Consumers have been building up an appetite for electronic wallets like the iWallet, but are they good for small businesses? Many struggling business owners are curious about this new form of payment but are unsure as to how it might benefit them. Many people have looked at the pros of a customer having an iWallet, but let’s take a look at how iWallet aids small business owners.
First, let’s look at what’s hurting small businesses in this field:
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Limited Payment Methods
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This is the real killer of small business. People may be willing to buy your service, but they want to pay their way. If you don’t have the desired method of payment that customer wants, they could very well end up walking out of the door. A lost customer is unlikely to return and a lost customer is lost revenue. If it happens often enough, a business can develop a bad reputation. Not only that, but some businesses have no choice but to start out as cash only, which is quickly fading as a payment method, further narrowing your consumer base.
High Processing Fees
The reason for starting out with a lot of payment options is this. A small business has to give a percentage of whatever they charge to credit card companies and banks when they accept debit and credit as a form of payment. Credit card companies have especially high charges and the smaller the charge, the higher the fee. For larger companies, this is simply the cost of doing business, but for small companies, this can seriously hurt their profit margin. Those fees have the capacity to drive someone out of business if they process a lot of little charges, like a cafe charging for coffee.
Lack of Promotion
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People in the past used to say that a successful enterprise was all about “Location, location, location!” This was once true for every business, but with many businesses solely being online, this is not quite as relevant as it used to be. What is real trouble for new business today is the world being unaware of its existence! Any form of promotion can help small companies succeed, but when that isn’t in the budget, it’s much more difficult to survive.
So, those are the issues that small businesses are facing. The question is: what does iWallet do to help them in these areas?
A Growing Method of Payment
The iWallet is a growing form of payment method that is easy to sign up for and easy for businesses to use. Because of it’s one-click approach to transactions, it’s becoming a much more attractive method of payment for customers and business owners. The iWallet expands a company’s payment methods, helping to ensure that their customers are happy customers. And, happy customers mean return business!
Low Processing Fees
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iWallet believes in supporting small business. As a result, there are no processing fees up for the first ten million dollars you make per year. Even after that mark, the charge is only 0.30%. Those cripplingly high processing fees are gone, giving your business a better chance to succeed.
Free Promotion
People have always said that the best things in life are for free. The truth is that most of the time, any promotion you get is a promotion you had to pay for. It’s an unfortunate part of doing business today, but also a necessary one. iWallet wants your patronage and are willing to help you out to get it. Right now, iWallet will give you free promotion on both Facebook and Instagram, just for using their services. The best things in life are for free, as they say, and this is one free opportunity that’s hard to pass up!
Convenience
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The reason why so many people are signing up to iWallet and why so many businesses are becoming members of this payment processing app, is for convenience and mobility! This is a payment processing service that features a simple one-click payment and allows you to use your phone to pay with everything, rather than carry around a physical wallet with you. It also keeps its customers safe by providing bank-level security. This is attractive for customers and for businesses wanting to expand their consumer base.
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In the end, small businesses are in the same struggle as everyone else out there: we all have to keep up with the ever-changing level of technology that continually affects our world. Cash and check are quickly becoming a thing of the past and everyone needs to keep up with new payment methods, which younger generations are quickly adapting for everyday use. iWallet keeps things simple, but gives the mobility and advanced payment method that we’re all going to be using in the future. Small businesses have the opportunity right now to take advantage of that method and improve their business now.
