5 benefits of accepting business payments with your mobile phone

By

Asha Cole

5 Benefits of Contactless Payment for Businesses

Are you one of the many business owners who are still hesitant to start accepting payments with your mobile phone? If so, you’re missing out on a lot of great benefits.

Contactless payment is a modern payment method that allows customers to make transactions without physically touching a payment terminal or device. With contactless payments, customers can simply tap their credit or debit cards, use digital wallets, and even scan QR codes to complete a purchase.

In this article, we’ll explore five of the top benefits of accepting payments with your mobile phone. Read along to explore additional benefits below the main 5 that you might not have considered. Ready to go? Then, let's dive in.

What are the Advantages of Contactless Payments?

Before we go any further, the 5 main advantages of contactless payments using your mobile phone include:

  1. Convenience
  2. Security
  3. Efficiency
  4. Versatility
  5. Cost Effectiveness

Interested in what we’re saying?

CONTACT US

Convenience

With mobile phones becoming ubiquitous in the modern world, it makes perfect sense to use them to process business payments. Staying ahead of the mobile revolution and technology curve by accepting payments with mobile devices is a convenient way for businesses to keep their customers happy.

These mobile payment options are incredibly easy and secure, allowing businesses to accept credit cards effortlessly. The use of mobile card readers facilitates credit card transactions, making it especially practical for businesses transitioning to cashless operations, such as market stalls and small shops. This paperless system also means that businesses do not have to worry about dealing with redundant paper trails or purchasing costly equipment. Gone are the days of waiting to receive payments days or even weeks later – mobile-enabled payments are fast, efficient, and incredibly cost-effective.

These mobile payment options are incredibly easy and secure, while also providing payment visibility so both the customer and merchant can stay up to date on the status of payments.

Security

Making mobile payments with a mobile phone today is not only convenient but also safe and secure. Many mobile wallets and payment apps that allow for mobile payments utilise sophisticated security protocols to protect customers and their business transactions.

Why is contactless payment safer?

Advanced encryption techniques keep any personal data used in mobile payments protected, while creating unique identifiers for each transaction, reducing the chances of fraud and unaccounted payments. Additionally, mobile phones are equipped with biometric authentication like fingerprint or facial recognition technology, which makes mobile payments even more reliable and secure. Lastly, all mobile payments are subject to the same banking regulations as other digital payment means, meaning businesses can have economic reassurance when they accept payments via mobile devices.

When using a mobile phone to accept payments, it's important for businesses to ensure that all apps are up to date, and those apps allow for modern, secure payment methods such as Apple Pay, Google Pay & Samsung Pay.

Speak to the team at Pebl if you'd like to learn more about securely accepting business payments through your mobile phone.

Efficiency

Accepting payments with your mobile can streamline the payment process compared to traditional payment methods such as EFTPOS machines or virtual terminals.

With mobile phones, businesses are able to take digital payments wherever they go - no extra hardware or long setup times needed. Currently, getting approved for an EFTPOS terminal can take up to twelve business days. Having the hardware delivered can take another 3 business days.

Comparatively, getting set up with a company like Pebl, which allows businesses to accept all major payment types using only their phone, takes as little as five minutes.

The mobile-friendly process also makes it easy for customers to pay quickly and securely with their credit or debit card - especially when utilising QR codes.

Plus, mobile payments offer an unparalleled level of convenience and competition within the consumer space, allowing many businesses to increase their customer base and revenue. All in all, mobile phone payments represent an invaluable asset for businesses seeking to streamline their payment processes.

Versatility

Mobile phones are becoming a staple in our lives, and mobile payment services provide the versatility to efficiently handle business operations at any time.

Whether you use mobile banking, Apple Pay, Google Pay, or another mobile payment service, the capabilities of mobile technology have made it easier than ever for businesses to accept payments anywhere, anytime. Accepting mobile payments provides significant advantages such as convenience and security to both customers and business owners alike.

By reducing paperwork and streamlining existing processes like invoicing and collecting payments, mobile phone-based payment enables businesses to increase efficiency while keeping customer data secure.

