Mobile payments used to be seen as a trendy and quick way to pay for coffee, but now, this trend reflects a real shift in consumer behavior. As smart phones become more prevalent and consumers become accustomed to different ways of paying at a store, business leaders are recognizing that it’s important to consider this form of payment. Here are three reasons why your company should offer mobile payments to customers:
Today, an increasing number of people are using their mobile devices to make payments. Even more people are using their smartphones to look for coupons, deals and discounts that they can use at checkout. The habit of using a smartphone or tablet to make payments is already second nature to people, especially among younger consumers. If your target market is a primarily younger consumer, offering mobile payments or mobile coupons and deals can be beneficial for your business. Giving these customers the ability to pay however they want means that you won’t lose their business as mobile payments continue to make up more and more transactions.
If you offer a coupon or discount for first-time customers, listing it online or through a mobile app can help you get additional exposure for your business.
A study by Visa shows that Americans are twice as likely to carry a phone as opposed to cash. For many younger customers, paying through an app on their phone is the preferred method simply because they don’t need to carry anything else. Larger retailers already offer mobile payments and many small business owners are following suit.
Accepting mobile payments have additional benefits, such as speeding up checkout lines and the ability for employees to focus on customer service rather than staffing the register. For small business owners, mobile payments can set up location-based reminders using geo-fencing that can alert a customer that the store is having a sale or notifying them that the store has a new arrival.
When customers pay using their smartphone, businesses have the ability to capture more than just a credit card number. Businesses have the ability to track purchase history, item preferences, email addresses, returns and more. This information can be used to help build a customer profile that can help in future marketing efforts. This can help turn a one-time sale into a repeat customer through targeted marketing efforts.
A customer database is a great place to store additional information about your customers. If your payments are tied to a customer, you can see how their purchases change and what opportunities you have to bring new products and services to your customers.
By offering mobile payments, you’ll no longer have to turn customers away because they don’t have cash on them, and you’ll never have to worry about losing a sale.