According to BI Intelligence, the volume of mobile payment transactions is expected to double in the coming years and reach $500 billion US in 2020. If you manage a business, here’s what you need to know about this payment technology:
Think About Customer Experience
Mobile payments can give your customers a quick and easy way to pay for your products and services. They no longer have to use their hands to reach for their wallet, find a credit card, and wait while your terminal processes the payment. Instead, they just need to hold their phone a few inches away from the terminal.
All this simplicity and comfort helps you provide a great customer experience, which should be one of your goals as a business owner. After all, this is what keeps your clients coming back.
When it comes to marketing, there’s an interesting concept called a “moment of truth”. A moment of truth is every single point of contact between your customers and your brand, such as when they browse your website, set foot in your store, and talk to your salespeople. The checkout experience is also a moment of truth—one that has become increasingly important in the last few years.
Benefits Of Mobile Payments
In addition to improved customer experience, mobile payment technologies offer many other benefits to small and medium businesses:
- Integrate mobile payments into loyalty programs to increase customer retention rate.
- Track data to understand your customers’ behavior and make well-informed decisions in regards to your products and services.
- Increase your targeting options and make your ads more effective by reaching the right people at the right moment.
- Reduce checkout time to avoid long lines in front of the cashier.
- Lower costs associated with credit card fees.
Stop Postponing The Inevitable
The future of transactions rests on mobile payments. Today, everything is mobile, and it feels natural that the same will happen to the traditional checkout experience. If you want to stay competitive, you’ll want to adopt mobile payment options sooner rather than later
Some customers may be resistant to change, but thanks to several security measures, you can assure them that mobile payments are safer than using a credit card. Thanks to several security measures, mobile payments are safer than using your credit card.
Also, like any other type of business investment, there’s a cost associated with the implementation of new terminals and proper technology. However, the benefits pay off. Never forget that consumer experience is the goal.
At American Verification Processing Solutions, we offer customized payment solutions for your business. Let us help you take advantage of mobile payments and improve customer experience. Contact us through our website or call 1 (800) 719-9198 to get started.