Is there any question that mobile payment options have changed the game in buying and selling? In buying, it’s the ease and convenience of getting what you want no matter where you are. In selling, it’s the ease and convenience of giving a buyer what they want no matter where either of you are.
If you’re a business owner, you know that keeping up with technology is the only way to keep up with your competitors. No one found this out the hard way quite like film processing giant Kodak. When the digital age came knocking, Kodak didn’t answer, thus resulting in a loss of business, jobs, and reputation. They’ve since gotten on the digital train, but it’s a long journey to get back to the station.
Don’t miss out on the technology that’s currently driving today’s generation of buyers. It’s all about mobile and it will make, or break, your business.
The revenue of the global mobile payment market from 2015 – 2019 has skyrocketed each year. From 450 billion U.S. dollars in 2015 to a projected $1.8 trillion in 2019, the trend looks only to increase. If you don’t believe this to be so, remember that once upon a time, people believed that the penny held an important place in the system of money. Smartphones are everywhere and they hold the key to easy transactions that require no coins, no plastic, and no hassle.
If you’re still unsure about how accepting mobile payment options can work for you, consider these 3 ways in which it can improve your business:
1) You’ll get people out the door faster. Mobile payments let customers step up to the counter, flash their smartphone, and go. There is no need to insert a credit card into a machine, answer a host of questions (are you sure that this amount is ok?), and wait for the signal that it’s okay to remove the card. This will shorten your lines and make the check-out experience faster and easier for everyone.
2) It will increase business at cash-only establishments. Think flea markets, food trucks, and vendors who don’t have credit card acceptance capability. Mobile payment programs change the game by broadening the customer base. And since many mobile payment providers take a smaller percentage than many credit card companies, it helps businesses lower costs.
3) Better bookkeeping means better business. Mobile payments can handle much of your business accounting by eliminating paper receipts, data entry, spreadsheets, invoices, missed transactions, and time spent on bookkeeping tasks. Everything is already in the system, meaning that you’ll be able to better evaluate cash flow and finances. It’s all about the customer, and a better customer experience will keep them coming back to you time after time. Mobile payments are here to stay, so make the most of what they offer.
Posted in Payment Processing on Jul 05, 2018