With all of the new technology that springs up seemingly every day, now is a great time to have your own business. Businesses today have more options than ever before, and these capabilities can greatly improve how well your business functions. However, while there are plenty of new options for businesses, one of the challenges that comes as a result is that you now have to keep up with all of them in order to compete.

Apple Pay

Once you get a handle on some of the new technology out there though, you should find that they are able to help increase your business’ profits. Here are just a few ways this could work.

Targeted Advertising

On target
photo credit: Emilio Kuffer / Flickr

Before the rise of the Internet, most businesses advertised either through print or through television. This meant that you simply put out an advertisement, and hoped as many people as possible saw it. Other than choosing which medium to put your print ad in, or which channel to advertise on, you didn’t have much control over who saw your ad. This resulted in a lot of money being wasted, since many of the people seeing the ads were simply not interested.

Now, with targeted advertising capabilities online, you can narrow down greatly who gets to see your ad. You can target by income level, marital status, location, or even people who have already visited your website. You can do this through sites like Google, and have your ad display on search results, or through sites like Facebook, and have your ad appear on a site people visit frequently. By using targeted advertising you get more bang for your buck, and therefore your marketing budget is better used.

Mobile Payment Options

Customer using mobile payment technology

For businesses on the go, mobile payment options have made it easier than ever to complete a transaction. Rather than needing to deal with strictly cash or checks, you can use your mobile device to accept payments. All you need is a simple attachment for your device, and customers can swipe their credit or debit card to make a payment, or the customer can transfer funds through one of many different apps available. This makes your job easier, and is more convenient for your customer.

Secure Payments

Credit card payment

In addition to payments on the go, new technology also allows for all transactions to be more secure. Registers, credit card processors, and the cards themselves all have new technology options that can make payments safer.

Secure payments are important for two reasons. The first is that customers will feel more at ease knowing their transactions are safe, and therefore will be more likely to do business with you. The second reason is that by having secure payments, you are reducing the chance of fraud. Since many credit card companies will hold the retailer responsible in the case of a fraudulent purchase, by limiting these from happening, you can ensure that your profits stay with you. If making your payments more secure is something that appeals to you, here are a few more basic tips to reduce chargebacks.

Cloud Software

Using Microsoft Sharepoint

Lastly, we have cloud software. Cloud software makes it easier than ever before for employees to share information and files with one another across a network. It also allows you to have the information you need anywhere you go.

Software packages like Microsoft’s Sharepoint are used to help keep employees on the same page, so that they can be more productive, and cloud storage systems such as Dropbox can make it so you can access your files from any device. Increased productivity and ease of use are two essential parts to increasing your profits.

Explore Your Options

There are a ton of ways that technology can help to improve your business. The list above is just a quick sample, and there are plenty of others out there that can be of benefit to you.

Take some time to research what is out there, and look for ways to improve your business using the latest technology. You should find that as you begin to incorporate more new technology, your profits also start to improve as well.