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Technology that Simplifies Transactions for Small Business

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On a typical day, I will waltz into my local coffee shop, and hand over an absurd amount of money for frothed milk and espresso. On this otherwise normal day, I was surprised to see that my hipster hangout no longer had a credit card machine. In its place, they had an iPad with a special attachment, called Square. Complete with its own app, Square is a handy little credit card device that plugs right into the headphone attachment of your iPad, iPod touch, or iPhone.

The small business benefit of having an attachment like Square makes it easier to make transactions, which cuts down on wait time and increases turnover. The best part about Square is that both the attachment and the app are free!

It is only 2.75% per swipe for Visa, American Express, MasterCard and Discover, and money is deposited the next day. It also has built in analytics to track sales, count tips and tax, and the option to send a receipt via text or email. You sign directly onto the mobile device to eliminate the use of paper, and make the transaction move along smoothly.

Advancements in technology make it possible to get your money instantly. No more 3-5 business days to get your check cleared. Banks like Chase, PNC, and State Farm have a mobile app that allows you to snap a photo of your check so it gets deposited automatically, without a visit to the bank branch. Other banks have apps for mobile banking, but they haven’t offered mobile deposits yet. Bank of America is expecting to release that feature in the second quarter of 2012. Wells Fargo has mobile check deposits for commercial and corporate customers, through CEO Mobile. While not all banks offer mobile check deposit, they still have great features for on-the-go banking, like transfers, balance inquiries, and bill payments.

Along with mobile apps that let you control your finances, PayPal is easy to use especially for small businesses. PayPal makes online transactions simple. Customers can use a credit card or checking account to make a payment. PayPal can be linked to your checking account for a later transfer to the bank. The app allows you to take a photo from your phone for a quick deposit.

As a small business owner, have you adopted new technology for transactions? How has it improved your business?

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