Mobile banking systems are becoming ever more prevalent throughout the world today. Most analysts expect it to become the primary method of payment within the next ten years. Setting up this system within your business can turn into a major expense, though. Let’s take a look at ten of the pros and cons of using a mobile banking system within your business.
1. Easy to Pay on Credit
Mobile banking enables you to set up a form of standing order, so your customers can pay you without thinking in installments. This can be done online within a matter of minutes, so you can forget about any complex paperwork.
2. Mobile-Friendly Platforms
Most people can use mobile banking on their phones due to mobile-friendly websites. These sites automatically adapt to whatever device you happen to be using. For businesses, there are no restrictions on compatible devices.
3. Strong Customer Service
Businesses can get access to 24-hour customer service lines from practically all mobile banking services. These service options are accessible in a number of ways, including over the phone, live Internet chat, and email.
4. Simple to Use
Your customers don’t need any form of expertise to set up mobile banking or use it. When they’re paying within your business, they need nothing but a few keystrokes to make a payment.
5. No Change
Mobile banking is about financial transactions being made from bank account to bank account. If the money is there, the transaction will succeed. This means you don’t have to worry about whether you have the right change available. At the same time, your customers don’t have to worry about having an exact amount of money. It’s more convenient for both sides.
With anything based in cyberspace, security is always a worry. Hackers from all over the world are forever trying to bypass security systems put in place by businesses and banks. Mobile banking facilities do need to keep up-to-date with the latest security features.
7. Worrying the Public
Together with security worries, the general public is often wary of making online transactions. Only recently have more and more people become accustomed to shopping online. The time it took for it to enter the mainstream shows how tentative the public are when it comes to joining technological revolutions like online banking.
8. It Doesn’t Cover Everything
Mobile banking can handle certain transactions, but there are also transactions it can’t handle. For example, most businesses with online banking will have limits on transactions that can be made through mobile banking. Anything over this limit will still require customers to sign various forms and present certain types of identification.
9. Cost to Install
Despite costs for mobile banking facilities coming down for businesses, it’s still quite expensive to install. Businesses really have to plan for the future when working out whether this is the right option for them. It can really hurt short-term profits if you’re going to make this investment.
10. Double Training
Your employees will need to be trained in how to operate the business’ mobile banking system. They will also need to know how to operate cash-based transactions should the system ever falter or go down for maintenance. That means more training you’re going to have to fund as a business owner.
Even with the drawbacks, mobile banking is the future and it is a worthwhile investment. There’s no reason why you shouldn’t install it in your business today. You’ll get a leg up on your competitors and give customers more of a choice when it comes to the way they pay.