USHCC Webinar: “The Future of Mobile Payments – What Small Businesses Need to Know”
Community Merchants USA hosted a panel last month to kickoff Hispanic Heritage Month at the U.S. Hispanic Chamber of Commerce (USHCC). The panel included subject matter experts from Elavon and Visa on the quickly evolving world of mobile payments processing and how card acceptance through these new technologies can help start, run and expand minority-owned small businesses. Their insights for navigating the world of electronic payments are now available online as a free webinar. Below we’ve shared some panelists’ answers to some audience questions:
Do electronic payments really add value to small businesses?
In short, yes. According to the Journal of Experimental Psychology, studies have shown the shoppers spend 12-18% more when using credit or debit cards; order sizes can increase by 40%.
Why use mobile payments technology?
Small business owners are increasingly using Square, Intuit and other technology solutions. 20% of US holiday sales were made through mobile devices. Customers often prefer the flexibility and simplicity of paying by credit cards, and mobile payment processors make it easy for small businesses to offer this service. There is also an opportunity for retailers to offer rewards and savings to loyal customers through these new technologies.
Are there any resources the minority small business owners can take advantage of?
The Small Business Administration offers useful information at http://www.sba.gov/content/minority-owned-businesses. Community Merchants USA also provides free resources like a payment card processor comparison tool under the “Savings and Tools” page.
For more helpful tips on how to make electronic payments work for your small business, check out the full webinar!