If you pay attention to what the banking and telecommunications industries have to say about monetary exchanges for processing the payment of consumer purchases, you are going to see an increase in the number of payments that are made using mobile devices.
Not only are mobile payments growing in popularity, they may well replace credit and debit cards as well as hard cash as the primary monetary medium. Global mobile payment users grew to 1.3 billion in 2020 and are projected to rapidly grow through 2025.
Not only is paying by phone a simple operation, it can build customer loyalty and improve your sales significantly. By offering the mobile payment option to your customers you will increase sales and your business will benefit in the following ways:
You can increase and integrate the number of incentive programs for your business
Mobile payment options enable businesses to integrate incentive and loyalty programs by storing customer information whenever they use their device to make a purchase.
You can track your inventory and purchasing trends easier
By keeping track of your inventory and monitoring your customers buying behavior, you can better target the types of products or services to offer the consumer. Not only does this help you to increase sales, you will become more profitable in the long run.
You have the ability to take credit and debit cards
In the past, smaller businesses, such as farmer’s markets and food trucks, that set up in remote locations were not able to accept credit and debit cards as payment. When cash only businesses like these can accept plastic, sales increase dramatically.
Your business will save money by decreasing credit and debit card fees
Unlike with credit and debit cards, mobile payment companies typically charge lower transaction fees. This equates to significant monetary savings in the long run.
Your customers can checkout much easier and quicker
When it comes to purchasing goods and services today’s consumer thrives on convenience. Not only that, but they grow impatient when they cannot checkout fast enough. By accepting mobile payments, you are affording them the convenience of a speedier checkout.
When you consider the above benefits that result from accepting mobile payments, it is easy to see why so many small businesses are adding this option at their checkouts. These programs are considerably more cost-effective than other payment processing methods. Best of all, they don’t require a lot of technological knowledge to use them.