Over $5 billion is stolen through credit card fraudulence around the world each year, according to Statistic Brain. It is no wonder why there are so many consumers and even businesses that are restricting their usage and acceptance of these payment cards around the globe. Thanks to advanced technology, one can now compliment their mobile POS system for their business with a mobile credit card reader that is even more portable. However, is it even worth the risk to invest in this device at all?
The Necessity of Credit Card Acceptance
One of the biggest determining factors that should play a role in your decision is whether or not you would like to lose a considerable amount of your business by denying credit and debit card payments. It is estimated that only 23 percent of POS transactions conducted in the United States by 2017 will be paid with cash, according to the Huffington Post. With such an overwhelming prevalence of consumers that prefer to use payment cards, the wisest course of action would be to prepare yourself to accept them.
Take Josh Lattimer, for example. Josh owns a mobile automobile detailing business called Car Care Now. In one interview conducted with Josh back in February of 2013, according to the Times Free Press, Josh estimated having lost 90 percent of his outside customers simply because he only accepted checks and cash for payment. By investing in a mobile credit card reader, offered by Shopify or the Square offered by PayPal, Josh was able to increase his conversion rate and generate more sales as a result.
The Value of Convenience and Saving Time
Never underestimate how much your customer’s value convenience and taking any necessary steps to save time. Time is of the essence when it comes to satisfying the needs of your customers and clients – especially in a time period where instant gratification and the need to have it now dominates the mind and expectation of the average consumer. Think about the Internet and the expanding world of eCommerce.
Nearly 20 percent of online customers will abandon their online shopping carts, according to Savvy Panda, due to slow shipping and/or a slow website. Having a mobile credit card reader that can process sales transactions while you are on the go is not only convenient for you – it’s convenient for your customers and clients as well. This type of provision can be viewed as a major selling point for most customers, especially since it eliminates the need for them to go out of their way just to make a purchase.
Invest in Integrated Merchant Services
Even though quite a few business owners prefer to use their tablets, most mobile credit card readers are designed to be used with compatible smartphones as well. If you are concerned about the security of your completed transactions in addition to your customer’s confidential data, then you need to invest in a competitively priced package that integrates merchant services with the actual hardware itself.
Do not simply purchase the hardware itself without this additional provision, according to PC Magazine. Not only will you have to find a merchant account and payment gateway service on your own that is compatible with your credit card reader, but you will be leaving yourself (and your business) openly exposed to cybercriminals and potential data breaches in the meantime.
Take the Necessary Precautions
As is the case with any type of mobile device, it is vital to take the necessary precautions to keep your customer’s confidential data (and your own) protected and secured. Only use strong passwords for all of your accounts, including any email and online banking accounts that you may access through your device.
Make sure that you maintain a paper file of documented transactions, receipts and invoices in addition to what you have stored in your mobile device for safekeeping. Just as you would not leave a traditional credit card terminal easily accessible to the general public, keep your credit card reader and mobile device in a secured location at all times – especially when it is not actively being used.
The Bottom Line
If you would love to continue conducting business the way that you may have done it for years without having to worry about credit card payments and processing fees, then you have every right to do just that. However, if you truly want your mobile business to succeed and expand in the near and distant future, investing in a mobile credit card reader should be viewed as a required necessity. Doing so will allow you to be there for your customers so that they will continue to be there for you in return. Otherwise, it will be much easier for them to find a more convenient and easily accessible alternative.
Founder Dinis Guarda
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