This Small Business Saturday, give your business the gift of increased customer satisfaction and loyalty by implementing mobile payment options. Mobile payments are becoming increasingly popular with consumers and provide an excellent opportunity to build relationships with customers, all while increasing the per transaction value of their sales.
The rise of mobile payments
Consumers want payment options that are fast, secure, and convenient. Increasingly, they are turning to mobile payments to meet that need. This trend was already developing prior to COVID, and the pandemic has only accelerated the rate at which demand is increasing.
One of the reasons consumers like mobile payments is because of the security offered. Encrypted data is transmitted securely during mobile payments, and data can’t be swiped using a card reader. The increase in use of biometric security in mobile devices and mobile payments also adds to consumer confidence in security measures.
In addition, people are becoming more and more used to mobile payments in their day-to-day lives. This is partly due to online shopping on their mobile devices, but it’s also in large part due to an increase in using their phones to pay friends back, gift money to family members, and other aspects of their daily lives.
Many customers also see mobile payments as fast. According to Speedpay Pulse, more than half of American shoppers consider mobile wallets to be the quickest payment option.
The more your customers come to rely on using their mobile devices for the other financial transactions they conduct, the more they will turn to businesses where they can have mobile payment options as well–including for in-person transactions.
Types of mobile payments
Mobile wallets are on the rise, and retailers should embrace the potential benefits of this technology. Consumers bring their phones with them everywhere they go, and when they turn their phone into a wallet by syncing their credit card and banking information, it makes it that much easier for them to make purchases when they are on the go.
Third-party mobile wallets like Apple Pay, Google Pay, and Samsung Pay make it easy for anyone with a smartphone to make purchases by waving their phone near an NFC (near field communication) device or scanning a QR code.
Many credit card companies are implementing their own mobile payment options within their customer’s smartphone apps. Any consumer with the app installed can access their credit card account to make purchases directly within the app.
Mobile POS systems for small businesses
Mobile POS systems allow business owners an incredible amount of flexibility. Customers no longer have to line up at a fixed cash register to check out. Instead, they can check out anywhere.
This allows business owners to implement POS solutions that work for them and their customers, including payment kiosks, socially-distanced checkout options, off-site sales, and more.
Even the smallest of small businesses can use mobile POS software, and the great thing is that these types of systems can scale with your business as it grows.
How small businesses can win with mobile payments
There are numerous ways in which small businesses can tap into the benefits of mobile payments. One of the best ways is the flexibility in payment options it can provide.
Using mobile payments, your small business can facilitate options like buy now, pay later or installment payments. Companies like Paypal, Sezzle, Affirm, Klarna, and others connect with customer’s existing credit and banking information and allow them to pay for purchases over time.
This is especially helpful for large purchases, and can result in a greater value per transaction.
More and more businesses are also integrating mobile payment options into their smartphone apps.
Customers can save their payment information within the app, which not only facilitates online shopping on their mobile device, but can also generate a scannable QR code to allow customers to use the app during in-store transactions.
Using mobile payments in this way can help to build loyalty and repeat business by tying directly in with your company’s rewards program, allowing you to offer customized experiences to customers; further streamlining their experience with your business.
NFC World reported that 39% of people in their study said they would use mobile payments more often if it was an available payment option.
Set your business up for success with mobile payments
Interested in learning more about how mobile payments can help your small business grow and thrive? Contact the experts at Staley Technologies today at (800) 280-9675 to learn how you can leverage today’s technology to strengthen your business.