If you’re a business owner who currently does not accept mobile payments, you have to ask yourself a very important question: “Why?” In the 2020s, the only thing you accomplish by not being set up for mobile is bringing in less money, causing inconvenience for your customers, and making life difficult for yourself as an entrepreneur. It’s not an exaggeration. Trying to earn a profit as an owner who doesn’t take the most popular forms of mobile payment is like trying to drive a car with the emergency brake on. It simply makes zero sense and puts you at an immediate disadvantage compared to your competitors, nearly all of whom do accept mobile payments. Further, if your customer base includes folks who are opting for mobile wallets, you’re even more out of sync with the trend.
Still need convincing? Consider this: More than 760 million people use contactless mobile payments as of 2020, and the number is expected to continue to grow significantly in the future. And what about all those connected consumers who already have and use mobile wallets? You won’t even have a chance of bringing them onboard unless you go mobile. Mobile wallets are the fastest payment method for consumers who prefer the convenience and incredible speed of transactions via mobile devices. Take action by learning about the particular reasons for choosing mobile payment capability and learn exactly what you can do, as a merchant, once you have that power.
Five Reasons Merchants Should Go Mobile
It’s not enough just to say, “Going mobile is a good idea for business owners and will bring them more customers and revenue.” The logic is in the details. So, if you’re wondering about specific reasons for getting on the mobile payment bandwagon, here are five solid arguments in favor of the proposition:
- Lower Operating Expenses: Your company spends less money on paper and ink when you have the power to send every receipt electronically. But the more relevant way of cutting expenses pertains to money saved on pricey POS devices. You won’t need them when your phone or other devices are enabled to read customer credit cards via a designated reader or application.
- More Convenience for Your Customers: When you make it easy for people to convey funds to your business, everybody wins. Consumers like the idea of paying quickly and seamlessly without having to fiddle with cash, they can interact with your mobile device and pay via card or by using one of the contactless methods. Increased convenience means speed and enhanced customer satisfaction.
- Ability to Leverage Loyalty Programs: Want to use the power of reward and loyalty programs with every one of your customers? Going mobile will let you integrate all your coupons, points, loyalty, and reward programs within the app. That way, you’ll always be in touch with your buyers when you want to promote a special event, discount, seasonal sale, or loyalty reward of any kind.
- Access to Relevant, Valuable Data: Information is power. In the world of commerce, that statement is doubly true. When you go mobile, your devices are able to store and retrieve usable customer data at the click of a button or swipe of your finger. What can you learn about your client base and their habits? Plenty. Use the dashboard on your device to see how often people shop in your store, how much they typically spend, what kinds of items or services they tend to buy, how they like to pay, and more. Using all that customer data, you’ll be able to focus like a laser beam on improving the experiences of your most frequent clients. That translates into even more loyal customers in the long run.
- Stronger Cash Flow: Do you like the idea of ramped-up cash flow? Of course you do. Well, mobile systems boost your cash flow in two important ways. First, when someone pays you, the funds are instantaneously sent to your bank. That means a sale turns into banked money within seconds. Second, it’s a fact of modern commerce that consumers prefer to use plastic and other forms of non-cash payments. The result? Just by enabling mobile payment, your profits will enjoy a significant boost.
The Many Faces of Mobile Payments
If you’re not familiar with the technology, the entire concept of mobile payment can be a bit of a challenge. The remedy is to learn about the four main types and how each one makes life simpler for consumers and merchants. For instance, wireless, mobile credit-card readers turn any phone or handheld device into a full-scale point-of-payment system. You can literally accept funds from anyone, anywhere, any time.
Contactless wallets take the concept a step further by eliminating the need for the customers to touch anything. They merely wave their physical wallet, card, phone, or watch over an enabled device and the payment gets processed instantly. Another type is the in-app payment. This one has been around for a while but its mobile capability is new. Consumers can store their card and payment data on the merchant’s website and use it whenever they need it without having to re-enter all the data. Finally, browser-based mobile payments let buyers use their smartphones or other mobile devices to pay via a merchant’s website shopping page.
What You Can Do When You Enable Mobile Payments
Once your company is set up for mobile payment acceptance via your preferred program or app, you’ll not only get all the benefits noted above, but you’ll also be adding a long list of capabilities to your action menu. In short, you’ll be able to track your revenue, communicate more easily with customers, manage information seamlessly, and more. Here’s a brief look at what merchants can do once they’re set up with a mobile payment framework or app:
- Monitor their revenue on app-based dashboards and various kinds of reports.
- Accept customer payments via swipe and key-based entry whether they pay with a plastic credit card or through an ACH system.
- Promptly and simply accept remote forms of payment from customers by directly sending them forms via text message.
- Easily manage all pertinent billing and information data of your entire customer base.
- Process your customers’ registrations no matter where you are, via detailed forms and dialog boxes.
- Let your clients interact with you via their tablets, laptops, or smartphones when they need to see registration forms, make appointments, pay, or check out.
Get Ready To Make the Switch
As a merchant, you know that the sooner you enable mobile payment methods for all your customers, the more quickly you’ll reap the benefits, like happier clients, higher cash flow, lower expenses, access to relevant data, and more. At Mobile Payment Systems, we help business owners just like you every day of the year. Our impressive lineup of products and services includes streamlined, profit-enhancing choices like payment terminals, e-commerce solutions, POS systems, wireless terminals, e-check processing, payroll backup, customer support, PCI compliance, chargeback handling, merchant cash advances, leasing, and so much more.
When you’re ready to ramp up your effectiveness as a merchant, bring more loyal customers onboard, and watch your income grow as a result, check out our website or give us a call at 1-800-771-3719. Going mobile means never having to look back at the old way of doing things. It also means transforming your company into a high-powered profit center. Don’t let technology pass you by.