According to a survey by Forrester Consulting, long lines have caused 39 percent of shoppers to leave a store without making a purchase, while 58 percent would change stores for the sake of a better checkout experience.
For small retailers that don’t want to lose customers to a flawed checkout experience, adding mobile credit card processing can help.
In this piece, we’ll dive into what mobile credit card processing is and how it can deliver a smooth customer experience.
What is Mobile Credit Card Processing?
Mobile credit card processing allows small businesses to complete transactions solely with a mobile device and not much hardware, allowing for a smooth, efficient checkout experience for consumers.
Having the right credit card processing application on a smartphone or tablet offers small businesses a portable payment terminal that can be used anywhere in the store – and beyond.
Mobile credit card processing allows small businesses to shift away from the clunky cash register as more Americans join the cashless economy, according to the Pew Research Center.
How Does Mobile Credit Card Processing Work?
Mobile credit card processing is a modern take on a traditional point-of-sale (POS) terminal.
It allows small businesses to quickly and securely complete sales, get tips, and send digital receipts – all while adding mobility and efficiency to the checkout experience.
Thanks to an array of new technologies, different types of mobile credit card readers can be used in credit card processing – depending on your business needs and preferences.
One of these involves a magstripe reader, which only takes swipe cards and is paired with a smartphone or tablet running a mobile credit card processing application. Some magstripe readers can work offline while others need a wifi connection or cellular data on your mobile device.
Meanwhile, an EMV chip reader uses chip-reader technology to process transactions with your customers’ credit and debit cards.
There’s also the option of turning your smartphone or tablet into a functional POS terminal by installing a mobile credit card processing application without the use of any additional credit card readers. This method involves inputting the credit card number into the mobile device.
Other mobile credit card processing applications use tap or wave technology paired with a smartphone or tablet. This form of mobile credit card processing is getting a lot of love from small businesses for its ease of use, and it’s expected to see a lot of growth over the coming years.
What are the Benefits of Mobile Credit Card Processing for Small Business Owners and Consumers?
Mobile credit card processing offers several benefits to both customers and small businesses:
- Simple: it’s designed so that retailers don’t need any extra POS equipment – a simple smartphone or tablet will do – and it can easily be carried around to conduct transactions wherever the customer is.
- Affordable: small businesses are looking for inexpensive options to conduct transactions and mobile credit card processing is an affordable solution.The cost of a mobile credit card reader with a chip and contactless (tap) card reader is relatively minimal. Meanwhile, a legacy POS may set you back in excess of $1000.
- Secure: customers can rest assured that mobile credit card processing offers a secure way to conduct transactions with small businesses. It drastically reduces fraud risk thanks to data encryption, which means no customer data remains on a device when using a reputable mobile credit card processing solution. This prevents anyone from accessing or selling customer data. Also, look for a PCI-compliant credit card processing solution, which ensures no sensitive information is stored on the device.
- Convenient: mobile credit card processing allows you to accept payments from anywhere. That allows small businesses to remain untethered to a specific location – so your business can be wherever your customers are.
Gravity Payments Can Help with Mobile Credit Card Processing
Mobile credit card processing is an excellent option for small business owners who want to create an exceptional customer experience during the checkout process.
Processing credit cards on a smartphone or tablet enables greater flexibility for a retailer that needs to set up shop at different locations – whether that’s a seasonal market, a music festival, or somewhere else.
It’s also a relatively cheap option for creating secure transactions.
If you’re looking for mobile credit card processing that fits your business needs, Gravity Payments can help.
Our solution delivers fast service, easy integration, accessible data, and flexibility.
We’ll help you turn your current mobile device or tablet into a functional POS terminal with a simple hardware attachment. You’ll also get the latest access to stats and powerful business management tools to support business growth.
Check out our available devices here.