How Mobile Credit Card Processing Effects Small Business
Gone are the days where businesses must rely solely on traditional terminal solutions to manage customer payments. Now business has more options than ever to complete customer transactions. Small businesses leverage advancements in payment processing to move about flexibly serving their customers. Credit card processing has changed the way the small business community handles transactions.
These services also cut down on costs in removing the need for paper invoices. Paper invoices cost businesses, contributing to a significant amount of overhead. The paper invoices also add to a company’s carbon footprint. If a paperless invoice is received and subsequently rejected by the recipient, the company adds time to the invoicing process when they issue a correction. Tracking the status of an invoice can be very cumbersome for the typical business, especially when they grow in volume. Conducting payments on site allows the SMB the advantage of eliminating the paper invoice altogether. Companies can go from hundreds of invoices to none.
Employees are paid more quickly with credit card processing purchases. Shortening the payment cycle is something the SMB community has always been inclined to improve. Having to send an invoice online or offline, and then waiting for the recipient to make the payment within a specified amount of time lengthens the cycle to 20 or more days. Equipped with a mobile swiper, the customer can be invoiced and handle payment right on the spot. This means that employees are paid sooner.
Companies can manage invoices from practically anywhere. This means that the business has the freedom to expand their business to new locations and areas. Companies no longer have to do business exclusively in their immediate areas with flexible credit card processing options. Brick-and-mortar businesses are often required to conduct business in close proximity to their locations.
Greater accuracy is also an advantage in using newer merchant services to include mobile swiper technology. Errors could take months to identify. They can even go undetected if audits aren’t routinely conducted. Fewer people involved in managing the invoicing process reduces the likelihood of clerical errors. When a payment can be handled right then and there on the spot, an error could be addressed simultaneously.
Thanks to the advancement in merchant services, SMB representatives can conduct business anywhere with improved efficiency. Businesses can open and close work orders more easily. They can offer flexible payment options that are more convenient for their customers.