Many more people have turned to operating some kind of side hustle since the global pandemic hit to generate some more income and even stay busy if their job became redundant or put on hold for a time.
Regardless of your position, you may be already running or plan to start up some regular garage sales to move old or unnecessary items from your home or operate a stall at some local markets.
Think carefully about payment options to generate as many sales as possible and make life easier for yourself and your customers. You want to give people the chance to choose the payment type that best suits their needs, whether you’re selling things for $2, $20, or $200. One top way to do that is via mobile payments (mPOS). Consumers are increasingly expecting to be able to pay via mobile devices these days, so you don’t want to miss out on sales by not making such transactions available to them.
mPOS devices are becoming ever more popular with users that can see their benefits. According to recent reports, the market in North America for mobile terminals is set to reach over $20 billion by 2027. Plus, Visa International has seen substantial year-on-year growth in its “tap-to-pay” options of 30 percent.
If you haven’t started incorporating mobile payments into your plans yet, don’t delay any further. Here is the lowdown you need to know on using mobile payments.
Think About the Features You Want to Be Able to Utilize
Firstly, don’t sign up to start using any particular mPOS until you’ve determined which features you require, both now and what you will likely need in the future. Different operators provide different services, so knowing what you’re after makes it easier to see which options suit you and which to rule out.
For instance, if you only want to be able to occasionally run transactions through a device and can’t see yourself having a heap of sales per day, a basic online provider or a simple merchant account will be enough. The same goes if you only want to be able to process debit or credit card payments on your smartphone.
However, you may need more if you intend to sell your wares regularly, such as every weekend, and want to allow for busy days with lots of transactions and more demanding customers. You may want a program that takes Apple Pay or PayPal payments, for example, or that enables you to set up a loyalty program within the system or integrate or include some type of inventory management functionality.
If you’re running a niche type of operation, you may find that a tech tool specializing in your industry, such as pop-up food sales, could also be helpful. It also pays to think about whether or not different services will be scalable and thereby helpful if you find your side hustle grows quickly, and if they’re flexible with their plans, too.
Determine Security Levels and Risks
In this day and age, security needs to be another top priority. You need to ensure that your details and that of your customers (including their personal and financial information) are kept safe from hackers and other prying eyes. As you research mPOS providers, look for companies that take security very seriously and have data encryption in place for exchanges, plus encryption algorithms and CVV2 verification on transactions.
They should also utilize high-level SSL certificates, provide billing address security, and update software regularly to plug potential gaps in the security of their products that cybercriminals might take advantage of to break into systems. You can also take steps on your end to increase security, though, so don’t just rely on mobile payment providers. Invest in comprehensive mobile security for your devices and set up automated locking so your phone or tablet locks when it’s not in use.
Analyze and Compare Fees for Different Products
When you’re selling some items on the side, you don’t want to have to pay too much for the ability to offer mobile payments, so fees are another key factor to investigate. Look for offerings that don’t charge too much for minimal transactions, so that if you don’t make too many sales, you’re not outlying a ridiculous amount for access.
On the other hand, keep in mind that you generally get what you pay for. Some companies have fees that aren’t obvious at first (such as those for cancellation, set up, or even customer support), so don’t assume that the advertised fee structure is necessarily all you’ll pay.
Do your research and read all the fine print. Keep in mind, though, that many mPOS firms do have some fantastic deals available for new customers, meaning you might be able to take advantage of an offer where you pay no transaction fees for the first lot of sales you make or for a specific time.
There is plenty to think about when choosing a mobile payment option but doing so definitely has the potential to help you make more sales.