It wasn’t long ago that transactions were limited to multi-cabled cash registers and bulky credit card processing equipment connected to your business landline. While this somewhat traditional system certainly facilitated purchases (and still does today), businesses now have an opportunity to extend their sales potential well beyond bricks and mortar offices. If you sell a product that could be displayed on a table, under a tent or in a booth, have you considered bringing your business out to shows, fairs and expos where potential buyers may be?

Card readers, paired with your iPhone, iPad, or another smartphone device, allow you to take payments wherever and whenever you need it. Once the reader is plugged into your phone and the app installed, transactions are a snap. The program will take credit card payments, calculate change for cash transactions, and accept personal checks. Sales tax can be factored into every final bill, and the program will keep track of all transactions made with the reader. Many software companies, including QuickBooks®, now offer card readers to businesses of any size. Of course, there are some fees associated with these devices, so just be sure to read the fine print first.

Mobile card readers have already had a positive impact on businesses. According to a recent survey by SYNERGISTICS Research, entitled “Re-Evaluating the Small Business Credit Market,” close to four in ten small businesses have used this type of mobile reader. Of this group, half note an improved cash flow since funds from sales are available faster. Other findings include:

• Slightly less than half attribute increased sales from device usage;
• More than one-third cite an increase in sales at new venues;
• Three out of ten report a decreased need for credit services due to improved cash flow.

What would increased sales and/or increased cash flow do for your business? If this scenario makes sense for your company and for your products, start seeking out vehicles (i.e. trade shows, craft shows, special events) that can bring this to fruition. If you are on the fence about your customers embracing this on-the-go card reader payment approach – you may be surprised to learn just how ubiquitous (and consumer accepted) this mobile device has become.

Another new technology about to hit the bricks and go mainstream in a big way is the “mobile wallet.” Using near-field communication (NFC) chips inside mobile smart phones and tablets, mobile wallets can transmit payment information. When it’s time to pay, a customer can open up an app on their smart phone device, enter a PIN, select the appropriate payment amount, apply any special offers/reward program information, and then submit the payment to the vendor. According to research from Parks Associates, over 40 million U.S. consumers (about 20% of all smartphone users) used “at least one mobile proximity or mobile e-commerce wallet in 2013.” This same research estimates that mobile wallet usage will increase to almost 113 million (43% of all smartphone users) by 2017.

This new technology will not only change how consumers shop, it will be a game-changer for businesses – including yours. To meeting this challenge, your business should consider special coupon codes and promotions for mobile wallet users and evaluate emerging advertising options. At the end of the day, it appears that mobile payments using card readers and mobile wallets are rapidly gaining traction. Together, these new techs have the power to generate massive changes in our economy and your business roadmap. Take this opportunity to determine exactly how mobile e-commerce can best be harnessed for your organization, and start crafting a game plan ASAP. That way, when the time is right, you can be first out of the gate.

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