Considering accepting mobile payments or upgrading your system to accept mobile wallet? Utilizing the technology in your processing hardware and accepting Apple Pay, Samsung Pay, or Google Wallet can vastly improve the experience for both the customer and the merchant. We encourage you to evaluate how it can help your business. Here are some of the greatest benefits to accepting mobile payments:
- Customer Convenience
The best part of accepting mobile payments is the convenience for the customer. One does not need to carry cash, cards, or checks - items that are at high risk of getting lost or even stolen. Aside from speeding up the payment process, this also gives you an opportunity to engage with customers.
There is nothing more secure than Mobile Payments - for both the customer and the merchant. Each system is highly encrypted reducing the threat to your customer’s data and easing the burden on the merchant. The card number is never stored on either the retailer’s end nor the card owner’s devices. The system uses a token or random number to hide the card number but still allows the transaction to continue.
- Fast and Easy
No more hassle with the verification process of security codes, expiration date, signatures, or name verification. Credit card processing is much faster. By just holding the device close to POS terminal, payment is processed instantly. All information needed is already on the device, which makes every transaction easier and faster.
- Trends and Inventory
With mobile payments, a business can also automate both inventory tracking and customers behavior to better provide the services they offer. An excellent example of this is a restaurant that can track which of their menu items is the best seller, or on what specific days it sell a lot of any particular item. With that information, they’ll be able to meet customers’ demand. This improves customer service and can increase product sales by informing marketing campaigns.
- Creates Loyalty and Rewards Programs
Depending on the program chosen by the vendor, using an app with mobile wallet integration gives the merchant the ability to integrate both loyalty and incentive programs. For instance, being able to send your customers coupons, promos, special offers, and discounts that will specifically pertain to their patterns is something many companies would enjoy.
The chances of us becoming an entirely cashless society is a long way away, but, the convenience and security is here now with mobile payments. It is no surprise that mobile payments have become an important part of finance and consumer behavior around the world and you can start benefiting by being a part of this new mobile payment revolution!