Are you thinking of accepting mobile payments? Many businesses haven’t adapted to the new technology yet. If you are one of them, you are missing out on many benefits. After the pandemic, consumers and even businesses use cash less often. There’s a higher risk of transmitting the virus when paying in cash. In fact, many customers don’t even carry cash anymore.
That’s why accepting mobile payments is the wave of the future.
It’s simple enough to accept payments via a mobile device for even the smallest business to implement. Businesses of any size, whether one employee or one hundred can adapt to the merchant services technology, making it a reality for just about any business owner that wants to jump on board.
Why should you consider accepting mobile payments at your business? If you aren’t aware of the benefits yet, check them out below.
1. You Can Run Your Business More Efficiently
Customers today want quick and efficient service. What happens when you operate remotely, such as at a farmer’s market or pop up location? If you don’t use mobile technology, you may only accept cash. Most people today don’t carry cash, which means you may lose a good portion of your target audience.
When you can meet your customers where they are, whether throughout your store (not at the cash wrap) or at a remote location, you increase the likelihood of more sales. You don’t have to figure out how customers can pay you or what you can do to complete the sale. You make the sale and move onto the next customer – it’s that simple.
2. Provide Better Customer Service
Customers today are finicky – they want great service anywhere they have interaction with a business. They don’t want long wait times, and they want to get in and out of a store quickly, especially in the face of the pandemic. Long wait lines at the register only decrease the level of customer service you offer, which may diminish your customer base.
When your employees can walk around the store, interacting with guests, they may increase sales just by interacting. Removing employees from behind a stagnant register and placing them around the store provides a better experience for all involved.
At restaurants, mobile payments make the checkout process easier. Servers can accept payments right there at the table, allowing customers to leave faster. Not only does this increase your level of customer support, but it also helps turn tables over faster for servers, giving them a chance to earn more tips.
3. Create Incentive Programs
Do you want a way to get more customers into your business or to bring existing customers back? If loyalty is waning at your business, implement an incentive program. You can do this right in your mobile payments system, which makes it easier for both you and the customers to use the program.
When there aren’t special discount cards or keyrings to mess around with, customers are more likely to use the incentive program, making more purchases and frequenting your business more often. The easier you make it on the customers, the more likely they are to come back. When they have to remember a card or even enter an ID number to enter in the pin pad, they are less likely to use the program and/or less likely to visit your business.
4. Learn More About Your Business
You may think you know everything about your business, but mobile payments will teach you even more. You can capture much more information about your customers and their buying habits when you use a mobile device for payments.
A mobile payment system can integrate with your inventory and sales. You’ll know which products or services customers choose most often. You can track sales on specific days or for specific products. For example, if you notice you run out of a specific product on Wednesdays, you know you need to stock more of it each Wednesday to increase sales.
When you’re able to satisfy customer demand, you get better results with more loyalty and higher sales. You can also use your analytical tools to determine where customers go in the store, how much time they spend there, or even send them surveys to ask about their experience.
5. Save Money On Equipment
Setting up full-blown POS systems and software gets costly. Then there’s the upkeep and maintenance. If you want more than one system in your store, there are more costs. When you use mobile payments, there’s less equipment and less upkeep for your merchant services. You use your own phone or tablet, an app, and a scanner. Some merchants may need a receipt printer too. Whatever the case may be, you’ll need less equipment, which may save you money in the long run.
Don’t worry about the risk of mobile payments not being secure. If you use the right company, they are as secure as payments on a POS. With top-notch PCI compliance, an address verification system, and a secure internet connection, your transactions are just as safe as if you processed them on your POS.
Consumers today want mobile payment options for the convenience in the store as well as outside of it. With fewer customers using cash today, you have to meet your customers where they are or risk being left behind. Mobile payment solutions have come a long way and are the way of the future. Constantly meeting your customers where they want you to be and leveraging technology to benefit your business is how you’ll keep growing and succeeding in business.
Are you ready to see how mobile payments can help your business soar?
Lou Honick is the CEO of Host Merchant Services. Prior to founding Host Merchant Services in 2010, Lou was the founder of HostMySite.com and received numerous awards including SBA Young Entrepreneur of the Year, Inc Magazine 30 under 30, and multiple listings on the Inc 500. As a serial entrepreneur, all of his companies have operated on a singular devotion to outstanding customer service and support. Lou is a respected expert on the topics of customer service, payments and fintech, Internet technology, and entrepreneurship.
