Mobile payments are all the buzz among shoppers and merchants alike – and for good reason. They can make shopping easier and faster, streamlining checkout and keeping customers happy. But, if you’re a small business owner you may think that you don’t have the technological know-how or money to invest to start accepting mobile payments. Think again. In fact, mobile payments programs can be fairly inexpensive and they’re typically easy to implement.
Another potential concern surrounding mobile payments is security. However, today’s smartphones, payment terminals and networks are bolstered with the security necessary to help protect your customers’ payments data in flight. If you’ve purchased a payment terminal in the past year or so, you’re probably already equipped for secure in-store mobile payments.
Integrate payments with a loyalty program
One key benefit of accepting mobile payments is the ease by which you can integrate your customer payments with your store’s loyalty program. 49% of U.S. consumers say that keeping all their loyalty/reward cards on their phone is a main benefit of using mobile payments (Source: TSYS). Customers appreciate being rewarded for their faithful patronage, and mobile payments simplify this process.
When a customer pays with a payments app on his or her smartphone, loyalty program data is also automatically transmitted. Customers don’t have to worry about keeping track of key fobs or punch cards to be rewarded for shopping with you.They simply pay via mobile payments, knowing their loyalty account is updated.
Streamline your checkout queue
You already know that long checkout lines can deter people from frequenting your establishment. Adopting mobile payments can help reduce your wait times. When a customer uses mobile payments, he or she will simply tap the smartphone on your payments terminal, verify for security purposes and go. No need to fumble through a purse or wallet to locate the correct payment card.
What’s more, accepting payments via mobile device can enable your business to offer more self-service options – such as in-app payment for in-store purchases – if that’s appropriate for your type of business.
Attract a wider range of customers
In September 2016, Statista surveyed U.S. consumers who are not currently using mobile payments, and found that a fair amount of them are open to or plan to use smartphone payments in the future. Those surveyed say they would use mobile payments in the future at the following types of retailers:
• 44% would use at restaurants and cafes
• 43% would use to buy everyday groceries at the supermarket
• 37% would use to buy gas or snacks at the gas station
• 36% would use to buy clothing, shoes or accessories at department stores or clothing boutiques
That said, having a mobile payments program in place for your small business will make you well positioned for future growth, both with current mobile payments users and the growing proportion of consumers who plan to utilize this technology in the near future.
Get on board with secure mobile payments
As of July 2016, 30% of U.S. small business owners accepted in-person mobile payments. 25% accepted mobile payments via a payment provider like PayPal or Visa Checkout on their website (Source: Wells Fargo; Gallup). These numbers are only expected to grow, so make sure you are positioned for future growth by working with your payments processor to implement secure mobile payments today.