The 21st century started with a lot of technological innovations. Businesses that want to grow have to keep up with the recent trends. One of them is mobile payments.
The days of carrying cash around are over as customers can pay for purchases through several other means. People can now make transactions with their mobile phones through the use of certain applications.
In research conducted by Mobile Payment World, it was predicted that the number of people who use mobile payments would increase to 150 million in 2020. This reminds of us how shopping on eCommerce websites grew so fast. There are many mobile payment systems in the world today like PayPal, Braintree, and Stripe. In 2016, over 100 billion payments were made through PayPal.
By now you should realize the importance of adopting mobile POS systems in your business. However, here are a few more reasons why the mobile payment system is a good investment:
1. Customers Find It Very Convenient
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This is the most convenient method of payment for most people. Mobile systems make things easier and faster for customers. It saves the time spent waiting in lines at stores and they don’t have to carry money before purchasing an item.
A research study conducted by Business Insider in 2015 showed that 40% of millennials would no longer use cash to make payments and all transactions would be done using mobile payments. Sweden is rapidly heading towards a cashless economy and is planning to use only virtual payments by 2021.
2. It’s A Safe And Secure Method Of Payment
The service providers of mobile payment systems understand the importance of safeguarding the financial details of customers. Mobile wallets are less prone to security breaches than credit cards.
Apple Pay, a popular mobile wallet, makes use of tokenization. This is a tool that encrypts the customers’ information so that it can only be accessed by the customer. This token is not a card number so hackers cannot use it to gain access to the customer’s bank details.
Other security measures are also available with a mobile wallet. If the phone gets stolen, the owner can freeze the account so the thief can’t get access to it.
3. It’s A Good Way To Keep Up With The Latest Technology
According to research done by Bain & Co, it was discovered that many people spend more money when they use mobile payments. Owners of retail stores will likely reap a lot of benefits from adopting the mobile payment system by winning the loyalty of their customers.
In 2016, Visa signed an agreement with Honda to create an in-vehicle payment system. This system enables the car owner to pay for gas and other services. MasterCard, Samsung, and some online grocery stores partnered together to create an application that enables customers to buy goods directly from online stores.
If you want your business to grow, you have to keep your eye out for the latest business trends. The mobile payment system is the hot new thing. Implementing these systems in your business will help you retain your customers.
4. It Makes It Easier To Keep Financial Records
Bookkeeping is very important for every business. You need a system that makes it easy for you to pay your bills and maintain contact with your accountant.
A mobile payment system can help you to manage your cash flow and also reduce costs. It will also help you to avoid mistakes when making calculations as there are mobile payment systems that have applications for financial management.
5. It Increases Customer Satisfaction
Many people have already adopted mobile payments. Customers usually gravitate towards anything that will make their shopping experience a lot easier.
Satisfying your customers is a very important aspect of business growth. Making the shopping experience easy for your customers shows that you value them. No one would love to come to a store where they have to always wait in line for long hours before making payments.
Adopting a good mobile payment system will go a long way to relieving the stress of shopping. You get more money and more customers as well.
During the holidays, you can increase your customer base. Other stores will usually be crowded during this period so you can increase the value of your business.
Mobile payment systems are extremely beneficial to businesses today. In a world that is moving at such a fast pace, it is important to be able to get things done as quickly as possible.
Mobile payments are here to stay. Businesses that want to stay on top have to implement this payment system to thrive and grow.