Small merchant feedback: 5 considerations when choosing a payment platform
At Dream Payments, we want to help grow our customers business and we have spent time talking to hundreds of merchants of all sizes and industries. We listened carefully to their business needs and concerns, to better understand the things that are influencing their purchasing decisions.
5 of the top themes that emerged from smaller merchants:
- Mobility. Being able to take payments wherever they are is important to smaller merchants who often don’t have a bricks and mortar store and tend to travel to shows and events.
- Debit payments. Acceptance of credit card payment is growing across small businesses, but the ability to accept debit payments remains rare.
- Fear of traditional providers. Many medium and smaller merchants fear signing up for a traditional Point Of Sale (POS) unit because of the terms that goes with it. Monthly fees and long term contracts put off those who may work seasonally or have large peaks and troughs in their sales. Smaller merchants also have limited capital available to fund costly technology infrastructure.
- Fear of fraud. A single instance of fraud could destroy the business of a smaller retailer. Although the reported incidence of fraud was low across the merchants we have spoken to, the associated level of fear was high.
- Business continuity. Smaller merchants often have limited technological redundancy. Where smaller or mid size merchants had a POS device, it was only a single device and if it were to break they would lose a large amount of their sales until repaired or replaced.
The next generation of mobile point of sale platforms is addressing these challenges with secure chip and PIN, credit and debit payments and a growing platform ecosystem.
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