Thursday 18 October 2018

Key benefits of Mobile Payments to increase sales for your business

When customers come to the register to pay for their meal or purchases, many can now simply hold up their mobile phones instead of pulling out a credit card. Mobile payment has really taken away the requirement that you have to build big systems and be a large company to be successful with technology. In many ways, it is easier for small businesses to adopt mobile payment programs because they don't have a large infrastructure to work through so small businesses can jump right in. Here are five ways of offering a mobile payment to your customers will help you increase sales:

Integrate and increase incentive programs
One of the biggest benefits of using a mobile payment option is the ability to integrate loyalty and incentive programs into the mobile payment applications. Instead of customers having to keep up with punch cards or key ring tags, all of their information is stored in the application each time they make a purchase with their mobile device. If businesses use technology to link a payment to their points or other loyalty programs then it adds value to the customer. This makes the customer want to return, which then increases revenue.

Ability to offer credit card payments
Previously, many small businesses, especially those operating at remote locations such as a farmers' market or a food truck, were unable to accept credit card payments. Being a cash-only business often decreased sales because customers without enough cash on hand were unable to buy their products. So when a cash-only business can start to accept credit card payments through a mobile payment program, they immediately increase their customer base and increases sales.

Track customer trends and inventory
A common struggle for small businesses is tracking inventory and customer behaviour. But with mobile payment services, you can automate these processes and better serve your customers. Small businesses using mobile payments can now track what product and services they are selling to understand customer demands. Not only can they now capture payment information, but they can learn about their customers and use that information to improve service. 

Increase speed of checking customers out
Customers like quick service, especially when paying since that is typically their least favourite part of the shopping or dining experience. Most customers and staff find that it's considerably quicker to pay with a mobile device than a credit card. Customers typically are more willing to return if they don't have to wait a long time in line. The time savings can also directly increase profits by allowing you to accommodate more customers in the same period of time, especially for businesses with a very busy period during the day, such as a lunch rush at a restaurant.

Save money on credit card fees
Some mobile payment companies charge less per transaction than credit card companies, which equates to direct savings for the company.

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