When accepting business payments with a mobile phone, QR codes can also come into play, allowing even more versatility when it comes to accepting payments from customers. These QR codes can be presented in various ways; digitally, on the business's phone, TV or stadium big screen, or physically on a menu, brochure or billboard. Imagine, instead of a customer seeing an ad on a billboard, searching for the company's website, selecting the product and making the purchase - they could scan a featured QR code and get taken straight to checkout and pay via their preferred method.

The versatility that mobile payments offer, especially when combined with QR codes, is undeniable and helps usher in a higher level of productivity for companies everywhere.

Cost Effective

One of the standout benefits of contactless payment for businesses is its cost-effectiveness. Traditional payment methods like EFTPOS terminals and physical card readers often come with hefty upfront costs, monthly fees, and maintenance charges. By accepting payments directly through a mobile phone, small businesses can accept credit card payments and debit cards without the need for additional hardware or expensive payment systems.

With mobile payment technology, businesses can eliminate the need for purchasing and maintaining card readers or relying on cash-based transactions. This not only lowers overhead costs but also improves cash flow with faster payment processes. By leveraging mobile wallets like Apple Pay or Google Pay, businesses can provide added convenience to customers whilst also reducing their reliance on physical cards.

Businesses can streamline their daily transactions and minimise time spent handling cash or reconciling payments when they accept contactless payments via NFC technology. With no ongoing fees or complex setups, the technology offers merchants the ability to scale efficiently and focus their resources on growth.

By switching to mobile payments, small businesses gain the value of an innovative and cost-effective way to accept payments. There's a growing demand for contactless payment methods amongst consumers, and with this technology, you're harnessing a payment system without hardware that'll eventually become outdated, leading to more costs.

Additional Benefits of Contactless Payments

Environmental Benefits

By eliminating the need for paper receipts, physical card readers, and cash handling, businesses can reduce waste and streamline their operations. Digital transactions are paperless by nature, reducing the reliance on printed receipts, invoices, and forms.

For eco-conscious small businesses, this shift toward contactless payment systems represents a sustainable solution that appeals to modern consumers who prioritise green business practices.

By adopting mobile payment technology, businesses can demonstrate their commitment to sustainability while benefiting from improved efficiency and cost savings.

Faster Payments

Mobile payments significantly reduce the time it takes to process transactions compared to cash or traditional card readers. Customers can pay instantly using contactless payment methods, speeding up checkout times and improving overall customer satisfaction. This is especially valuable for small businesses with high foot traffic or time-sensitive services such as a café.

Improved Customer Experience

By offering modern payment options like contactless payments and digital wallets, businesses provide a seamless and flexible experience for all of their customers. Your consumers will appreciate the ability to pay with their credit or debit cards, smartphones, or wearables. This adds a level of convenience that enhances trust in your business and services.

Data Insights and Tracking

Mobile payment systems make it easier to track transactions and analyse payment data. Businesses can monitor sales in real-time, reduce accounting errors, and gain insights into purchasing trends. This data helps businesses make informed decisions and improve their offerings.

Reduced Risk of Theft

With fewer cash transactions, businesses lower the risk of loss, theft, or human error. Mobile payments provide a secure way to handle transactions, protecting both merchants and consumers with features like encryption, tokenisation, and biometric authentication.

Pebl Makes Payments Easy

Contactless card payments present an excellent choice for modern transactions. Mobile payments offer a fantastic alternative to traditional methods like cash and hefty card readers. With contactless payment technology and digital wallets such as Apple Pay and Google Pay, businesses can easily accept credit card payments and debit cards without the associated extra hardware or fees. By embracing contactless payments, small businesses can reduce costs, offer seamless transactions, and meet the needs of today’s tech-savvy consumers.

Ready to transform your business payments? CONTACT US to get started today.

Make the Most of Your Mobile Device With Pebl

Make life simpler by streamlining your payments with Pebl's mobile pos systems. Unlike traditional POS systems, Pebl allows you to process payments with ease without the nasty added cost of a transaction fee. 

Gain customer loyalty and provide great service when you complete purchases for your business today. For more information, Contact the Pebl Team today