Mobile Payments for Your Business
Mobile payments are on the rise and in 2016 will become a modern-day staple as Apple Pay and Google Wallet are used more and more by consumers. Why? Because they are convenient and secure. Our smartphones are glued to our hands 24 hours a days, 7 days a week, and having the luxury of not carrying a wallet around (or those terrible times where you forget it) will make credit cards a thing of the past and mobile payments the present and future.
To get on board with this progression of society, giving your customers the option to pay mobily shows you are keeping up with trends and staying relevant. It also tells your customers you care about their experience with your products and services, and if paying mobily is the way they want to go, then you’re ready to give them that option.
But where are the numbers? 451 Research found that 25 percent of smartphone users are more likely to spend money over mobile payments in 2016. First Data also conducted research finding customers that use mobile payment apps are spending up to 20 percent more when using a virtual card.
That is 25 percent of your customers willing to pay more for your services and products if you offer them the ability to pay through Apple Pay, Google Wallet, or Paypal. That is staggering. And it’s something you shouldn’t take lightly.
But how do you take it a step further and entice customers to use mobile payment apps? You could give them a discount, or offer a loyalty points program for using an app. You could also send them digital coupons and make sure they subscribe to your mailing lists.
The Bottom Line
Of course offering mobile payments will require you to purchase equipment and pay a processing fee, but do your research and take into consideration the fee you already spend for credit card transactions. Think of your customers and ask if they’d use mobile apps when paying for your products and services. At the end of the day, doing what’s right for your company is always best, but also being able to see trends and understand the benefits of investing in the future is just as important.