Today, service professionals need the ability to process payments as a part of their everyday operations. Today, more than 50% of consumers use mobile payment methods to complete purchases rather than using cash, checks, and other payment methods.
Mobile payment has grown into an industry, valued at more than $220 billion annually. That means that being able to accept credit cards on your phone or ipad/tablet is not just a useful business tool – it’s a necessity. You need a mobile payment processing service that is fast, secure, reliable as well as convenient for both you and your clients.
Working With a Leader in Service Business Mobile Payments
Venmo is one of the leading mobile payment platforms. It is owned and operated by PayPal. It is an innovative mobile payment service that gives users the ability to make payment transactions wherever, whenever. It has made the money transfer process between individuals easy, social, and fun! In the first quarter of 2018 alone, Venmo facilitated more than $12 billion in transactions worldwide.
But in the rapidly advancing information age, breaking ground in service business and being the best are not the same thing. While Venmo is responsible for opening up a whole new avenue to commerce that did not exist before, the market is now demanding more features, faster service, and better results.
Problems with Using Venmo for Business
1. Mission Creep
Venmo is NOT designed for paying businesses. It’s for friends and family payments.
2. Not Integrated
No way to link Venmo payments to your appointments and schedule. So hard to know what you are owed and how much you have made.
3. Policy Violation
Venmo actually includes in their privacy statement: “Don’t use with people you don’t personally know and trust.” So basically, you shouldn’t use Venmo with any new clients. So much for growing your business.
4. Lose Money
As a business, you can’t charge a cancellation fee for no shows and late cancels on Venmo because you don’t have access to their credit card.
5. Super Risky
If you accept a payment that Venmo thinks isn’t legit, they will refund your client even after your business has delivered a great service and product.
6. No Subscription Billing
You can not setup repeat payments to your business with clients on Venmo.
7. Straight from Venmo
See their FAQ here which makes it pretty clear Venmo isn’t setup for paying businesses.
Meeting the Demands of Mobile Commerce
It’s a predictable phenomenon; when a company like Venmo comes out with a new product that is a game changer, a product that does things no product has ever done before, it opens up new possibilities. Those new possibilities inspire others to innovate and one-up the original. And generally speaking, they do it lightning fast.
As users adopt the new technology and become familiar with the new capabilities it offers, they quickly discover ways to improve on it. You probably have this experience every day. In your service business you use a product to deliver your service and quickly start thinking of enhancements that would delight your clients even more. You imagine how much more productive you could be if it were streamlined, better integrated, had more features, or more user-friendly.
Once a game-changing innovation like Venmo reaches that point, the race to improve the technology, and to take it to the next level, is on. Too often the original innovator like Venmo is slow to improve, and they are left behind. That’s where other worthy competitors come in.
Enter the PocketSuite Service Business App
PocketSuite is a new mobile payment service provider with an edge that Venmo can’t match. They have taken the underlying technology of mobile payments and taken it up several notches. PocketSuite is an all-in-one business app for your mobile phone or iPad/tablet that is more powerful, more responsive, and has far more features than Venmo. It is designed to help save service businesses time and make them more money.
With PocketSuite, it doesn’t matter where you are, where you’re going, or how quickly you have to be there. It is a comprehensive business application that gives you access to online booking, allowing your clients to schedule appointments from your website or Facebook and Instagram pages. PocketSuite is leaving Venmo in the dust. But that’s just the start.
PocketSuite Does for Your Service Business What Venmo Won’t
The team behind PocketSuite listened to Venmo users to find out what they needed that Venmo was not providing. In so doing, they came up with a comprehensive list of mobile business features that service professionals need to compete with marketplaces and larger companies. Here’s what they came up with.
Client Notes
PocketSuite allows you to add important notes on any client. This makes it possible for you to remember all those client preferences that make a huge difference to clients. Remember those little unique idiosyncrasies about each client like preferred pronouns, nicknames, weird delivery instructions, things they like and dislike, special discounts, or their birthdays and anniversaries. Venmo doesn’t do that – not even close.
In a service business, these little details are incredibly important. Forgetting them can mean less sticky client relationships and lower client retention. This powerful feature gives you the ability to make your client feel special. It makes a world of difference.
E-Contract Signing
With Venmo, you can’t send contracts or forms to the client as proof of the terms of your payment agreement. Instead, you have to use a separate application, like PocketSuite. (wink wink)
It really is a no brainer. With an app like Venmo, you should be able to accept payment and send all the requisite forms to the client in one (maximum two) tap(s).. But with Venmo, you just can’t do that. Venmo forces you to log into a second program to send forms and contracts. Of course, any time you do that, you run the risk of causing confusion, creating friction in the transaction, and losing the client. There’s so much that could get lost in translation – so much of that could affect your bottom line. Why take the risk?
With PocketSuite, unlike Venmo, you get all of this in one place. Plus, you have your client notes and other important info and services all in one accessible place.
Text Automation
With Venmo, you can’t automate follow-up texts – with PocketSuite you can. PocketSuite allows you to automate important follow-up texts to your customers. Why would you want to leave them in the dark when you can keep them in the loop throughout your process? This is where Venmo really drops the ball.
Suppose, for example, it takes you a week to deliver a service. Until now, the norm with Venmo has been to simply to keep users in the dark about where your funds are until you reach the next stage. Today, mobile users want more and they deserve more. They want to know that you are working on their product, service, or project. They want to be able to plan around delivery times and milestones. Give them that ability with automated text reminders & updates.
Multi-Service Lists
With Venmo you can’t list multiple services for sale, but with PocketSuite you can. PocketSuite is exactly what the name implies- an entire service business suite right in your pocket- complete and ready to go at the tap of a button. PocketSuite lets you list your entire product inventory and service list, all in one place. Why would you want to make potential clients toggle back and forth between your website and Venmo’s payment service? When your clients are trying to fulfill a need, they want a ready solution available to them. PocketSuite gives you that toolset all upfront.
Invoice Sharing
Everyone with even a little business experience knows that invoices can be a pain to deal with. Why not automate as much of the invoice process as possible? Unlike Venmo, PocketSuite lets you do exactly that. Now, you can send invoices automatically.
Full Brand Packaging
Now, your customers can find everything you provide and everything you do all in one easy to use interface- one that’s conveniently accessible via SMS. With PocketSuite, unlike Venmo, you can bundle and add any service that you wish to sell. Choose which one and how many you want to include in a package? Just fill out the remaining details and your PocketSuite client service package is launched and ready to go. It really is as easy as that.
Instant Payments and Payouts
Say goodbye to delays that Venmo makes unavoidable. Take charges and give refunds instantly. Simply tap the “Charge” button to complete payment transaction with any credit card that has a Visa, Mastercard, AMEX, or Discover card logo. Your client gets the benefit of knowing where they are in the payment transfer process and the risk of disputes/chargebacks is drastically reduced. Venmo doesn’t do that.
My reaction when I receive an Instant Payout
We’re all grateful to Venmo for creating such a powerful mobile payment processing technology. But now, it’s time to take mobile payments to the next level. It’s time to transform your mobile digital payment asset into a full-service business suite right in the palm of your hand.
Like this article? You’ll love our guide on how to generate leads for service businesses in 2022, and of course our Frustrations with Square article!
