Payment methods mean the world to customers because in a retail transaction, the payment stage is most important. Customers are ready to leave a restaurant before most staff delivers their checks, for example. This is where mobile payment options come in.
If we look at the food service industry, more and more companies than ever are enabling customers to order ahead of time by offering pay-from-home mobile options. This makes the customer experience more satisfying and opens up a new channel for sales. You can offer loyalty benefits and coupons through these systems as well.
Clients also like to pay on devices that are table-based because they don’t have to wait for the check. They receive their receipt by email and see orders itemized.
Track customer trends and inventory
This is a common struggle small businesses face. You can automate these processes and better serve your customers with mobile payment services. Today, small businesses using mobile payments can track what services and products they are selling to understand customer demands. They can learn about their customers and use that data to improve service and capture payment information.
For example, a business can use this data to learn that they sell a lot of chicken burgers on Fridays and make sure that sufficient ingredients are available. They improve customer service and sell more products by meeting customer demand.
Run your business more efficiently
Accepting mobile payments makes it possible to run your business more efficiently. Mobile payments provide consistently seamless experiences in store, online, and on the road at critical customer touch points. Mobile payments also integrate with loyalty and reward programs easily so you can offer access to these crucial programs for customer retention no matter where it is that you do business.
Convenient option for customers
Contactless payments are completed at lightning speed, making them the most convenient transaction. Mobile payments enable lower wait times at checkout. This makes the customer experience better. Customers can also access more accounts without having to carry a physical wallet with cash and all the different cards. The mobile device stores all the necessary data.
According to a 2015 study by Business Insider, 40% of millennials would give up carrying cash and switch to mobile payments. PaladinPOS is taking advantage of that trend.
Accounting is easier
When you operate a business, you need a simple accounting system that will make it possible to pay bills, invoice customers, and share all your payments with the accountant. Your business can achieve better cash flow management if you launch mobile payment solutions. Small businesses can reduce costs such as overhead and bank charges with the help of mobile payments. They can better evaluate their cash flow position this way.
Many retailers forget to record their transactions. This results in missed expenses or even potential fines. To help avoid this, manage your finances from mobile – there are a number of cloud accounting packages that will let you do this.
With the help of mobile payments, your business accounting can be significantly simplified by:
- eliminating data entry
- reducing time spent on bookkeeping tasks because everything is already in the system
- avoiding a huge backlog of invoices and receipts
- eliminating paper receipts and sending digital receipts to clients on the email address
- saving time compared to using spreadsheets
Expanding your business footprint
The technologies behind acceptance of mobile payments allow retailers to expand their footprint far beyond the checkout counter. Customers today want to pay using smartphone, debit card, credit card, or digital wallet. It does not matter where they shop. Tools for mobile payments acceptance allow a retailer to expand their operation to new venues like festivals, farmer’s markets, even trade shows.
Mobile payment acceptance is simple and easy. All you need to do is link a card reader to a tablet or smartphone and you are ready to take payments anywhere.
More secure
The number of contactless payments is already exceeding that of credit card transactions. It is a fact that mobile payment service providers recognize the significance of contactless payment security. Using mobile wallets like Android Pay, Apple Pay, or Samsung Pay is safer and reliable than using a traditional payment card.
For instance, Apple Pay uses tokenization, which encrypts customer data. The customer downloads an app for payment app and adds credit card data to it. A token replaces the real card number. The token is not the real number and is protected via touch ID or a password. The token is useless to an attacker because it is not a real card number.
Steps like these elevate the level of security and minimize the possibility of fraud. Payment activity is easy to freeze in case the phone is lost or stolen.
Save on credit card fees
Most credit card companies charge more than mobile payment companies per transaction, which equates to direct savings for the company. With some mobile payment systems, you don’t pay any transaction fees until a customer meets certain incentive levels. One very lucrative mobile payment solution provider is Square.
With Square, retailers pay 2.75 percent of each sale as the transaction cost. This is lower than almost all known credit card fees. You should look at the different mobile payment programs to see which is most cost effective for your business as each company structures payment differently.
Final Thoughts
Now is the time to consider taking the leap to a mobile POS device. The whole retail and hospitality industry is heading in a new direction. Mobile payments and other new payment types are indicative of this direction, and lots of retailers will need to consider this move to avoid lagging behind. If you’re not moving forward, you’re stagnating, and if you’re stagnating, you’re losing. It’s that simple.
Most US companies now accept EMV as most of their customers have at least one EMV (Electron Master Visa) card. In fact, they usually have several in their wallets. The more payment methods your company can process, the better that is for your business.
