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Can a Mobile Payment System Benefit your Business?

Investing in a mobile payment system offers significant benefits for small and medium businesses, medical professionals and retail outlets. Being able to accept credit and debit card payments, wherever you are, is a boon to your business, and miminises the impact of out-of-office dealings on your profits.

mobile payment

Mobile electronic point of sale systems allow you to insert or swipe your customer's bank card for services and goods. Three main types of card systems are on offer: countertop, portable and mobile. Using mobile payment systems, you can take payments from any customer who wants to pay by credit or debit card. Card terminals offer substantial benefits for dealers, and are ideal for tradespeople, delivery services, service industries or any business where you are on the move. You can accept a mobile payment in any area that has mobile coverage. Not only does a credit card terminal eliminate or reduce the need to manually create invoices or accept cheques. but mobile payment systems increase revenue from international clientele because you can accept multi-currency payments. Queues are also substantially reduced and sales improved due to increased customer turnover and satisfaction, you can take payments over the phone, using a secure system. Using a mobile payment system, authorisation and authentication of payments is immediate. Credit card terminals are PCI DSS compliant, which means they meet worldwide anti-fraud standards, and you can use a wireless system at a restaurant table or accept mobile payments on the road or at a client's home.

Keeping Pace with Business Trends

Whether you opt for a fully functional EPOS system or a stand alone credit card terminal is a decision that will be based on the structure of your business and your unique financial setup. Various mobile payment solutions can be set up to help smooth daily transactions for your business and these may include merchant accounts and payment gateways. In the UK in excess of 70% of payments are completed using a personal credit or debit card. Using a credit card reader means you can take advantage of this trend toward mobile payment and is essential if you want to accept phone or online payments, which is, increasingly, expected from a goods and service provider in the UK.

Which Card Payment System to Choose?

Getting quotes from a number of reputable mobile payment terminal suppliers, before you buy, is obviously highly recommended. You will need to decide whether to buy a card payment terminal outright or lease one. This terminal will enable you to accept a variety of cards including Visa, MasterCard or American Express. When you accept one of these cards you will connect through your merchant bank account not with the card providers. The UK Cards Association provides information to business owners who need to know more about accepting debit and credit cards from customers, using mobile payment and other EPOS systems. This is the trade body for card payments and represents major global financial institutions.

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