Small Business Payment Processing: Benefits of Mobile Payment Systems
The evolution of payments has gone from coins and paper money to plastic cards and now — your smartphone. People use their smartphones to perform many of their daily tasks, including shopping for goods and services. The near-universal adoption of smartphones is contributing to the growing trend of mobile payment systems. By 2023, it is projected that 1.31 billion people worldwide will use a mobile payment solution within a six-month period.
Adopting mobile payment processing for your small business can help you generate more sales. Mobile payment solutions allow your customers to pay for their purchases without using cash, checks, or cards. The payment solution uses a smartphone app and near-field communication (NFC) technology to process transactions seamlessly. Below, Seamless Chex will discuss the advantages of small business mobile payment processing to help you find out why it’s essential to help your company grow.
The biggest advantage of mobile payment technology is the convenience it gives to your customers. Most people carry their mobile phones around with them throughout the day. They can use the same device to make payments without the need to carry a wallet overstuffed with cards and cash.
With a mobile online payment system for small businesses, customers can pay you instantly by tapping their phones on the NFC terminal at the point of purchase. Small business mobile payment processing eliminates the need to fumble for cash, fiddle with cards, enter a PIN, or sign receipts at the register, enabling quicker and easier transactions.
Mobile payment systems speed up the checkout process, helping lines move quickly. Lower wait times at the checkout reduces customer frustration and improves their shopping experience, making them return for more purchases. Improving customer experience helps increase sales and profits, helping your business grow.
Contactless payments with mobile wallets provide a more secure solution than paying with credit cards. Mobile wallets like Apple Pay, Samsung Pay, and Android Pay employ cutting-edge encryption and biometric technologies to secure small business payment processing. Modern mobile payment technologies convert card information into non-readable code and require multiple-factor authentication or a fingerprint ID to prevent unauthorized parties from gaining access to sensitive financial data.
Apple Pay, for example, uses an innovative encryption technique known as “tokenization” to protect users’ credit card information. When users download Apple’s mobile payment system, they enter their card details. Apple then replaces the card number with a unique token. The token is used in transactions instead to prevent others from gaining access to the original credit card number. Using a mobile online payment system for small businesses will protect your customers’ financial data, promoting brand trust and loyalty
For small businesses, keeping track of all expenses for accounting and tax purposes can be very demanding. Forgetting to record some transactions can impact the accuracy of your financial statements and get you into trouble with the IRS. Small businesses need an easy and accurate accounting system to control their finances and improve cash flow. Mobile payment processing for small businesses simplifies bookkeeping by automating many routine accounting tasks.
Mobile payment systems can be integrated with accounting software to record transaction details automatically. Automating accounting tasks eliminates the need for manual data entry and cuts down on paperwork like processing stacks of invoices and receipts. Using a mobile online payment system for small businesses reduces human error in financial reporting and frees up plenty of time to help you focus on growing your company.
Customized Loyalty Programs
Many loyalty programs are too general and do not address specific consumer needs. Developing a customized loyalty program for the things different customers are interested in can help your business generate more sales. Mobile solutions for small business payment processing store customer data in the system. This information is very valuable to businesses as it can help marketing teams develop a more tailored rewards program for diverse customers.
Using consumer data stored in the mobile payment system, businesses can offer coupons and discounts on products that the customer has previously purchased or might be interested in, increasing the likelihood that they will cash out on the deal. If data on your mobile online payment system for small businesses reveals that a specific customer has purchased fake meat patties, you can send them special offers on vegan products to increase your sales opportunities.
Adopt Mobile Payment to Grow Your Business
Mobile payments not only speed up the checkout process, but they also improve customer experience and help promote business success. The COVID-19 pandemic further accelerated the move away from cash and cards to contactless money transfers, making mobile transactions the future of payments.
If you need small business mobile payment processing, we can help. SeamlessChex provides free NFC equipment payment readers with zero-cost processing to help your business maximize profits. Contact us now and inquire about our Seamless Merchant services to learn how our mobile payment system can help your business grow to the next level.