards.
5. Mobile payment systems provide online records. Make managing the books easier than ever by receiving professional reports and regular online statements free of charge with a merchant account.
This simple technology can allow contractors, such as electricians, plumbers and HVAC technicians, to grow and simplify their collaboration with clients and project partners. However, to get the best product for individual business needs, check the full fee program and select a brand that offers transparency to avoid products that charge monthly or hidden fees.
Select a mobile credit card reader that only charges for transactions the company makes. Also, select a product with end-to-end encryption to protect the company’s and its clients’ data. Finally, select a mobile credit card reader that caters to the needs of small businesses with a comprehensive, professional merchant account.