Businesses are expanding beyond the four walls and merchants need reliable payment solutions to go with them.
In the past, business took place primarily in brick-and-mortar buildings, and merchants expected customers to visit their stores or restaurants. Now, the script has flipped, and consumers increasingly demand the convenience of businesses coming to them and checkout solutions that allow them to use their preferred payment methods anywhere.
A prime example of this trend is the growing popularity of food trucks that meet the demand for diverse food choices on the go. This particular trend doesn’t show any signs of slowing down. The size of the food truck market was approximately $1.16 billion in 2021 and is projected to reach $2.04 billion by 2030, a 6.4% CAGR.
The out-of-the-ordinary menus, budget-friendly pricing, and convenience of lunch or a snack made to order right outside the workplace, sports arena, or event venue are driving this market growth. Additionally, starting a restaurant business with a food truck lowers the barrier to entry for chefs who want to limit their initial investment and test the waters with their concept.
Although providing food truck payment systems represents an opportunity for payment company Sales Partners and ISOs to grow their portfolios, they’re only one example of on-the-go businesses that need reliable payments solutions. You may also find opportunities to provide merchant services to other types of mobile businesses, such as the following.
- Barbers, hair stylists, or manicurists.
- Pet groomers.
- Mobile gyms or personal trainers.
- Bike repair services.
- Car detailing services.
- Home organization specialists.
- Rideshare drivers and shuttle services.
- Massage therapists.
Whether it's a food truck, mobile pet groomer, or barber shop on wheels, every mobile business faces a common problem: Customers want to pay digitally. Pew researchers found that in 2022, approximately 41% of people typically did not use cash when making purchases, up from 29% in 2018 and 24% in 2015.
Mobile business owners need mobile payment solutions they can count on.
Payment solution features that meet needs on the go.
Payment solutions for mobile businesses need specific features for efficient operations and the best customer experiences. First, they must include multiple connectivity options so they’ll work anywhere. The ability to accept payments offline is also important for businesses that may serve areas with limited internet service.
Your clients may also benefit from smart terminals, which provide business owners with point of sale functionality as well as the ability to accept payments. Offer compact, portable hardware that fits easily inside a van or truck and saves valuable counter space. Your merchants may also want a terminal with a built-in receipt printer, or a barcode scanner that can streamline sales and inventory management. In addition, customer-facing touchscreens enable the customer to authenticate transactions and add a tip.
Payment solutions for businesses on the go also need to accept the payment methods consumers want to use. Think cashless and contactless. Many consumers routinely use EMV chip cards for credit and debit transactions. However, contactless cards and mobile wallets like Apple Pay and Google Pay are increasingly popular, so contactless payment capability is important.
Some of your clients may benefit from a virtual terminal solution, which allows businesses to accept orders over the phone and process transactions via a web browser. Online invoicing is another great feature, allowing merchants to reduce paper use, postage costs, and a lengthy wait for payments. A business that performs regular monthly services, like a mobile dog groomer, landscaper, or cleaner, may also appreciate the ability to set up recurring payments.
The opportunity for Sales Partners.
Entrepreneurs are finding innovative ways to start new businesses or capture new market opportunities. Their ideas may be novel but they all have one thing in common — they need to accept digital payments.
Talk with your existing clients about the new ways they’re doing business, and reach out to prospective merchants starting new ventures to help them implement the payment solutions they need. Most importantly, talk with North American Bancard to learn the best ways to provide them.
