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Three essential tips to step up your payment system

 

The way your customers pay for things is changing. Australia is one of the world’s leading markets for tap-and-go payments, and over 82% of the consumers here now pay for goods and services without cash. And the introduction of mobile wallets (such as Apple Pay and Android Pay) is only going to increase that figure.

For this reason, it’s more important than ever that you’re prepared to accept all forms of payment that may come across your counter. Here’s what you need to know:

  1. Accept Mobile Wallets

You’ve probably been hearing more and more about all these new forms of payment. Mobile wallets use near field communication (NFC) which enables two devices to speak with each other when they’re held close together. NFC transactions are very secure, and very fast. They’re also more convenient for your customers, who will no longer need to carry physical wallets to make payments.

You can accept mobile wallets by purchasing devices like the Square contactless and chip reader - which is a small and affordable NFC payment reader that lets you accept tap-and-go card payments as well as mobile wallets.

Here are a few examples of mobile wallets currently available in Australia:

Apple Pay

Apple Pay is available on the newer models of iPhone, as well as the Apple Watch and selected iPads. When a customer pays with Apple Pay, they’re using a credit or debit card that is saved securely to their mobile wallet. By hovering their Apple device across the payment reader, with their finger on the Touch ID button, they can trigger the payment instantly. The transaction takes only a few seconds to complete.

Android Pay

Google’s new mobile wallet, Android Pay, is available on all NFC-enabled devices running Android version 4.4 or later. To make a payment with Android Pay, your customer simply opens the app on their phone (which requires users to have a secure lock screen) and completes the transaction by holding their device over the payment reader.

Samsung Pay

To make a payment with Samsung Pay, customers open the app and hold their devices over the point-of-sale or payment terminal. This technology is available now on the Samsung Galaxy S6, Galaxy S6 Edge, and Galaxy Note 5.

  1. Send Invoices Online

Sometimes clients don’t want to pay upfront with a card, or the transaction is larger so it requires an invoice. On the flip side, actually getting clients to pay those invoices can be frustrating when you’re relying on paperwork and manual accounting systems. Digital invoices are streamlining this process for business owners around the world, and helping them get paid faster.

By freeing up the time you’d usually spend chasing payments and sending invoices, you can focus on growing your business or taking a well-earned holiday.

  1. Sell On The Go

While devices such as the new Square contactless and chip reader make for a great option for countertop businesses, there are many situations that call for a portable micro card reader instead. For such occasions, you can use technology like the Square Chip Card Reader, which plugs right into the headphone jack of your Apple or Android smartphone, or tablet device — meaning it fits in your pocket, your car’s glove box, or wherever you’re doing business.

When it comes to accepting payments, you’ll want to make your business as flexible as possible.

This article was originally published on Town Square, Square's official small business blog

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1 comments

user
  • user
    Some 20 years ago when I worked at the CBA, lending officers had to do a training courses in the Seven Cash Drivers of a Business. Days Receivables was the fourth Cash Driver of a Business. Sales is the first Cash Driver of a Business. Further to the comments by Square - use accounting software with a Pay Now button on Invoices Invoice quickly after completion of a job Post client payments in your accounting system daily and look at your receivables report weekly Setup automatic payment reminders from your accounting system Make it easy for your client to pay ie attach the quote and acceptance to the Invoice. Technology is changing fast and the accounting software providers are providing improvements regularly. Duncan Smith Business Advice + Tax
    • Duncan Smith
    • 30 Oct 2016
    • 07:46 PM
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