Whether you’re working remotely or have a shop, mobile payment solutions can potentially solve the three big problems of work while on the road:
Cash is often difficult to handle as it gets lost, dirty or breaks down from usage. Online transactions often create a headache as a lot of time is spent chasing payments and chasing customers, only to find out they are slow, inefficient or offline. Since mobile payment solutions can work offline, however, users can even accept cash into the system.
The solution that seems like the best bet is also probably the most difficult: a POS, or point of sale solution. These solutions are usually pretty expensive (the average is around $30,000-60,000), and the low user volumes make the profit margin very thin. However, these solutions do provide a lot of information about what the customer purchases (emails, phone numbers, accounts, etc.), and once they have the ability to charge in digital format, the retailer is also offered another amazing feature: all transactions get logged into the system, and the data can be used to create a profile for the customer, including how frequently and much the customer buys from you, their business rating and how well you’re serving the customer. The POS offers a great idea and a very easy solution for working with payments, but it’s certainly not the best solution.
The better solution is an online solution. The aim of a web payment system is to take information from the POS and transfer it to the online store. To do this, they need an integrated solution that works with both online and offline payments. It’s hard to find this type of a solution, but in the past few years, a few solutions have emerged. Depending on your business, the online payment solutions you choose can offer some of the following benefits:
If you’re working with remote workers (like freelancers), remote-specific transactions are not usually accepted.
You get to collect more information about your customers and get them to provide more details about themselves. The more information you have, the more accurate the product tracking system will be, and you get to create a detailed profile of the customer that you can use to generate additional sales.
No need to buy more expensive equipment to set up your POS. The POS solutions work offline and online, so you can get started with digital payments without a big initial investment.
An online solution is often cheaper for both you and the retailer. The vendor offers the most economical solution, but when the retail store is getting to be an expensive customer to work with, the online payment system can actually work as a way to sell the business to the vendor.
One great solution for digital payments, especially for your remote business, is a mass digital payment offered by payroll-geared e-wallets, with the all-important trusted network factor of that equation catered to by a service provider such as Trust Grid. It’s all about building up trust within the transacting network and that is done through monitored cycles through the associated online business operations.