It’s easy to get confused concerning what is really important in a business. In fact, when a person first ventures out on the entrepreneurial journey, it’s extremely easy to spend copious amounts of time on things that, at the end of the day, actually have little to no bearing on the long-term success of the company. For example, many new business owners want to find that perfect office space, spend time and money decorating the office, set up a professional phone line, buy the best hardware and computer, etc. It’s easy to get sidetracked from the real purpose of business.

At the end of the day, however, only one thing matters in relation to the long-term viability of a company—sales. Business solvency is a rather straightforward formula. If a business makes more money, on average, per month than it spends, then it will be successful and will survive for an indefinite period of time. On the other hand, however, if a business is routinely spending more than it makes each month, insolvency is knocking on the door and the number of days of survival is limited.

New entrepreneurs often struggle to reduce their entire vision and understanding of this simple reality—the only thing that matters in business is creating a valuable and unique product/service and selling it. Sales are the lifeblood of a company, and any measures one can take to increase sales is typically a strategically intelligent move.

One of the most important steps a small business owner can take to increase sales is to ensure that willing customers are never turned away due to an inability for the company to process payment. This is where payment processing services are indispensable. The last thing an entrepreneur wants to experience is a buying customer who gets frustrated in the payment process and walks away from the purchase.

Mobile Payments

Prior to the explosion of the iPhone, the idea of mobile credit processing was relegated mostly to geek circles. But the absolute explosion of smart phone sales over the last 5 years has virtually transformed many industries with the payment processing industry being one. Today, payment processing companies now offer small business the ability to process mobile credit card payments. The benefits of this are significant for the small business owner.

Hardware and Compatibility

The hardware setup for accepting mobile credit card payments is incredibly simple. In fact, with most payment gateway processors, the only hardware necessary is the smart phone itself, as the actual credit card processing is done through a mobile app. There are also companies like Square Inc., that actually provide small businesses with credit card swipe terminals that plug into a smart phone for even better customer experiences.

Transaction Features

The days of losing paper credit card receipts are over. Mobile processing allows for the capture of signatures directly on your phone, and it is also very easy to calculate sales tax, accept tips, manage customer info, and email or test receipts to customers directly from the mobile app. This is a significant help in reducing wasted time and bookkeeping.

The mobile payment processing revolution is just beginning. As technology advances and payment processing companies continue to evolve to meet customer demand, both the small business owner experience and the end-customer experience should only get better and better over time.