Mobile technology is reshaping the world of business, but how will it reshape the world of payments? The majority of small business owners are very open to adopting mobile payments in their businesses, according to a December 2014 study by Rocket Lawyer. More than six in 10 small business owners say they will consider adopting mobile payments (such as Square, Apple Pay or Google Wallet) this year.
There are plenty of reasons to consider adding mobile payments to your repertoire. Some 70 percent of respondents in the survey say mobile payments provide simpler payment options for customers; about 40 percent say it would help them keep pace with consumers and competitors; about 40 percent say mobile payments would help them attract new customers and 27 percent say it would make them more competitive. In addition, some 20 percent say it would help lessen customers’ security concerns when making purchases.
Of course, some businesses still aren’t interested. About one-fourth say they don’t plan to adopt mobile payments. Nearly half of those (46 percent) say it’s not a fit for their business; about 30 percent don’t think their customers would use it.
Small business owners have clearly become much more comfortable with mobile technology in the past few years. Their reasons for not trying mobile payments are based on the practical issues above—not on worries about security or fears of trying new things (only 4 percent say that’s an issue).
Before adopting mobile payments, here are some things to consider:
- Costs of new technology/POS systems to work with mobile payment
- Time training employees on the technology
- Fees associated with mobile payments vs. other forms of payment
- Customer base and interest level (Consider surveying customers)
- Educating customers about the option
What makes sense for your business? Only you can say.
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Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at email@example.com, follow her on Google+ and Twitter.com/Rieva, and visit her website, SmallBizDaily.com, to get the scoop on business trends and sign up for Rieva’s free TrendCast reports.