Easy Tips to Let Customers Pay with Their Smartphones

If your customers aren’t asking already, they will. Doing business with smartphones is likely to become the standard in coming years and as a small business owner, you better be ready when the masses show up with only a phone as a way to pay.

You Have to Change Anyway

The last thing you want to do is invest in a technology that may or may not catch on. It’s not like mobile payment is wiping out traditional payment methods but the good (or bad) news is that you have to invest in new equipment anyway.

Most business owners know that as the United States switches over to EMV credit cards, they have to invest in new card readers anyway. During that switch, merchants can pay a few extra dollars to purchase a card reader that has the technology to accept mobile payments. Experts in the field say that the cost is relatively low—about $250 per payment terminal.

Businesses have until October of 2015 to make the switch. That’s when credit card companies are supposed to shift liability for fraudulent technology from themselves to the company with the most antiquated equipment. If you fail to upgrade before that date, you will likely be the one who pays for the fraudulent transaction.

There are plenty of articles online that review the various payment terminals but for small businesses with a relatively simple system, your point of sale company will have plenty of valuable information to offer.

How Do I Sign Up?

There are a number of mobile payment options available to you. Apple Pay is the most talked-about, largely because of Apple’s massive marketing engine, so let’s look at it in more detail. Once you upgrade your equipment the sign up process is easy. Your payment provider will set up Apple Pay for you. Apple Pay accepts Visa, MasterCard, and American Express cards and there is no additional fee for using it. Just the normal merchant fees you were already paying.