by Fawad Malik,
Apart from the industry, type and size, more and more businesses are now acquiring the expediency and benefits of mobile payments as they allow businesses to get paid instantly for products or services provided without facing the barriers of time and location. Getting paid by customers via mobile payment solutions helps a business propagate faster through boosted customer engagement, better customer experience, flexibility, and improved cash flow.
However, before a business or brand starts accepting mobile payments from customers, they should have a glance at the benefits and risks of mobile payments solutions in order to determine whether the getting paid via mobile payments is the right fit for a business or not.
Here are some benefits of mobile payment systems for both businesses and customers.
The most Convenient Option for Customers
Contactless payments are convenient for customers because can be made quicker than ever before. Furthermore, mobile payments come with lower wait time for customers that improve overall customer satisfaction and build trust as well. It keeps customers from carrying cash or cards in physical wallets. As there are a lot of mobile payment systems, customers can make payments by using an effective and common payment method they find easy to use. Mobile payments also make the payment process less complicated and easier as well. For example, if a customer wants to buy a jaeger lecoultre watch online and also want to pay via mobile, he will definitely choose a seller offering convenient mobile payment method for his convenience rather than a seller accepting payment in cash.
Improved Security
Mobile payments systems are secured than making payment via cash or credit cards because they use tokenization technology to process the payments and customers’ financial details are encrypted. Payment information and details are not stored on smartphones directly when it comes to pay via mobile payment but stored in cloud servers, which means all the details are away from malicious persons and hackers. Due to the convenience and improved security, mobile payment systems will become more widespread in the few years to come.
Improved Cash Flow
A business or company can get paid by its customers in real time if mobile payment solutions are offered. In results, there will be no need to wait for days to get paid and the cash flow would be increased definitely. With improved cash flow, a business will be able to perform its operations and processes more efficiently to improve the bottom line.
Access Actionable Data Quickly
As we all know that scouring the payments data for ways to improve various business processes can be a tedious process, mobile payment systems allow you to manage and track customer data more efficiently than ever before. A business can make use of such data in marketing campaigns and promotions to boost revenues ultimately. Mobile payment systems also provide quick access to customer behavior and other elements such as how often they come & visit your business, how much they spend and a preferred payment method etc. By using all such details and information, a business or brand can deliver more personalized options to the customers to provide them with great experience.
Customer Engagement
Availability of mobile payment solutions offers great convenience for customers and also makes the purchase process easier which boosts customer engagement with the business or brand. Providing customers with mobile payment options can incredibly increase the number of returning customers and conversion rate too. An easier check-out system and mobile payment system brings more customers to the business, who are less able to pay for products or services purchased via traditional payment methods.
Competitive Edge
As we are living in the world of latest mobile technology and mobile payment payments continue to grow increasingly, a business with mobile payment system will be a good position to compete the all small and giant competitors in the market. Mobile payment technology lets the retailers and brands know their customers by name to provide them with more personalized purchasing experience. Most of the mobile payment solutions are developed with built-in loyalty programs that can help a business a lot in creating special offers, mobile gifting, and other promotional elements to grow the business greatly without spending much. As mobile wallets know the customers’ personal details like name, email ID and contact number, etc (provided by the customers), there will be no need for a sales associate to request such details to process the transaction speedily.
