Why You Should Accept Mobile Payments

Why You Should Accept Mobile Payments

On our blog, we’ve talked a lot about emerging technologies, their pros and cons, how to ease into them, and also how to future proof your business to accept these technologies. Recently Bank of America published their annual Trends in Consumer Mobility Report. In it, they surveyed consumers on a range of topics relating on how we interact with our mobile phones. In their report they show the sharp rise of awareness and adoption of mobile payments.

While the adoption has been slower than predicted, mobile wallets are starting to gain traction as a payment option. According to the Report, in 2016 40 percent of respondents would use or already use their phone to make purchases at checkout. this is up from 34 percent in 2015. As awareness increases, mobile payments will become more pervasive.

In the past couple years there has been a significant push by companies like Apple and Samsung to promote mobile wallet technologies. These work by allowing the consumer to link their credit/debit card to a secure application on their phone, and just wave your phone at checkout instead of using a physical credit card. Currently this is one of the more secure methods of payment. It uses some of the most advanced security and encryption features available.

Unlike a traditional credit card, the information stored is encrypted and when you run a transaction, the information is tokenized. This means a one time use code is generated and in the event the information is intercepted, it is useless to a potential fraudster. These apps also require the use of a fingerprint or password to access the application and authorize a payment, adding an extra layer of security.

To make sure that your business is able to accommodate these types of payment technologies, we recommend that your customer facing devices (terminals and pin pads) are NFC capable. Some other ways to increase awareness are to instruct staff on how to train customers and make sure you have signage letting your customers know you can accept things like Apple Pay and Samsung Pay. If you’re interested in learning more, or want to take NFC payments, shoot us an email at info@agapay.gives or call us at 800-644-3909 Option 1.

Mobile Coupons on the Rise

Mobile Coupons on the Rise

With the rise of mobile technology, mobile coupons are gaining a lot of popularity among merchants and consumers. In this article Mobile Coupon Tidal Wave by The Green Sheet, they speak of the rise of mobile coupons and the impact it has had on the industry.

As mobile payment technology continues to gain traction, mobile coupons will allow merchants to tailor specials toward a more targeted audience. Through targeting, businesses can attract more qualified customers who are ready to buy.

In the article they quote a report by Koupon, a mobile coupon provider, with the following statistics:

  • 60 percent of customers said they would adopt mobile payments if offered coupons.
  • 42 percent of mobile phone users have used mobile coupons.
  • 39 percent of customers spend more when they receive personalized coupons.

Mobile technology is changing the face of the retail industry. If you would like to learn more about accepting mobile payments, contact us at 800-644-3909 or info@agapay.gives.

Best Regards,

The Agapay Team

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