7 Ways Mobile Payments Might Give You an Advantage as a Business
By Floriane Charles
It’s faster and more convenient
With a faster checkout method, you as a business will be able to have more customer per hour thus increasing your sales. It is also nice for the customer to know their waiting time in line is reduced and the time it will take them to actually make the purchase is too, making your store or business more attractive and encouraging them to return more.
It’s safer than plastic cards
Because mobile payments have been increasingly popular, the way they are processed is becoming more and more secure. Biometric information has been used to open or authorize mobile payment app purchases, which is safer than using a conventional card, which could easily be stolen. The next step will be using retina scanners or face recognition, like the new iPhone does, which will make it even safer.
Staying on trend is very important nowadays
In today’s society, a business needs to stay on trend to be truly successful. As mobile payments take off and more and more young people begin to rely on them, offering this option is going to become crucial to be able to make sales and be just as convenient as your competitor (or more convenient if you’re first). Indeed, staying on trend is necessary to keep clients and be considered the business which stays convenient and offers the new technology that everyone looks forward to.
It’s cheaper than credit card fees
Lower transaction fees allow for more revenue. Mobile payment companies usually charge a lesser fee or only charge fees once a customer meets a certain incentive level. This especially helps smaller businesses lessen fees to make more revenue and increase their precious savings. In order to take advantage of this, companies should research the terms and fees of the different mobile payment options in the market to find the one that could best meet their needs.
It’s a much easier implementation
Many small businesses today can only accept cash payments, which in turn means a lot of customers are lost when they do not have the required amount in cash. Lucky for them, mobile payments are relatively easy to implement and can turn things around by allowing them to take any kinds of payments, increasing the convenience for the customer and the revenues for the business.
Bookkeeping and sales tracking is made easier
Mobile payments can be even more crucial for smaller businesses that struggle to keep track of their inventories and customer information. Through the use of mobile payments, it is much easier to keep track of the inventory sold compared to using paper trails. Furthermore, these systems allow for an easier understanding of consumer behavior by allowing your business to keep track of demand patterns which eventually allows you to stay on trend and offer the right product at the right time (even more so now that you are more aware of your inventory). Lastly, this can be a tremendous help for just in time inventory as you will be able to easily stay on top of what you own.
Through the use of mobile payments, businesses reduce significantly the amount of paper that they need in order to process and keep track of payments by eliminating receipt papers.
We can see that businesses, even more for smaller ones, can greatly benefit from the use of mobile payments by making their stores trendy and convenient for the client base, as well as by helping themselves with their inventory tracking and customer information management. And don’t forget they allow you to use less paper and save the trees!