Mobile Payments May Extend Into the Small Business World
October 30, 2015

Mobile Payments May Extend Into the Small Business World

a man paying for his meal using mobile payments

Mobile technology has been dramatically reshaping the way businesses process purchases. As technology moves forward and more mobile platforms, such as Square, ApplePay and Google Wallet, become more popular, small businesses may have no choice but to adapt. Is your small business ready?

If you’re interested in getting ahead of your competitors, we have provided you with a few things to consider before you sign up for a mobile payment service.

1. New System Costs

Setting up a new payment system will involve acquiring and setting up a new POS system to work with mobile payments. This will incur some set-up costs as well as service fees.

2. Training Time

A new system will require you to take time to introduce your employees to mobile technology. Make sure to factor in both training time and additional salary for training hours into your costs, so you can actualize the bottom line charge of incorporating mobile payments into your business before signing up. In order for mobile payments to have an impact on your business, you need to ensure that your employees know how to properly operate the system!

3. Transaction Fees

Make sure to ask about transaction fees, monthly fees and any other fees associated with mobile payments before signing up. Compare these fees with other payment services to ensure that the cost-benefit ratio makes sense for your business, in both the short and long-term. You don’t want to lose revenue to unnecessarily high transaction fees!

4. Customer Interest

Consider surveying your customers to understand if mobile payments would be a valuable asset to your business. Weigh your options based on the interest level from consumer responses to determine how you should move forward.

Before signing up with a mobile payment service provider, make sure to review all your options and examine the benefits of each service. This will help you determine if your business is ready for mobile payments!

At Verdeja, De Armas & Trujillo, LLC, our team of Miami accountants is dedicated to providing personalized, financial guidance. We provide accurate and comprehensive financial statements as well as in-depth business analyses. Contact us today for a consultation!