8 Industries That Really Benefits from Mobile Merchant Services and Why

Mobile merchant services enable businesses to easily accept payments from a mobile device at any time, from anywhere. These services are essential for increasing reach for small businesses and growing customer satisfaction for larger businesses. There are many industries that can greatly benefit from having mobile merchant services, some of which may surprise you. Here are eight industries that need mobile merchant services to increase their customer success. 

What Are Mobile Merchant Services?

Merchant services provide payment processing services that allow businesses to process payments. Generally, these services are provided in the form of hardware and software that securely collects payment information and transfers funds between customer and business. Basically, when a business collects credit card information online or through a POS system, they are using a merchant service provider to process the data.

So where does mobile come in? Mobile merchant services are provided to businesses who want the ability to perform these functions directly from a mobile device. The provider electronically handles mobile card processing for a variety of industries. 

Contractors

Contractors are one of the most obvious industries that can benefit from using mobile merchant services. Most contractors do not work from any specific location or with any specific product price. This makes it tricky to get paid on time and fairly. 

In the past, contractors have had to rely on invoicing customers for their services. This can ultimately lead to contractors not getting paid for their services when a customer decides not to comply with the invoice after receiving the service. With mobile card processing, they can take payments as soon as a job is complete or as soon as they enter into a contract with a new client. 

Contractors come in many different forms. For example, a work-from-home mother that provides consulting services and a construction company that repairs drywall are both contractors. Both contractors provide services on a case-by-case basis with prices calculated based on predetermined metrics. In either case, being able to charge upon delivery of those services keeps the customers from feeling blindsided by service costs and protects the contractors from missed payments. 

Other contractors that could benefit from mobile merchant services include salon, bookkeeper, HVAC, landscaping, pest control, handyman, construction, delivery drivers, couriers, and much, much more. The ability to collect payments from a mobile device has revolutionized the contractor industry to allow for more reliable service for customers, and more opportunities for both independent contractors and contracting companies. 

Foodservice

Foodservice is another industry that can greatly benefit from mobile merchant services in a variety of ways. There are several different types of foodservice companies that can use mobile merchant services differently. This might include bars, restaurants, food delivery, or even grocery stores. 

Bars often are run by a single individual with a budget in mind. They also usually experience periods of almost unmanageable business volume. Mobile merchant services provide a solution to both of these situations. Being able to integrate a POS system into a mobile form either through tablets or phones can decrease the costs associated with a sophisticated POS system without compromising on functionality. In addition, having the ability to take payments with a mobile device streamlines the payment process for customers paying with a card during high volume times preventing missed payments or customer mix-ups. 

Restaurants can run into similar situations like bars. However, they can benefit in other ways as well. Nowadays, with so many different restaurant setups, it can be confusing for the customer when it comes time to take care of the bill. Do you take it up to the counter or will your server come to get it from you? By using mobile merchant solutions, you can take payments directly at the table without having to make customers wait. Companies like Applebees already use processes like this with tabletop POS devices that the customer can use to process their own payments. Alternatively, servers could carry a mobile device that they use to process payments right at the table. 

Food delivery companies such as pizza or Chinese restaurants can use mobile merchant services to take payments from customers right at their door. This can improve business in the modern world as customers are becoming increasingly skeptical about providing their payment information to new companies over the internet. Giving them the option to swipe a card can make some customers feel more secure.

Grocery stores can actually benefit from mobile merchant services in a surprising way. Having the ability to process payments on a mobile device can allow grocery stores to streamline the check-out process for customers who only have a few items and don’t want to wait through a line of people with full carts. Employees can carry mobile devices on their person giving them the ability to check out any customer, anywhere in the store. 

Retail

The retail industry is probably the first industry most people think of when referring to offering various ways to process payments. From having eCommerce merchant accounts to using mobile merchant services, the retail industry is a leader in payment processing. Types of retailers that can benefit from mobile solutions include small businesses, pop-up retailers, or large chains.

Small business retailers can benefit from mobile solutions in the same ways as bars. Because the cost of a highly sophisticated system with complicated installation is so high, it is often not worth it for small businesses to make the investment. This is especially true for mom-and-pop stores that have been handed down by generation. Mobile solutions provide an affordable, easily integrable option that can improve customer satisfaction. This can also benefit their revenue as it allows them to accept a wider range of payments. 

Pop-up retailers can benefit from mobile merchant solutions by being able to take payments any time and anywhere. Pop-up retailers often travel to various events or make periodic appearances in local malls. In the past, these retailers have been limited to accepting cash or check. In some cases, retailers were able to use expensive card readers, however, they would have to be able to connect to the internet. With mobile solutions, any pop-up retailer can take payments right from their stall without needing to connect to the internet or pay an arm and a leg for equipment and processing fees. 

