The importance of mobile payment solutions for business

March 20, 2019 ATB Financial

 

The importance of mobile payment solutions for business

When you’re running a small business, it’s incredibly important to be able to take payments wherever you and your customers are.

If you’re selling products at a market, a pop-up, or your service company needs to be mobile, you’re going to need an electronic payment system. Because in our increasingly cashless world, most people haven’t had a significant amount of cash in their wallet since their last serving job.
 

People rarely carry cash anymore—How important is it to be able to take electronic forms of payment?

Simply put, if your business does not accept electronic forms of payment, you’re at risk of losing sales. It’s almost become expected even from very small, boutique startups!

According to a recent study, Canadian’s typically only have $46.50 cash in their wallets, and haven’t made a cash withdrawal from a bank or ATM in 17 days.

The customer’s experience is also a critical part of this equation as it’s an undeniable competitive advantage. If your business is able to to accept cash, credit card, debit card, and even the latest in payment technology , the customer will have a seamless experience at the time of purchase, and you’ll avoid the unnecessary conversation of limited payment options.
 

What impact can the ability to collect electronic payments on-the-go have on a growing business?

An often forgotten aspect of business before it becomes a problem is ‘risk of payment’. The ability to take payment on location, such as a customer’s house, has a number of benefits.

  1. Verified payments right away - no chasing customers down, no invoicing.
  2. Cost comes down - Visa & MasterCard charge a premium for “keyed” transactions.
  3. Chip & Pin (or Contactless) transactions are the safest way to accept payments. Your risk of chargebacks or simply not getting paid, drops immensely.
     

Does an affordable electronic payment system reduce the barriers to entry for startups?

Yes. Typically, to setup a traditional electronic payment account there is a setup fee, monthly admin fee, higher device rental cost, and it takes some time to set up.

ATB offers a simple and effective way to get started accepting payments quickly and easily so you can meet your customers where they are. With PAYD Pro it’s a quick setup—download the free app, connect the device, and start accepting payments for your products or services.

Accepting payments the way your customers want to provide them is a better experience for everyone and can have a significant impact on your bottom line.
 

Check out what ATB’s PAYD and PAYD PRO have to offer you and your business, or let us know how to best contact you, and one of our Payment Experts will reach out with helpful advice.
 
Previous Article
How business banking needs change from startup to growth
How business banking needs change from startup to growth

Whether you’re just starting up or you’ve been in business for a while now, it’s important to know what you...

Next Article
4 tips from True Büch on starting and growing a business
4 tips from True Büch on starting and growing a business

Conrad of True Büch shares how he started and grew his business and includes his 4 top tips for entrepreneu...