As payment methods change and technology improves, it’s up to businesses to figure out which ways that clients want to make payments. Small businesses are often the last types of companies to make changes in how transactions are made, but jumping on new technology can make a big difference when you want to build a new customer base and be ahead of the competition.
Here are some reasons why you might want to incorporate phone payment methods into your payment processes.
It gives customers greater security
As fraud cases continue to rise, letting customers have control over the way they pay can be beneficial for you as a company, but also for them, as well. When fraud cases occur, it can also be difficult to get money back, and it often requires a process that can take days or weeks to fully resolve. With phone payments, it’s much simpler for customers to recognize which charges have been made by them and which might have been made from someone who has unauthorized access to a credit card. They can also track more efficiently when refunds have come through and how they want to pay off large, upcoming bills.
It offers better fees
All credit cards have an associated interchange fee that the major brands decide on. These rates might seem low at first, but they can actually end up costing your business a lot of money. As a business, you are charged these fees for both in-person transactions at your physical location and if you take an order over the phone or online. Phone payments can save you these fees since you are most likely going to use different platforms than those that require a credit card. This can end up saving your small business a lot of money in the long run. Mobile payments over the phone can be an important consideration when you are looking at the best merchant accounts and what would work for your business.
Make it easier to get signatures
Credit cards often require additional validation in order to make sure that the charges are not fraudulent. In the past, this meant signing receipts. However, readers have now made it possible to capture digital signatures. Phone payments take this a step further by allowing customers to sign on their phones and send them to small businesses. This can be ideal if you are dealing with larger transactions, such as at a car dealership. Because you will probably need another form of validation on a larger purchase, sending it electronically can make it easier to keep track of in your records over all.
Keeping up on technology for your small business can provide a number of benefits for both you and your clients. Phone payments make the entire transaction process much simpler, and allows for more opportunities for growth. Mobile phone payments provide your business with more security and better tools to complete transactions.