FeatureFriday: Mobile Pay

READ TIME: 4 MINUTES

For any business, customer service and increasing sales should be their highest priorities. In today’s modern world accepting debit and/or credit cards can aide in both their successes.  The American Consumer Credit Counseling says that 80% of consumers use their debit card for everyday purchases such as gas, meals, and groceries and only 14% use cash. 18-24 year olds overwhelming use their debit card for most purchases. According to Visa, nearly 1 of every 3 purchases are made using a credit card. Accepting credit cards gives your business a better image with greater credibility. In the eyes of the customer, it means your business is established and trustworthy.

Enabling Mobile Pay powered by Square gives Barbers the ability to accept digital payments directly using the app. The payment process is automated: automatic approvals and automatic deposits into your bank account. That means fewer trips to the bank. For your clients it’s much less painful to pay by handing over plastic vs using cash. When using their card, customers are willing to spend more and more likely to tip based on how they feel in the moment. When consumers aren’t tied to what’s physically in their wallet, they spend more. In this post, we’ll talk about how to set up Mobile Pay and maximize your revenue.

Mobile Pay

SETUP

Setting up Mobile Pay is a simple and quick process. All you’ll need to do is enter the routing and account number of the bank account you’d like to use. You’ll also need to provide the address associated to the bank account being used. Make sure the account is able to receive deposits. The verification process takes a couple days and if you fail, you have unlimited attempts to reapply. We give the option of using either a checking or savings to receive your payments however there are some savings accounts that cannot be directly deposited into. If you’re having trouble setting up your account, please contact your bank to make sure you have all the correct information. For more information on setting up Mobile Square, check out our guide to enabling Mobile Pay.

If you don’t have an active bank account or are more active with Cashapp, you can still use Mobile Pay. You have the ability to request a cash card from Cashapp, then use the routing numbers associated with the card to set up your Mobile Pay account.

CHARGING CLIENTS

Once your Mobile Pay account is successfully verified you’re free to accept payments from your clients. You’ll be able to determine whether clients pay you only using Mobile Pay or if you’d like to receive both Mobile Pay and in-shop payments i.e. cash or card reader. When accepting mobile payments we STRONGLY RECOMMEND checking out your clients while they’re in the chair. Clients will not be charged unless you manually process the transaction. More on the checkout process here. That way you can preempt any issues and stay on top of your payments. We currently don’t offer the ability enforce deposits or pre-authorize transactions however, you can enable a cancellation and/or no-show policy. You can require that clients booking appointments with you must have a card on file to protect yourself from clients who decide to cancel last minute or complete skip the booked appointment slot. Time is money and enabling those policies you can recoup a portion of all the funds that you would have earned otherwise. Learn about cancellations & no-show policies in this announcement.

PAYOUTS

DEPOSITS

Transactions booked will transition between two states, pending and processed. Pending transactions, are those that are booked and have yet to be checkout out. Processed, are those that have been checked out by the barber and waiting to be deposited into your account. Upon successful completion of a transaction, funds will be transferred to your account within 2 days. Appointments completed before 5 p.m. PST will be deposited the next business day and those completed after the cut off will be sent the 2nd business day. Find more on the deposit cycle here. Deposits will appear in your bank statements as “Square**”.  If you’re currently using a Square reader the deposit titles will be slightly different.

REFUND

When working with Mobile Pay transactions accidents may happen and you’ll need to refund clients. You can reach out to us anytime at support@thecut.co to process those refunds for you. Soon you’ll have the ability to refund clients directly.

CONCLUSION

Mobile Pay is a great way to drive revenue and provide more convenience to your clients. Getting started is easy, all you need is to provide your bank information including account and routing numbers as well as associated address. Your account will be verified within a couple days and you can begin receiving payments from customers. No bank account? No problem. You can set up Mobile Pay using the Cashapp cash card as well. You MUST manually complete transactions booked by clients to receive your payments. We recommend completing those appointments while the client is still in the shop, just in case any issues arise. You can also set up a cancellation or no-show policy to charge clients who miss appointments and cost you time & money. Depending on when you complete your appointments, deposits will be next business day or the following business day. Transactions over the weekend will arrive either Monday or Tuesday. Sometimes mistakes happen and a refund is necessary to the client. Today, we’ll be able to process those refunds for you. In the future, you’ll be able to manually process refunds yourself.