When it comes to owning your own franchise, a small business or even a way-out entrepreneurial dream, you’ll no doubt have a good or service to sell at a specific price. But should you be educated in the many ways in which you can pay for something these days? Who among us has not been in line at Starbucks and watched someone purchase a mocha latte by having the sales register scan their phone? What happened to good old-fashioned cold hard cash? Well, unless you’ve been sleeping under a rock lately, much has changed—and at a furious pace. During this edition of FranNet’s blog, we’re going to look at the many ways in which merchants can accept payments.
It used to be just the Big Three. Cash, check or credit card. Then came the debit cards. Then digital and mobile devices took over, opening a whole new world of options. And then they got branded quickly by the tech giants. Here’s a cursory review of some of the most popular forms of alternate payment options:
With the magic behind square, your mobile phone can become a mobile cash register. Square is an external device which plugs into your smartphone, turning your handheld device into a magstripe reader. This functions the same way as “swiping” your debit or credit card. If an entrepreneur was to do any onsite or mobile retailing, Square can become a viable solution for any remote customer.
Mobile Payments: Apple Pay, Samsung Pay, Google Wallet
According to the tech blog Pocket Lint, Apple Pay is a contact payment technology as well as a feature on the latest iPhones and Apple Watch. It pulls your credit cards, debit cards, and other sensitive payment data from the Wallet app, enabling you to use an iPhone 6, 6S, SE or Apple Watch as a wallet at store checkouts. Apple Pay was the first of its kind. And with Apple owning a little more than half of the smartphone market share, Apple Pay has become a prevalent player in the alternate payment industry, even as their main competitors are also vying for market share under the Samsung Pay and Google Wallet brands.
While we don’t advocate the use of this option, it would be remiss if Bitcoin wasn’t included in the discussion. Most have no idea what it even is, how its value is determined or how to use it. For those looking for an introductory definition, the website Merchant Maverick describes it as such: Bitcoins don’t have any physical form. No coins, no paper money. Bitcoin exists solely on the web. Unlike other currencies, which are centralized and controlled by governments, it is entirely self-regulated. A network of computers handles the processing and records the transactions in a public register.
As you can see, accepting a form of payment has changed quite a bit in just the last few years. It’s definitely something to consider if you plan on opening a franchise of your own someday. The last thing you want is to prepare to ring up your first sale and have your customer ask, “Do you accept Apple Pay?”
For entrepreneurs, little details go a long way and it is part of what you’ll learn about if you schedule an appointment with one of our qualified FranNet representatives.
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