We all know what the most important thing in business is, don’t we? I’ll give you a clue, it’s not profit! For many business owners, the most important thing is cash flow. Why?
The answer is simple, you can make as much profit as you like but if you never get paid off your customers then your business will quickly fail, as you won’t be able to pay your own bills and keep your new or existing business afloat!
So, how can mobile card readers help business owners in this regard? Let’s consider this question.
How mobile card readers can help small business owners
In this post, I’d like to focus on how mobile card readers like those offered by companies like SumUp can help small business owners who are particularly transient in nature.
I’m thinking of businesses like locksmiths, gardeners or window cleaners. These are all the kind of businesses that rarely stay in one place, and therefore a static payment terminal might not really work for them.
In this instance, the ability to take payments on the go could really help with their cash flow.
For instance, imagine you have a customer who consistently neglects your standard payment methods. Perhaps they are older in age and can’t work out how to pay online – this is not a generalisation by the way, it’s just a fact that some older folk still struggle with the idea of online banking.
Or, maybe some of your customers are just so busy that they forget to pay their bill in a swift manner. Let’s face it, we’re all pretty busy.
Or, finally, it’s possible that some of your customers may not like the idea of paying direct from their bank account for security reasons, but they also don’t want to be bothered with the hassle of writing and posting a cheque, or they may not even own a cheque book.
All of the above may sound a little far-fetched but as a small business owner I can assure you, I have found myself frustrated in all of these scenarios.
In all of the above situations, a mobile card reader could help drastically. If a customer is too set in their ways to embrace online payments or too young to be bothered with the hassle of a cheque, then you can at least be sure that they will all by now be comfortable with the idea of a chip and pin – or maybe even a contactless – card payment.
Not only will the ability to take mobile payments relieve your own stress as your cash flow improves, but it may also relieve the stress of your customer, especially the kind of customer who doesn’t like owing money to anyone.