Many fundraisers and business owners leveraging mobile are accepting payments and donations that might not otherwise happen, due to reduced time between the ask and give.
There was a 61 percent increase in global mobile transactions from 2011 to 2012 according to Gartner, a technology research company.
“We expect global mobile transaction volume and value to average 42 percent annual growth between 2011 and 2016, and we are forecasting a market worth $617 billion with 448 million users by 2016,” said Sandy Shen, research director at Gartner, in a 2012 press release.
So how does a business owner or fundraiser decide if mobile is the right fit?
Mobile payment processing is best for businesses where a significant amount of transactions are done face to face. It eliminates the possibility of bad checks, increases cash flow, and it is easy to use. These advantages are some of the reasons why we see more contractors, servers, and trade show vendors with mobile card readers.
After a business owner decides it is a fit, how do they go about picking the right mobile product?
While mobile card readers and apps are still fairly new to the market, their capabilities vary widely so business owners should make sure to do their homework. Does the business have inventory to manage? If so, a product like Talech that is equipped with a sophisticated inventory management tool might be a good fit. How important is the option to set up recurring payments? If it is a high priority, a system like Virtual Merchant Mobile which has the capability to set up recurring payments, save card on file, and signature on file, might be a good choice.
Check out level of service and reputation
A 2012 Utah Better Business Bureau article, Do Your Homework Before Jumping on the Mobile Payment Bandwagon, suggests looking at rates and service level that fit your volume, as well.
“If you don’t use your device very often, you may want to look for a plan that doesn’t charge a monthly fee but charges slightly higher transaction rates,” the article states.
It also suggest checking the providers’ rating on the Better Business Bureau website and calling with any questions the inquirer might have to test their level of customer service, since this varies widely among processors.
Doing a test run on how to get ahold of technical support and their hours of operation is a good thing to find out before signing a contract, having a glitch, and finding out your only option is to tweet or email their team in an emergency.