Mobile payments is the magic word today. As a mother of two young kids, one of my friends always has a tough time at the local shopping mart. The last straw is usually the wait at the payment register with two fidgety young ones. Needless to say, that shopping mart accepts debit/credit card but not mobile payment, yet.
Contactless payment options have made our lives easier. But still many businesses use only the credit/debit card option along with cash payment. You may have been using similar solutions for your own business but never thought of using mobile payment YET. If you’ve used it for your own shopping, you’d remember how convenient it is.
Are you a small business owner? It’s time you made the leap and introduced mobile payment option for that edge over your competitors.
It refers to the modes of payment which involves debit/credit cards, smart cards, or mobile devices such as a smartphone. To ensure secure payments they use the near field communication or radio frequency identification. The smart device or the card is waved over or near the reader at the payment register to make the transaction.
Why mobile payments
Let’s look at some reasons why you should start providing mobile payment option in your business.
- It’s quicker: Many sellers and buyers claim that mobile payment is twice as quick as cash, debit/ credit card payment. Quicker payments mean shorter lines at the payment register and higher customer satisfaction. With shorter checkout time, the customers would return, earning you loyal patrons. Shorter checkout time also means more business as you’d be able to service more customers in the saved time.
- Lower fee: Several companies offering the mobile payment solutions charge a smaller fee for every transaction made as compared to the credit card companies. The slashed fee translates to substantial savings directly for the business over a period of time. And thanks to demonetisation, many are charging zero transaction fee for a limited period.
- Customise and incorporate customer incentives: By using your mobile payment solution, you can track your customers’ preferences and purchases every time they make a mobile transaction. This will help you in providing them a customised loyalty incentive based on their needs and preferences. You could welcome your customers using the beacon technology whenever they’re in the vicinity or send them a coupon. Sending customised offers when they enter your store increases the relevance of the offers and improves their shopping experience.
- Maintain your inventory and monitor trends: With mobile payment solutions, you can keep track of your product inventory. You can also keep an eye on the products/services you’re selling more and develop your business accordingly.
- Cash-only to credit payment: Small, remote businesses can conveniently offer credit payments instead of their conventional cash-only using the mobile payment solutions. This will improve their customer service and improve their sales. Lower fee per purchase than the credit cards means they can keep their expenses low.
- Benefit from impulse buying: If you offer mobile payment to your customers, they can buy whatever they wish the moment they wish. Lack of sufficient cash won’t hinder your customer’s impulse shopping.
- It’s the future: Mobile payment is the next big thing. So, you may as well join the fray in the beginning for that winning edge.