Mobile Payment Options for Your Food Truck
Paying with your smartphone is all the rage and you can use this to your advantage for your food truck business. Near Field Communication (NFC) payments are very popular in mobile payment option that you as a vendor should consider. NFC allows consumers to swipe their mobile device in order to make a payment. Apple Pay and Android Pay make use of this technology, and it seems to be secure so far.
If your customers demand this convenience, you have several options when choosing a payment system, but you need to consider these factors:
- Cost: The cost of using a mobile credit card reader varies, but vendors are typically charged a fee per swipe that ranges from 1.5% to 3%. Some of these mobile payment options also charge a yearly or monthly fee. It’s a good idea to find out if the mobile reader and the app you’re interested in are free, and if you need to sign a contract. In terms of online payment services, there are typically no set-up fees or monthly fees associated with using a basic PayPal account.
- Flexibility: Not all of your mobile payment options are compatible with all types of phones. Some apps only work with Android or Apple phones, while others have the ability to accept flip phones and other mobile devices. You should also find out if the mobile reader is versatile enough to accept all major credit cards.
- Ease of use: The size of the device can be a factor when deciding on which of your mobile payment options to choose. Is it too big or too little? How does it connect with your existing system. You’ll also want to determine if the money is deposited directly into your food truck bank account following the transaction.
Before you decide which mobile payment options to offer your customers, do your homework. Consider your age of your customers and their comfort using new technology. Conducting a thorough examination of the payment terms, program features, and benefits of each mobile payment system will ensure you get the best match for your food truck’s payment-acceptance needs.