E-commerce Mobile Payments – Is Your Business Ready?

Mobile may once have been seen as the wave of the future, but changing consumer habits and rapid expansions in the mobile sector have pushed this technology to the forefront. Consumers have been using mobile devices to browse and buy for years and have come to expect the technology to integrate with their experiences in brick-and-mortar stores. It’s time for your business to answer the demand by accepting mobile payments.

Get Familiar with Mobile Commerce
Whether your customers have iPhones or Android devices, they now have the option to pay for purchases using payment apps instead of cash, checks or credit cards. Apple’s Apple Pay and Google’s Android Pay allow users to store credit card information directly on their phones so that they have access to a collection of preferred payment options wherever they go.

To pay with one of these apps, a customer unlocks payment information using a PIN and holds their phone near a point-of-sale device equipped with near-field communication (NFC) technology. Only businesses with this technology in place can provide the increased level of flexibility and convenience consumers enjoy with mobile payments.

Benefits of Going Mobile
Getting your business ready for mobile payments means upgrading to point-of-sale terminals with NFC capabilities. Although it requires an upfront investment, this change brings benefits to your company and its customers. Mobile payments are faster and more convenient for shoppers, few of whom use older transaction methods like cash any more. According to Merchant Maverick, only 23 percent of payments in 2017 are expected to be cash-based. By contrast, most people have a mobile device with them almost all the time, making mobile payments more practical for an increasingly tech-savvy customer base.

For your business, accepting mobile payments means giving consumers more choices and increasing the likelihood of in-store purchases. Your customers are already using their mobile devices to make purchase decisions before they come to your location and may even be doing research as they shop, so being able to pay with the same device ensures a streamlined experience.

Offer Incentives
Despite the convenience, some customers may need time to become comfortable with mobile payment technology. Making one payment with a mobile option tends to lead to more, so providing perks for using this method can help boost the use of mobile transactions and encourage customers to make more purchases in the future.

Consider delivering digital coupons to those who make mobile payments, tailoring the offers based on their purchase histories. Other extras, such as receipt tracking, are seen as desirable and can help make mobile payment use more attractive for your customers.

In a 2015 study, the Federal Reserve showed 22 percent of mobile phone users and 28 percent of smartphone users were already on board with mobile payments, demonstrating the growing desires for more convenient payment options. Getting NFC technology in place now shows customers you’re in tune with their shopping styles and positions your brand as a forward-thinking fixture of the retail landscape.

If you need help financing your new point of sale terminal, consider a business loan alternative to get things moving. Everest Business Funding offers MCA Cash in a little as 24 hours to get you moving fast!