Not every small business owner’s long-term goal for launching their own venture is growth. According to a recent PaySimple survey, 42% do so to master their craft, and 25% to gain freedoms that may not be attainable through working for someone else. Nevertheless, over a third of small businesses still report “growth” as a centerpiece of their strategy, and this group is always looking for innovative ways to scale their businesses through process improvements.
1. Improve cash flow
Cash flow is vital to the growth of a small business. Mobile payments help your cash flow by giving your customers more ways to pay you. With payment acceptance technology in your pocket, you never have to say “no” when a customer asks to pay via credit card. The quicker and more reliable your payments, the more stable your cash flow. You can always grow sales in this manner –providing convenience that your competitors are not.
2. Build your customer base
Repeat business is a HUGE driver of growth for businesses, but if you don’t have your customer’s information on file, how are you going to sell to them again? Depending on the software you choose, mobile payments knock out two birds by running the payment on the spot AND saving the new customer’s credit card payment information for use in future marketing and sales efforts.
3. Make customers happy
Have you ever been in a doctor’s office and noticed a sign that reads, “The highest compliment you can give me is the referral of your friends or family?” Referrals are one of the best ways small businesses build customer bases, but you must be “referable,” if you will, to garner such benefit. By offering mobile credit card acceptance as an option to your customer, you’re saving them some form of hassle; be it an extra trip to the ATM or time wasted dealing with paper invoices. This goes a long way in making your customers happy, and making you “referable.”
4. Save you time
No matter how you go about it, growing a business is a big time commitment. You have to be diligent in prioritizing your tasks to be efficient. Accepting credit cards on the spot, be it on a job site, at a convention, or from your storefront, means you don’t have to chase that payment later. The less time you spend on receivables, the more time you can spend focusing on growth priorities.
5. Keep you agile
Hitting the pavement to visit clients and attend networking events goes a long way in spreading the word about your business. Adding the ability to collect on-the-go allows you to escape your office because you’ve either a) already collected outstanding payments, or b) can process outstanding payments from wherever you may be when your customer calls. Meetings, trips, and events no longer have to be casualties of your collection methods.
Growth is only one of the goals of small business owners, and only one of the advantages of mobile payments. If you’re ready to explore additional advantages for you business, be sure to check out our recent checklist for choosing the right mobile credit card app. And, if you can think of more ways mobile payments help businesses grow, please share in our comments section below!