Phones have become our lifelines. It’s now a rarity that someone is found without a mobile phone since smart phones are multi-functional devices. Consumers across all professions and generations use them for a variety of reasons. They can watch a tutorial on Youtube, post a picture of pressed juice or inspirational wisdom on Instagram, network over Linkedin, purchase items online, instantly e-transfer money, and a million more things.
It seemed only natural that the next step in the payments world threw mobile into the mix. There are two different types of mobile payments: payments made by a mobile device and payments taken on a mobile device.
This blog post is going to focus on the latter. Payments taken on a mobile device with a portable card reader is by no means a new concept but is becoming increasingly prevalent among merchants. Here are some compelling benefits:
1. Bust a line
By transforming mobile devices into POS systems, the traditional concept of a cash register becomes obsolete. Paying becomes infinitely more convenient, rapid, and streamlined.
When consumers see a long line up at the till, their desire to avoid waiting in line outweighs the need to purchase the product. You hold in your hands the ability to abolish long lines and recover those sales by being able to take payments anywhere, anytime (line busting).
Apple implements this system flawlessly; their salespeople are able to move around and help customers anywhere in the store. Every salesperson turns into a moving POS which in turn, reduces waiting and increases sales.
I’ve witnessed first hand how much people don’t like waiting in line. Having worked in retail, I constantly saw potential sales walk out the door when they saw how horrifyingly long the line was – every business owner’s worst nightmare. By accepting mobile payments, you will eliminate that friction and ultimately see an increase in sales.
2. Get paid faster
With mobile payments, the world is your oyster. You’re no longer confined to a brick and mortar location; your business becomes portable. You can take payments instantly when you make house calls, special deliveries, or onsite repairs. Plus in industries such as these, you’re getting paid immediately.
As long as you have your phone, you can accept credit cards anywhere, which adds another level of convenience for the customer.
Rather than a busy business executive rushing to pick up her dry-cleaning before the store closes, you can deliver straight to the office and process the payment immediately. Now the next time that same business executive requires dry-cleaning service, who is she going to turn to? Yep – the business that went above and beyond to provide a pleasant experience.
3. Aggregate your stats
Many great payment processors allow you to accept mobile payments and give you the luxury of seeing all of your information in one place, which helps you understand the needs of your business and implement the best plan for you. Since mobile payments are instantly processed, the information is also instantly gathered.
You will be able to see your transaction history by time and place, sales analytics, and employee information. For franchisers, a compilation of data from each store in one location helps you see the bigger picture.
Analytics can also illustrate whether marketing initiatives or company wide procedures are having the effect that you hoped and which stores are thriving and struggling so you can prioritize efforts.
4. Email receipts
Mobile payments create a perfect opportunity for you to email receipts, which is the gift that keeps on giving. By using email receipts, you reduce paper cost, earn eco-friendly points and enhance the customer experience. Let’s be honest, most people hate paper receipts. Consumers purchase a variety of things on a daily basis. For those that want to keep track of their expenses, the receipts can add up and soon they have an overflowing wallet and more clutter in their lives.
Receipts via email are also an underutilized way to increase sales. There are programs such as Receiptful that can help you cross-sell and upsell right on the receipt. Payfirma allows you to add social sharing buttons right on your receipt, creating brand awareness and boosting social proof.
No matter what size or industry you’re in, your business should adopt mobile payments. 505-Junk is a business that is constantly on the go; they implemented mobile payments to process transactions right at the job site and are seeing amazing results.
Sephora has notoriously long lines and addressed the problem by utilizing mobile payments to assist their customers faster. Accepting mobile payments has multiple benefits, provides infinite possibilities, and allows your business to adapt and survive in today’s fast-paced, technology-driven culture.
Have you implemented mobile payments? We want to hear your experiences!