5 Ways Adopting Mobile Payments Will Help Your Business

5 Ways Adopting Mobile Payments Will Help Your Business

It’s no secret that mobile payment technologies and usage are on the rise. It’s estimated that the number of in-store mobile users will reach 150 million by the end of 2020. This staggering number represents about 56% of the entire consumer population that year. Needless to say…the numbers don’t lie.

That estimate alone should give you a reason to start adopting mobile payment technology. Beyond staying relevant here are five more ways mobile payment acceptance will help your business.

Streamlined Accounting

One of the greatest things about mobile payment acceptance is that it makes bookkeeping a breeze.  The majority of mobile payments platforms will offer a system that allows you to track all transactions electronically. This accompanied with mobile payment acceptance will make you and your customer’s life a lot easier. Imagine if we lived in a cashless society and all customers could pay via their smartphone. We aren’t quite there yet but it’s a good idea to keep up with the trend now before you’re left behind!

Appeal to Millennials 

It’s estimated that about 23% of millennials use mobile payments at least once every week. Another survey suggests that 45% of those who had adopted that technology were between the ages of 18 and 34. Regardless the size of your business it’s imperative that you stay up to speed with trends of the upcoming generation. In this case, millennials hold trillions in buying power and aren’t afraid to use it. If millennials like mobile you should take notes.

Enhanced Security

Mobile payments are considered one of the most secure ways to accept payments. Similar to EMV chips, mobile payment data is tokenized and encrypted so that it cannot even be deciphered in the event of a data breach. When it comes to payments, security is always a huge concern. With payment fraud skyrocketing in the modern world, consumers will always be very careful where they choose to shop. If you adopt mobile payments, then your customers can confidently shop at your store knowing their information is safe.

More Sales 

By adopting mobile payments you’re incentivizing a large portion of consumers to frequent your store. Not only do mobile payment users return to stores that accept mobile, but they typically spend more money once they get there. If you accompany a loyalty program with your payment system then your sales will skyrocket. If customers can easily track and redeem rewards directly in your store, they’ll never want to leave!

More Efficient Shopping Experience

Waiting in long lines is a pet peeve for any consumer. One of the key benefits to accepting mobile payments is that they are lightening fast. Mobile wallets and other forms of these payments are exponentially faster than your standard mag-stripe or chip cards. For a mobile payment customer to complete their payment they simply wave their phone over your near field communication (NFC) terminal and they’re done. No receipts no signature. The quicker your checkout process the better shopping experience you’ll create for your customers.

Final Thoughts

Regardless the size of your operation it’s always a good idea to stay up to speed on the latest trends and technologies. When it comes to payments and payment acceptance this is especially true. That is the backbone of your revenue after all! That said, it’s probably in your best interest to start accepting mobile payments today!

 

Posted by John Rampton   |   August 24, 2017   |   Share on: