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What’s Trending: Mobile Payments

The payment processing industry has seen rapid change in recent years. During this evolution, one of the most noteworthy trends that has emerged is mobile payment. We believe mobile payments will replace traditional wallets altogether one day soon. Studies indicate that by 2025, 75% of payments will be cashless. What this tells us is that mobile payments aren’t just a trend anymore. They are the convenient and near future of payment processing.

What are mobile payments exactly?

Mobile payment, also called mobile money or mobile wallet, is exactly what it sounds like. It involves using your mobile phone to pay for a bill instead of using a credit or debit card. Whenever you use your phone to pay for something, that’s mobile payment in action.

What platforms offer mobile payments?

Platforms that offer mobile payments are called digital wallets. Device-based digital wallets use near field communication (NFC) technology to allow consumers to make purchases with a wave of their phone near a contactless reader.

The most prevalent digital wallets include Apple Pay, Google Pay, Samsung Pay and, an oldie but goodie, PayPal. As their names suggest, these digital wallets were developed by Apple, Google, and Samsung respectively, for use on their branded devices. PayPal has been around for a while as an internet-based digital wallet, but in 2016, the company developed an app that allows users to tap their phone to complete a transaction.

Why are mobile payments the future?

Ride the bus, sit in a café, grab a drink. What do all these scenarios have in common? People on their phones. As a society, we are glued to our mobile devices. The average adult interacts with their smartphone 65 times a day!

This is why mobile payments are the future. We never go anywhere without our phones. They are a part of us, and a much more convenient option for payment than carrying around a physical wallet. No more digging through your purse to extract your wallet or totting around a bulky wallet in your back pocket. No more scrabbling to find the right card or panicking when you lose a card.

Not only are mobile payments easier, they are also more secure. Your smartphone has a lot more barriers to entry than a simple wallet. In addition, if you do lose your phone, you can wipe your data remotely using cloud technology.

For small businesses, adapting a mobile payment system is a smart move. Not only is it easier for your customers, but it is also easier for your business. By getting on top of the trend and adapting mobile payment proactively, you will ensure that your business is prepared for the future and your customers’ stay happy.

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Seven Tips for Small Business Owners

At Inclera, we’re committed to helping small businesses, entrepreneurs and startups achieve growth. Small businesses are the lifeblood of our communities, and we want to see them thrive. To that end, we created our affordable, all-in-one payment processing system, but our commitment doesn’t stop there. We support small businesses by sharing insights and tips for building successful and sustainable companies.

Here are seven of our top tips for small business owners:

Tip #1 – Choose your team carefully

As a small business owner, your team is everything. Even one bad hire can have a big impact on the success of your business. Conversely, the right person can be the key to growth. In short, a business’ success starts with its people.

Tip #2 – Share the workload

Running your own business is a huge responsibility, but you don’t have to carry the weight of that responsibility alone. Once you have the right people, lighten your load by delegating responsibilities. This will allow you to focus on the things that matter most.

Tip #3 – Invest in your team

It’s one thing to hire the right people but keeping them is another matter. Make sure your team feels valued and invest in their growth. That way, you can all grow together as a business and a team.

Tip #4 – Foster positivity in the workplace

Part of retaining your people is creating a place where they look forward to going to work. An open-door policy and the occasional team lunch can go a long way. Create a positive atmosphere, and not only will your team enjoy coming in to work, you will too!

Tip #5 – Celebrate wins

Celebrating wins, however big or small, will contribute to a positive environment. Not only that, it will make the team feel like their work is important and has purpose. There are lots of milestones when starting a business, so take the time to celebrate them together!

Tip #6 – Stick to your values

As a small business, it’s critical that you understand and stick to your company values. These are the early days, and they will determine what your business looks like five, ten years from now. Always make decisions that align with your values in order to build a bright future.

Tip #7 – Simplify your processes

The day to day of running a business is a complex machine. But these days, we have machines that can help! Research and adopt new technologies to simplify your processes. This will free up time and resources that you can re-invest into growing your business.

Running a small business is challenging, but it’s also one of the most rewarding experiences you can undertake. As the leader of a company, you have a lot of responsibility, but remember, you are not alone. Your team is there to support you, and so are we!

Follow us on social @inclera for more small business tips and industry news.