Arti Modi Debates Mobile Payments Options For Businesses- Are They A Must?

As a business owner, you may wonder if you need to offer mobile payments as an option for your customers. The answer is: it depends. Business experts in Calgary, Alberta, like Arti Modi, know a few things to consider when making this decision. This article will discuss the pros and cons of mobile payments for businesses and help you decide if it's the right choice!

What Are Mobile Payments?

Arti Modi says mobile payments refer to any financial transaction completed using a mobile device, such as a smartphone or tablet. Mobile payments can be used to make in-store purchases, send money to friends and family, or pay for goods and services online. In most cases, mobile payments are made through a mobile app, such as Apple Pay or Google Pay. To use a mobile payment app, customers must first link their bank account or credit card to the app.

Once the account is linked, customers can start making payments by selecting the “pay” option and entering the amount they would like to pay. The price will then be processed through the app and the customer’s bank. Mobile payments are convenient and allow customers to make purchases without carrying cash or cards. In addition, mobile payments are often more secure than traditional payment methods, such as cash or checks.

The Benefits Of Using Mobile Payments For Businesses

As more and more consumers use mobile devices as their primary payment method, businesses are increasingly turning to mobile payment solutions to meet customer demand. Mobile payments offer several benefits over traditional methods such as cash or check. Perhaps most importantly, mobile prices are much faster and more convenient for businesses and customers.

With mobile payments, Arti Modi says customers can make purchases quickly and easily without fumbling for cash or waiting for a check to clear. This can lead to shorter lines and happier customers. For businesses, mobile payments also offer the chance to reduce costs associated with processing cash and check transactions. In addition, companies can also use mobile payments to gather valuable data about their customer's purchasing habits. Overall, mobile payments offer many advantages for both businesses and consumers.

How To Choose The Right Mobile Payment Processing System For Your Business

Arti Modi says there are many different mobile payment processing systems available on the market and choosing the right one for your business can be challenging. When selecting a mobile payment processor, remember a few things. First, you'll want to ensure that the processor offers features that meet the needs of your business.

For example, if you're looking for a system that can track customer data, you'll want to choose a processor that offers this functionality. Second, you'll also want to consider ease of use and compatibility with existing systems. Make sure that the method you select is easy to use and compatible with any point-of-sale systems or accounting software you may use. Finally, be sure to compare costs and fees before choosing a processor. Different processors charge different rates, so it's essential to find one that fits within your budget.

The Top Five Mobile Payment Processors For Small Businesses

Several mobile payment processors are on the market, but not all are created equal. To help you choose the suitable processor for your business, we've compiled a list of small businesses' top five mobile payment processors.

Square

Square is a popular mobile payment processor that offers several features specifically for small businesses. Perhaps most notably, Square offers a free point-of-sale system that companies can use to process payments. In addition, Square also offers features such as customer data tracking, invoicing, and inventory management. There are no monthly fees associated with using Square, but the company does charge a per-transaction fee of around two and a half percent.

Shopify

Shopify is another popular option for small businesses. Like Square, Shopify offers a free point-of-sale system, customer data tracking, and inventory management features. In addition, Shopify provides users access to many powerful eCommerce tools, such as an online store builder and shopping cart software. Shopify charges monthly fees, but these are generally lower than those set by other processors.

PayPal

For a good reason, PayPal is one of the most popular payment processors on the market. The company offers several features that are specifically tailored for small businesses. For example, PayPal offers invoicing and customer data tracking. In addition, PayPal's mobile app is easy to use and allows customers to make payments quickly and easily. There are no monthly fees associated with using PayPal, but the company does charge a per-transaction fee of around two and a half percent.

Final Thoughts

Mobile payments offer several advantages for businesses and consumers alike. If you want to implement mobile payments into your business, consider the above mentioned factors. And, if you're still unsure which processor is suitable for you, check out our list of the top five mobile payment processors for small businesses.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes