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credit card lockNot many people carry cash anymore, so as a small business owner, you understand the importance of being able to accept credit cards. But while a mobile credit card processor that you can plug into your smartphone or tablet sounds like a good idea, it’s important to weigh the pros and cons to see if it’s the right payment solution for you.

The Cons
  • With every swipe of a credit card, the business owner must pay a small percentage to a third-party payment processor. This can add up over time.

  • Attaching a card processor to a mobile device can expose your business to cyber liability risks because these devices are often less secure than desktop computers.

  • If your mobile device is stolen, not only will you have to buy a new card processor, but your clients’ data is also at risk of being compromised.

  • Simply connecting to an unsecure WiFi network can create cyber liability risks while completing a transaction.
The Pros
  • Using a mobile card processor allows you to do business anywhere, such as at a trade show or out-of-state conference.

  • Providing the option to pay with a credit card opens up your business to more customers who may not carry cash or checks on their person.

  • These devices offer the option to email a receipt to the client, helping your business go paper-free.

  • Offering a simple, fast way to pay for services is valuable for clients who may be in a rush.
If you decide that the good outweighs the bad and you buy a mobile credit card processor, protect your business with cyber liability insurance. While this policy cannot prevent a data breach from occurring, it can assist with the associated expenses if one does occur. This financial aid can help fund customer notification, credit-monitoring services, digital security upgrades, legal expenses and more.

Get the coverage you need. Call Insurance Providers at (417) 862-7700 for more information on Springfield business insurance.
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