Are Mobile Payments in Your Game Plan for 2013?

How has your small business done during the last 12 months?

In the event your revenue stream is not quite what you would like it to be, do you offer your customers mobile payments? If the answer is no, will 2013 be the year you give them a shot?

As many small businesses have discovered, offering mobile payments can enhance their company’s ability to increase revenue, have customers stick with them for years to come, and prove you to be a business that is up to speed with today’s consumer.

According to research firm Gartner, global mobile payment transactions are expected to reach $171.5 billion before the end of this year, a 62 percent increase from just a year ago. Meantime, the projection is that mobile payments could reach more than $600 billion by 2016.

If you are considering offering mobile payments for your small business in the year to come, here are some things to consider:

* What are the benefits - First and foremost, understand how mobile payments could help your small business in the first place. Will you see increased revenue, better relations with customers, and BE seen as an authoritative figure in this industry? Just because your competitors may be using mobile payments does not mean they are automatically the right call for you. Take the time to research mobile payments and how they might help your company in the New Year;

* What will it cost me? - One of the most important things you need to understand is what fees will be involved when it comes to transactions, needed hardware, etc. A number of mobile payment providers will not charge the small business owner with a start-up fee, with some offering free card readers. Take the time to see which provider most likely best fits your small business. Also look into the provider’s financial history, if they have received a sizable number of customer complaints over time, and whether or not they have a bad history with the Better Business Bureau (BBB);

* Think of your customers - One of the major advantages of offering mobile payments is that you increase your chances of getting customers to buy on impulse. As you may or may not know, customers tend to buy more if they don’t just have to rely on cash in their wallet or purse to purchase products or services. Also keep in mind that if a customer must wait online to make a purchase from you, they may go elsewhere not just one time, but for good. If, however, you offer the customer the ability to simply swipe a smartphone at checkout or when you go to their office or residence, you boost the opportunities to make more sales going forward;

* Security is critical - In order to enhance your ability to make mobile payments a normal feature with your small business, customers must feel secure with your system. Stress to customers that your system is encrypted, meaning the chances of their personal data being compromised are slim to none. When looking for a mobile payments provider, make sure they can prove that security is a top priority with them;

* Promote your mobility - Finally, use the different options available to you, including your social media sites, to promote that you offer mobile payments. Using your Facebook, Twitter, and other such pages to promote mobile payments is essentially free advertising, just needing your time and effort.

With a New Year coming, mobile payments for your small business could very well lead you to improved customer relations and additional opportunities to grow your revenue.

About the author

Dave Thomas writes for a variety of websites on topics such as human resources and running a small business.

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