Mobile payments have increased in popularity by 178% over this time last year, according to the National Retail Federation. Many businesses are using them to broaden their customer base and increase customer loyalty.
Businesses that conduct most of their transactions in the field are the ones most likely to benefit from mobile payments. Companies such as landscapers and plumbers can use mobile processing to take customer payments when service is rendered as opposed to waiting for their customers to respond to mailed invoices.
Another advantage to accepting payments by phone is the impact it has on the customer’s view of your business. Customers today are more likely to deal with a business that is ahead of the curve when it comes to technology. Not only is it more convenient to do business with a company like that but it is more likely that business will survive in the future if it is able to adapt to changing technology.
A business that accepts credit cards also comes off as more trustworthy to new customers than a business that insists its clients only pay in cash. This is mainly due to the fact that purchasing with credit allows a customer to dispute the charge if a problem arises.
Small companies that conduct business at events like craft fairs and farmer’s markets can really benefit from mobile payments. Research has shown that customers tend to spend more at a retailer when they are able to use a credit card. This makes it possible for a business to increase their sales without paying extra for marketing.
Many companies have found that they are able to sell larger and more expensive merchandise than what they were able to sell before accepting credit cards. Since many people do not like to carry a lot of cash in public places, businesses that operated in these areas were often stuck with small transactions. Once a business can accept credit cards, however, customers feel more comfortable spending a larger amount of money.
A final way that accepting mobile phone transactions can help your business deals with the marketing of your brand’s image. Many apps that businesses use to set up their payments, also include options where a business can advertise special sales and items via mobile phones to its customers. It provides just another way for a business to reach it’s customers and ensure that connection is maintained.
Accepting credit cards is a great way for a business to distinguish themselves, and the ability to process customer payments quickly and securely will ensure that customers have an enjoyable experience dealing with the business. This experience becomes a powerful marketing tool for any business as it will keep the customer coming back and will make them likely to refer the business to other customers. This will keep a business thriving well into the future.
About the Author
Jacob Thompson is a writer for Merchant Seek, a Savannah, Ga. based company that offers payment processing advice to small businesses.