Skip to main content

5 MAJOR BENEFITS OF MOBILE PAYMENTS



Author: Awepay

When customers come to the register to pay for their meal or purchases, many can now simply hold up their mobile phones instead of handing over dollar bills or pulling out a credit card. Since mobile payment programs are relatively inexpensive and don’t require sophisticated technical knowledge to implement, many small businesses have been quick to adopt the new technology.
“Mobile has really taken away the requirement that you have to build big systems and be a large company to be successful with technology,” says Gene Signorini, the vice president of mobile insights at Mobiquity. “In many ways, it is easier for small businesses to adopt mobile payment programs because they don’t have a large infrastructure to work through so small businesses can jump right in.”

Here are five ways offering a mobile payment to your customers will help you increase sales:

Integrate and increase incentive programs.
One of the biggest benefits of using a mobile payment option is the ability to integrate loyalty and incentive programs into the mobile payment applications. Instead of customers having to keep up with punch cards or key ring tags, all of their information is stored in the application each time they make a purchase with their mobile device. “If businesses use technology to link a payment to their points or other loyalty programs then it adds value to the customer. This makes the customer want to return, which then increases revenue,” Signorini says.

Ability to offer credit card payments.
Previously, many small businesses, especially those operating at remote locations such as a farmers’ market or a food truck, were unable to accept credit card payments. Being a cash-only business often decreased sales because customers without enough cash on hand were unable to buy their products. So when a cash-only business can start to accept credit card payments through a mobile payment program, they immediately increase their customer base and increases sales.

Track customer trends and inventory.
A common struggle for small businesses is tracking inventory and customer behavior. But with mobile payment services, you can automate these processes and better serve your customers. “Small businesses using mobile payments can now track what product and services they are selling to understand customer demands. Not only can they now capture payment information, but they can learn about their customers and use that information to improve service,” Signorini says. For example, a business can use the purchasing data to learn that they sell a lot of chicken sandwiches on Thursdays, and make sure that they have enough ingredients on hand. By meeting customer demand, they increase product sales and improve customer service.

Increase speed of checking customers out.
Customers like quick service, especially when paying since that is typically their least favorite part of the shopping or dining experience. Most customers and staff find that it’s considerably quicker to pay with a mobile device than a credit card. Customers typically are more willing to return if they don’t have to wait a long time in line.

The time savings can also directly increase profits by allowing you to accommodate more customers in the same period of time, especially for businesses with a very busy period during the day, such as a lunch rush at a restaurant. “By using mobile payments, we can move customers through the hot dog shop quicker. During a busy lunch we can serve 250 customers if we keep people moving,” says Keith Garabedian, owner of Hot Diggity in Philadelphia.


Save money on credit card fees.
Some mobile payment companies charge less per transaction than credit card companies, which equates to direct savings for the company. Garabedian says that one of the reasons he uses LevelUp for mobile payments is that he doesn’t pay any transaction fees until a customer meets incentive levels. With Square mobile payments, the business pays 2.75 percent of each sale as the transaction cost, which is a lower fee than those associated with some credit cards. Since each company structures payment differently, investigate the different mobile payment programs to determine which is most cost effective for your business.


#playstore #fintech #paymentgateway #transactions #android #samsung #awepayawesome #mobilepayments #desktop #computer #accepting #rentit #creditcard #cash #deposit #paypal #cashapp #requirements #moneyorder #notincluded #payquicker #security #thursdaythoughts #convenience #safety #protection #awepay #fraudprevention #isp

Comments

Popular posts from this blog

Apple Pay is coming to eBay.

As the online marketplace moves away from its official relationship with PayPal, it is moving into new relationships with new providers. As of this fall, Apple Pay will be one of the first new options on its new payment platform, making it possible for customers to either use Apple Pay in eBay’s mobile app, or for web purchases (provided they are using Safari as Apple Pay doesn’t work with Chrome or other browsers). The Apple Pay option will roll out slowly at first — only a small group of select Marketplace customers will get to use Apple Pay in the first phase of its introduction to eBay. The goal, however, is to make the transition to their own in-house payment platform by the end of 2021. The transition marks a definitive split from PayPal. eBay formally parted ways with PayPal in 2015, when it spun out as a stand-alone firm. eBay — as their contractually mandated partnership with PayPal is drawing to a close — is now working with Amsterdam-based company Adyen to...

10 ways to protect your customers' credit card data

Accepting credit cards doesn't have to be a constant exercise in paranoia about whether your customers' credit card data is safe or not. Here are 10 solutions for protecting the credit card data of your customers. 1. You can’t go it alone Like anything in life—when there's a lot on your plate, you can't manage it all without help. Card data security, fraud protection and securing your customers’ information in your store is more than a one-person job. It's everyone's job. Get everyone in your business, including your customers, thinking about card data security and fraud at the point of sale. 2. EMV installation You're probably tired of hearing about EMV and chip cards at this point, but if you don't have one, you're putting yourself and your own profits in jeopardy. Chip cards, and the EMV-enabled credit card terminals that can read them, are designed to stop fraud at the point-of-sale. A "forged" card is difficult to pa...

A Robust Payment Platform

Owing to the radical evolution of Fintech companies, heightened customer expectations for value-added services, and ever-changing regulatory landscape, the prominence of payment technologies has undeniably risen to new heights. These dynamics are reinvigorating the traditional financial landscape and enabling merchants to tap into the potential benefits of nascent technologies. At the same time, moving away from conventional methods of payments is bringing unprecedented opportunities to carry out international trade for both sellers and buyers. Although the disruption in the payments landscape seems stimulating for global trades, not all ventures gain from them as stringent compliance standards often undermine the use of technologies for cross-border transactions. Enunciating the same, Casey Seow, managing director of AWEpay, mentions that the new breed of technologies is revamping the entire payments space, enabling companies to cater to the untargeted market segments. He f...