Today’s business-oriented technology has come a long way in creating more options for business owners everywhere. One development that has significantly grown in popularity is the adaptation of mobile credit card processing. Over 500,000 new businesses start each month, and credit card payment processing regulations have made it easier than ever for businesses of any size to accept mobile payments, and they offer a world of benefits. Here are just a few ways that accepting mobile payments is good for business.
- Enhanced customer experience:
One of the main complaints made by customers when shopping at brick and mortar stores is having to wait too long. When your customers are holding handfuls of merchandise, the last thing they want to do is wait in line for 20 minutes before cashing out. It’s not uncommon for customers to get fed up with the wait and leave the store without buying a thing. You can make the lines at your business move exponentially faster by accepting mobile payments. When all customers have to do to cash out is hover their phone over the mobile payments reader, the lines will be virtually nonexistent. This greatly enhances the overall customer experience and turns one-time customers into lifetime followers.
- Improved security:
Mobile payments are protected by cryptograms and technical tokenization methods, making them the most secure form of payment. Most mobile payment service providers also give customers the ability to implement a fingerprint scanner for added protection. All in all, mobile payments are much more secure than traditional payment methods, such as debit or credit cards, which can easily be stolen or hacked. In fact, data breaches totaled 1,540 worldwide in 2014 — up 46% from the year before — and led to the compromise of more than one billion data records. Keep your customers safe by accepting mobile payments.
- Expanded clientele:
It’s not surprising that millennials are the biggest users of mobile payment services. A recent Accenture survey found that about 23% of millennials utilize mobile payments at least once per week, and of those that adopted the technology, 45% were between the ages of 18 and 34. If your business primarily targets the older generation, accepting mobile payments may bring in new and unexpected clientele.
Ultimately, accepting mobile payments improves both the customer experience and your business’s bottom line. For more information about credit card software for small businesses or credit card payment processing regulations, contact First Direct Financial.