By 2017, IDC reports that 1.5 billion smartphones will be in use globally. This comfort with technology reveals in how more and more people are using these devices to pay for goods and services. By the end of 2017, Forrester Research predicts that U.S. mobile users will spend $90B via mobile payments.
So what does this trend mean for your business? Embracing mobile payment now can bring huge benefits to your business including:
1. Shorter Sale Cycle
Sale cycles can often take days or weeks with current invoicing systems. 54% of field service companies looking to go mobile are still using excel spreadsheets and other manual methods. This requires hours of data entry, and waiting for information to return from the field, slowing down your sale cycle.
With mobile payment your technician can take cash, check, or credit on site. Your customer gets payment done quickly and easily, and you enjoy faster payment.
2. Track customer trends
Working with paper receipts it can takes longer to track what you are (and aren't) selling. With paper receipts, you have to collect and enter them into your system. Depending on how often you collect this information, you can be hours, days, or weeks behind in understanding your inventory.
With mobile payment, you receive this information in real time. With a CSV format option, it's easy to quickly integrate services sold into your database. With less work and less time, you can understand what people are really asking for.
3. Competitive Advantage
ControlScan Inc. found in a 2014 survey that 21% of businesses use mobile payments at point of sale. With the vast majority of your competition still using invoices, paper forms, and cumbersome payment options, going mobile becomes a competitive advantage and differentiator.
Mobile payment makes it easier for your customers and provides an email receipt straight in their inbox, making it easier for customers to keep and maintain their records. You'll stand apart as technologically savvy and customer focused in your work.
4. Clearer, Easier Fees
No matter what size business you are, going mobile will mean clearer and easier to understand fees. With GoCanvas and Paypal, the fees are straightforward. You'll be charged 2.2-2.9% as well as $0.30 per charge. Less confusion over how much you really make on each transaction, will help you better predict how much profit you'll really make.
Going with mobile payments can often mean smaller transaction fees for your business. With Paypal, you don't need to have a monthly minimum. These savings can add up over the long run.
For instance, one moving company saved $125,000 in one year by going to mobile payment. With lower transactions costs this company was able to enjoy more revenue coming to their business, not being siphoned away by transaction costs.
5. Lower Administrative Costs
More than just processing fees, you also have heavy labor costs that come into play with manual invoice processing. In 2010, the cost of manual processing an invoice was $22.75. Worse, the cost rises when document gets lost. Locating a lost document can go up to $120 and replacing it rises to $220. You're losing money and time with your current system.
You have the option to save that time and money. Going mobile ensures your documentation is safe and easily accessible in the cloud. By automating your payment, you'll reduce your administrative costs and enjoy more accurate systems. Free your employees to do work that grows your business.
Mobile payments aren't going away, but becoming more and more a part of our daily lives as consumers and as businesses. It's great for consumers and businesses too. Real time information can help you understand your business in new ways and lower your costs.
If you're ready to rise above the pack, contact us to find out more about mobile payments. If you're in the HVAC industry, improve your customer satisfaction even more with paperless solutions such as our HVAC Commercial and Residential Invoice app.