Should Your Business Only Accept Mobile Payments?

Mobile payment solutions are making merchant’s jobs easier. It is easier to cash customers out and to accept payments in more places. It is tempting to just simply accept only mobile payments for the ease and convenience not only for your customers but also for yourself. But should you?

It Depends

There is no one solution fits all approach so what works for one merchant may not work for another, so keep that in mind. There was a time even recently when there were only two forms of payment accepted, cash or check. That opened up all kinds of opportunities for fraud, from employees with sticky fingers or a customer passing bad checks. Cards and other more modern payment solutions have helped to put a stop to that.

That does not mean that you should stop accepting these forms of payments. If you are reading this you probably accept credit cards. Your customers do want options, especially your younger customers. Your older customers may still be comfortable with paying in cash. If you put all of your eggs in one basket you potentially alienate one group or another.

More Ways To Get Paid

There is also a more practical reason to not put all of your eggs in one basket. What would happen if your mobile solution goes down. We’ve seen what happens in Europe when credit cards are unable to be processed, even for just a few hours. It has not been pretty and at least it you accept cash or check you can get customers out the door and bring in revenue. 

Certainly there are plenty of reasons to push customers towards payment via cards or other mobile solutions. The transaction process it quicker, it reduces the risk of theft from your business and you get paid much quicker thanks to improved technology. Many of your customers will have no issue with this and by having a versatility when it comes to payment you may even gain a few customers.