The use of cash has fallen rapidly in recent years, a trend that the ongoing pandemic has accelerated. This switch towards cashless transactions means that businesses that traditionally didn't offer cashless payment options need to adapt or face an inevitable drop in takings.
One sector that has been affected by the change is that of the small mobile business. Businesses that run on this model have customarily relied on cash payments for much of their income.
However, with the rise of digital wallets, contactless payments, and fewer people relying on cash, this type of business now finds it increasingly necessary to offer contactless or card payment options.
Luckily, the process of setting up a mobile card machine is simple, and the benefits mean that mobile businesses that offer the service never look back.
This article discusses a few of the major benefits of card machines for mobile businesses.
What type of business can benefit from a mobile card machine?
In simple terms, mobile businesses that provide products or services at homes or business premises can benefit from a mobile card reader. Examples of the type of business include:
- Trades – Joiners, electricians, plumbers, builders, etc.
- Personal Services – Mobile hairdressers, beauticians, fitness trainers, masseurs
- Door to door sales – Make-up, financial services, mobile shops
- Repairs – Appliance repairs, IT, Electronics
- Fast food – Delivery drivers, burger vans
- Retail – Market traders, travelling stallholders, antique dealers
In the past, many of these businesses relied on cash upon completion of the job. But, with fewer people carrying cash and reluctant to do so, the need to offer card payments has become essential for many business owners.
How do mobile card machines work?
Before we discuss the benefits that mobile card machines bring to small businesses, let's briefly cover how mobile card machines work.
Mobile card readers work by using a mobile SIM to connect to online payment services. At Payment Plus, we use a unique roaming SIM that connects to the strongest signal from major mobile providers, including Vodafone, Three (O2), and eir (Meteor). This ensures that our mobile card readers provide a consistent and reliable service throughout Ireland.
This method of connectivity is the major difference between mobile card readers and the fixed or portable models seen in the likes of retail outlets, restaurants etc.
The card reader uses the mobile connection to pass the details of the customer's payment to the payment processors and banks that are required to authenticate the payment and ensure there are available funds.
Mobile card machines can accept all types of payment options, including:
- Chip & PIN
- Google Pay, Apple Pay, Samsung Pay, etc.
- Over the phone (card not present payments)
Once the customer presents their preferred payment option, the process is seamless for the trader and is usually concluded and authorised within a few seconds. The money can be in the businesses bank account within a day or two, although this can vary depending on the merchant services provider.
Benefits of Mobile Card Readers for Businesses
Mobile card readers are now becoming essential for the modern business that takes payments on the go. But rather than a hardship and being something else for the business owner to worry about, mobile card readers are an incredibly useful business tool that can provide many benefits, including:
Provides a service that customers want
Customer satisfaction is crucial for any business that wants to prosper. These days customers expect and demand any business to offer cashless payment options, even mobile businesses that traditionally dealt mainly with cash.
By providing a service that customers demand, you position your business as a forward-thinking and modern business that has its customers interests at heart.
Rather than adding to the large paper trail that mobile business accounts usually involve, a card reader can go a long way to easing the paperwork burden.
At PaymentPlus, our mobile card readers can integrate with existing accounts packages and also have a comprehensive suite of reporting tools that provides plenty of useful analytics and data to monitor the performance of your business.
Fast and Convenient
Both the customer and the business can benefit from a fast and convenient payment process that can be over in just a few seconds. This convenience also adds the extra element of safety that has become crucial over the past couple of years.
By offering the convenience of contactless payment, a mobile card reader helps keep you and your customers safe.
Thanks to our unique roaming SIM installed on each device. One handy little machine can be a complete electronic till no matter where you are. There is no need to worry about battery life either. Our mobile card readers work all day on a single charge.
Simple to set up and use
Even the most technophobe of people can quickly master the workings of the card terminal, and the set-up is simple enough that most people can have the reader up and running quickly.
At PaymentPlus, we also provide a freephone support line to help with any issues that may arise.
Our card readers are built to last. We appreciate that the work environment can be hard on equipment. Whether it is exposure to the oils and fats of a burger van or the dust and knocks of a builder’s van, mobile card readers are designed to withstand the rigours of the workplace.
Cash in on the rise of digital wallets and mobile phones as payment options
With mobile phones and digital wallets now accounting for over 50% of payments for people in the age range 18 – 34, offering this functionality can boost your takings.
Mobile businesses that adopt this payment service have an instant boost over competitors that are slow on the uptake.
Customers spend more
By simplifying the payment process and reducing reliance on how much cash a customer has on their person, customers are likely to spend more on each transaction when compared to cash payments.
With the rise in contactless limits and more people moving away from cash, the rise in customer spending per transaction is something that is only going to increase in the future.
Carrying a day's takings about has always been a vulnerability for small and mobile businesses. This leaves them open to theft and even simply losing cash.
These threats are completely negated by switching to a mobile card reader. Once payment is made, it is as good as being in your bank account. It also protects businesses from fraudulent payments like counterfeit currency or a bad cheque.
Of course, nothing is completely secure, and there always exists the possibility of falling victim to cybercrime. However, all our card readers come with high levels of encryption and other security protocols that, when combined with a little due diligence, makes the possibility of falling victim to such crimes extremely unlikely.
Receive payments quickly
Depending on your merchant services provider, payments can be cleared and in your bank account within 24 to 48hrs of the transaction. However, it is worth noting here that the amount of time varies depending on the policies of the provider.
It is always checking how long a merchant services provider takes to settle transaction funds before initiating any agreement.
Cash has been with us for millennia, but it now seems that it has finally met its match with the rise of electronic payments. Although the pandemic has sped up this move away from a cash-based society, it was always going to happen, and small mobile businesses now need to ensure that they aren't left behind and can offer customers what they want and expect.
At PaymentPlus, we can provide card readers for all types of business. As the fastest growing payment service in Ireland and with 60 years of experience in the field, our expertise means that we can advise you on the perfect package to match your business needs.
Why not contact us today and find out how we can help your business take advantage of the move to a cashless society.