Do you know that contactless card and mobile payments are projected to increase eight-fold over the next four years?
The effects of a global pandemic helped with the rise in popularity for any method of payment that limits (if not eliminates) contact with other people. However, that would disregard the actual growing market of mobile payment methods before COVID-19 appeared on the scene.
If you weren’t interested in the capabilities of Google Pay, Apple Pay, or getting Square for your business, it’s time to change your tune.
Keep on reading to learn about the four key benefits of setting up a mobile payment to grant your business and its bottom line.
1. The Sheer Convenience of Mobile Payment
The moment something becomes inconvenient for your customers, you can expect them to drop it in an instant.
The opposite is also true. For example, Amazon has flourished because it managed to make online shopping convenient for its customers.
Contactless payments are quick and convenient to use. After all, it allows your customers to leave the house with only their phones, and they’re good to go.
There’s no need for carrying around cash or even cards to buy things. Just a simple tap with their phones is all they need to finalize payment.
You can check mobile payment processing readers here.
2. The Improved Security
Compared to other ways of payment, like cash or credit cards, mobile payments are much superior when it comes to security protocols.
Mobile payments use tokenization technology to process a customer’s financial details, which automatically encrypts sensitive information.
Moreover, all the payment information will be kept safe and sound in the cloud servers, not on the phones themselves.
This adds a layer of security if malicious parties can crack through the phone’s protections in search of sensitive financial details.
3. The Streamlined Cash Flow
Nothing is speedier and better for your business cash flow than getting paid in real-time.
When mobile payment solutions are offered, you can get paid instantly, which allows you to skip the traditional business days which banks need to transfer your funds into your business accounts.
It’s a great way to smooth out your cash flow funds and enable faster business operations.
4. The Boost in Customer Engagement
If you’ve been searching for ways to increase your customer engagement, you can always make it simple for them to pay via mobile payment.
When you grant your customers an easier check-out process, discounted offers, and installment options, you’ll definitely see a boost in your customer retention and engagement.
Ready to Set Up Your Mobile Payment Processor?
We know that the idea of installing mobile payment methods can be quite overwhelming, especially if you’re running a small business.
Hopefully, our little guide has shed some light on the four main reasons why you should get it done anyway.
There will be a small initial investment, but you’ll be getting more than your money’s worth in no time.
If you liked our article, you’ll want to check out additional tips and advice in our business section.