Of course, large chains can also benefit from mobile services in all the same ways. Similar to how a grocery store can benefit, large chain retailers can provide employees with mobile devices or even implement self-serve kiosks throughout their stores.

Hospitality

Perhaps a more surprising industry that can benefit from mobile merchant services is the hospitality industry. The benefit here comes down to convenience and customer loyalty. Customers want to pay the way they choose, especially when they are paying for a place to stay or high-quality service. From being able to streamline initial payments to be able to process room service charges instantly, hospitality can improve customer loyalty and satisfaction through mobile merchant services.

Automotive

The automotive industry can benefit from mobile merchant services much like contractors can. In the same way that contractor’s pricing is based on service rendered and other metrics, automotive service prices can vary. It is also one of those services that customers hate to deal with. That means that the less wait time for the customer the better. By the time they are paying for their services they just want to get their car and get out. Mobile service can make that possible.

Some independent garages still use paper and pencil to calculate a customer’s bill and provide a receipt. While there is nothing wrong with pencil and paper, modern customers want something faster and more reliable. They also want to be able to pay with whatever payment method they choose. Mobile merchant services are easy to use and offer customers the speed, reliability, and payment options they are looking for. This makes your payment processing match your service and keeps customers coming back. 

B2B

Stepping away from the focus on the customer, mobile merchant services can be used in business-to-business (B2B) industries as well. In big business, individuals often run on tight schedules with set deadlines. Having to spend time entering their payment information online or going to another office to process one-time payments can be detrimental to their workflow. Mobile merchant services allow companies to process payments right in their office from a mobile device without the extra hassle and benefit the buyer and the seller. 

For example, if a law firm needs computer tech support, they hire a company that can handle their software. That company then fixes their computers and issues the law firm a bill. Instead of having to deal with back and forth dealing between billing and receiving offices, the law firm can use a business account or credit card to pay for the service at the time it was delivered through mobile merchant services. This benefits the law firm by being able to bypass the invoicing process and benefits the tech company by being able to receive payment the day the service was rendered.

Non Profit

There are many different types of non-profit businesses out there. One of the key parts of a non-profit business is donations. Imagine you are a non-profit owner and you are representing your company at a community event with no merchandise for sale. If you are promoting your service and a customer offers a sizable donation, you want to be ready to accept the payment. Mobile merchant services can allow nonprofits to accept donations at any time from anywhere. 

They also can benefit from having mobile POS systems in stores and on the go for selling products or providing services at a fraction of the cost of a more complicated, integrated POS. Mobile merchant solutions allow nonprofits to have all the same integrations and functions as an installed POS system with some additional benefits. Mobile solutions offer offline payment processing capability and real-time reporting.

Healthcare

Finally, healthcare industries can benefit from using mobile merchant solutions in various situations. The healthcare industry includes anything from nursing homes to research facilities and everything in between. There are many facets of the industry that can benefit from being able to take payments from a mobile device or on the go. Some healthcare providers that could benefit include nursing homes, pharmacies, mobile clinics, hospitals, and research facilities. 

Nursing homes are generally smaller facilities similar to small businesses that are budget conscious. Families want to be able to provide the best care for their loved ones with the ability to make payments however they are comfortable. Mobile solutions provide the flexibility clients want and the security nursing homes need.

Pharmacies can use mobile solutions to provide self-service kiosks for repeat customers to process payments and streamline the refill process. This reduces the number of overall time customers wait in the store which protects patient privacy and increases customer satisfaction

Mobile clinics can greatly benefit from having mobile solutions. This is especially apparent post-covid, with covid testing mobile clinics that visit schools, businesses, or events. While many of these services are free for the customer, clinics still have to collect patient information and insurance. Mobile solutions provide a one-stop platform for reporting and customer transaction tracking. 

Hospitals can benefit from providing mobile solutions for patients in a variety of situations. This might be through self-serve kiosks at check-in to reduce the strain on reception. Or, they can collect payments such as copays right from the patient’s room instead of having them wait in the lobby to receive service.

Research facilities might not interact directly with patients, however, they can benefit from mobile solutions in the same ways as B2B companies. Research facilities still run transactions between companies that are streamlined through mobile merchant services.

Bams is a leader in payment processing solutions that provides mobile merchant solutions, eCommerce merchant accounts, payment gateways, and much more. Check out our website to see if your company can benefit from our wide range of solutions.