In 2021, 11% of all transactions in North America were done using digital wallets. This number is up from just 3% in 2017. While it’s still not the majority, the trend is clear: people are using their phones to pay more and more.
Credit card usage has remained the preferred method over the last decade. However, the share of transactions dedicated to cards has not increased. More people are making the switch to mobile payments.
Why You Need Mobile Payments
1 – More Revenue
If you don’t have a mobile POS system, you’re missing out on potential sales. Mobile POS systems allow you to accept payments anywhere. Flexible payment options mean your customers can pay you in line, at the table, or even outside if you have a pop-up shop.
Have a customer that left their wallet at home?
With a mobile payment solution, they can still purchase with ease. No one forgets their phone when they go out. By giving them the option to pay with their mobile device, you can secure the sale and increase your revenue.
For restaurants, mobile payments can equal faster table turnover. More checks can be processed in the same amount of time, leading to more customers served and more significant profits.
2 – Better Customer Service
Mobile payment solutions also open up opportunities for better customer service.
Since you can accept payments anywhere, you have the freedom to consult with your customers about their orders or preferences without worrying about missing out on a sale.
This freedom could be as simple as being able to process a payment at the customer’s table instead of them having to go to the register. Mobile POS systems make it easy for sales associates to keep track of inventory for businesses with many products- such as apparel retailers. Better visibility for inventory means you can help customers find what they’re looking for without leaving their side.
3 – Improved Security
When you first think of mobile payments, security might not be the first thing that comes to mind. But mobile payment solutions have come a long way in recent years and are now just as secure, if not more so, than traditional methods like credit cards.
Mobile payment systems use encryption to protect your customers’ data. This ensures that all transactions are secure, even if done in public.
If you want to stay competitive in today’s market, it’s essential to offer a mobile payment solution for your business.
4 – Convenience for Your Customers
Customers today expect convenience, and mobile payments are an easy way to provide it. Customers can perform self-checkout, order ahead, and even pay with their loyalty points with a mobile POS system.
Long lines are a thing of the past when you give customers the power to finish transactions independently.
For restaurants that are still short-staffed, this is a lifesaver. With mobile ordering and payments, you can take orders with fewer servers on the floor.
5 – A Better Experience
With a mobile payment solution, businesses have access to valuable data that can be used to improve the customer experience. Each transaction provides insights into what customers are buying and how much they’re spending.
Businesses can use this information to personalize marketing campaigns, offer exclusive discounts, and upsell customers based on their purchase history.
These factors will help improve your customer service and increase loyalty in the long term.
How to Get Started with a Mobile Payment Solution
If you’re convinced your restaurant or retail space needs a mobile payment option, you probably want to know where to start.
There are many options, so it’s essential to do your research and find the best one for you.
Here are some features that you should look for when shopping around:
- Ease of use, with a simple interface.
- Fast processing times.
- Durable hardware that will last and stand up to wear and tear.
- Support for multiple payment types, such as chip cards, contactless payments, mobile wallets
- Customizable options
You’ll want to choose a software service that works with the unique needs of your business. There are independent software vendors for every vertical. Finding one specializing in your niche will ensure that you get the most out of your mobile payment solution.
Once you’ve decided, it’s time to start accepting payments.
Once you select a mobile payment solution, promote it to your customers and update your payment methods accordingly.
This will help ensure a smooth and successful transition to mobile payments.
The Future is Mobile
Whether you’re looking for ways to improve customer service or boost your bottom line, mobile payments are an excellent option for any business.
To get started with a mobile payment solution for your business, contact our experts here.