Every business owner has to stay up to date with the latest technologies if they want to be competitive and stay afloat. Offering mobile and online payment options to your customers is a must if you want to improve customer experience and stay up-to-date with the current trends. The benefits of using mobile and online payments are numerous, and we’ll outline the most important ones you should know.
It’s very convenient
If you view the payments as a transaction between the seller and the buyer which is done by exchanging the goods for the money, mobile payments are convenient. The seller doesn’t have to worry about having enough money for the change. They also don’t have to worry about the money being counterfeit and worthless. On the other hand, the buyer doesn’t have to worry about having enough money in their wallet to make a purchase. All in all, mobile payments are convenient for all parties involved in this transaction.
Higher customer experience and satisfaction
We can conclude that people value convenience over everything else. If something is convenient, it’s usually faster, easy to use or perform and hassle-free. Mobile payments fall into this category easily. Customers don’t have to wait in line any longer than to show a QR code and proceed to checkout. They’re simply required to enter a pin or any other form of security recognition to pay for their goods. Customers that are given this opportunity will be more satisfied with the service which leads to higher customer satisfaction. This, in turn, leads to higher customer retention which is one of the goals of any type of commercial service provider.
They’re hygienic and safe
We cannot ignore the fact that mobile payments and contactless payments are a preferred way to pay in the middle of a global pandemic. People do want to continue with their regular activities like shopping hygienically and safely. Paper money is full of microbes, bacteria, DNA, viruses and even traces of drugs. So, yes, paper money is unhygienic and not that safe if you’re trying to avoid any contact with the virus. In comparison to this, mobile payments do not require physical money to exchange hands, thus exchanging bacteria and viruses people have on their skin.
It’s the easiest method to transfer money
Mobile and online payments are the easiest way to transfer money, pay for a service or receive a payment. If you’re a business considering the safest mobile payment solution, you can team up with a payments partner to easily integrate new forms of payment into your daily business operations. Individuals won’t have to worry about having enough money when they can reach out for their phone and transfer money or pay for a service at any time.
Online and mobile payments will boost sales
The pandemic has reduced in-store purchases significantly because people were unable to simply drop and shop during the quarantine. Even though many people gave critical thought to their purchasing habits, whether they were buying on an impulse or simply because they need a new object. Nonetheless, those who saw the importance of online shopping probably suffered less than those who did not offer this type of payment. Giving people a chance to purchase your product or service online can only boost your sales and increase revenue. So, if you want to grow and expand your business, make sure to offer online or mobile payment options to your customers.
They can reduce your expenses
Mobile payments require only one medium – your phone. So, you won’t have the need for other devices like a credit card terminal. The service provider’s phone can be used as a POS by using the right application. Additionally, you can truly become paperless and reduce the use of paper to a minimum. You won’t have to change POS paper rolls or print receipts or invoices if you can go fully digital and send them by email. Lastly, mobile and online payments will cost you less than other bank fees, charges and overhead costs.
Ultimately, you can easily integrate loyalty programs with those using the app. You can share discount coupons while they’re close by and share other incentives like loyalty reward points upon every purchase. This is yet another way to increase customer retention and increase customer satisfaction.