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The Advantages of Adopting Mobile Pay in Your Business

There is a whole range of mobile payment options out there, with contactless payments made using smartphones and smartwatches being among the most popular alternatives. And while these solutions offer obvious advantages to users, they can do a lot to help the daily operations of a business as well. Here are some of the business advantages provided by mobile payment solutions.

1 - Faster checkout speed

Mobile payments are generally faster than using cash or a credit card, especially when the contactless payment option is used. Whether or not that increased speed will make a difference in the daily operations of your business depends on a variety of factors, but it can have a massive impact on businesses that deal with large numbers of young adults, such as coffee shops.

2 - Improved convenience

Mobile payment is more convenient for the user. And while not every customer will be willing or able to use a mobile payment solution, people who do prefer this option will favor businesses that offer the option over businesses that don’t.

Mobile payment options also give an alternative for customers who run into troubles with their credit card at checkout, or who simply forgot their wallet at home. Both of which can help secure a sale that might otherwise have been lost, on top of sparing customers the annoyance of having waited in line just to leave the store empty-handed.

The benefits are compounded by the fact that the number of people using contactless payment options is expected to go up in the following years. Especially as the wide availability of Amazon renewed Apple Watches and the rising number of budget WearOS watches continues to make smartwatches capable of contactless payments more affordable.

3 - Added security

It takes shockingly little effort for bad actors to compromise commonly used credit card machines, and no business wants to be the one responsible for customers having their credit cards cloned. Mobile payment solutions, on the other hand, are both incredibly safe and offer customers more control over when their money is used.

While credit cards can be cloned and used without any additional hurdles, mobile payment solutions often require biometric confirmation at the point of purchase before any money is transferred. Confirmation takes the form of either face recognition or a fingerprint scan, and some apps allow concerned users to set up even more security options.

All of this means that even if your store’s mobile payment system is somehow compromised, the amount of damage that can be caused to customers is much smaller. 

4 - Easier bookkeeping

Digital wallets are a relatively modern creation, and that’s made apparent by their convenience. It’s much easier to collect sales information, keep track of consumer trends, and share payment records with your accountants when accepting mobile payments. Plus, you also don’t have to pay the various banking fees that are often associated with depositing money or accepting credit card payments. Mobile payment solutions have their fees as well, but they’re usually smaller.

 

 

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Amita Choudhary

Amita Choudhary

Marketing Manager

Princeton Growth Accelerator

Member since

07 Jun 2020

Location

Princeton

Blog posts

31

This post is from a series of posts in the group:

Payments strategies 2015-2020-2030

Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term.


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