The rapid progress of businesses adopting mobile payments is anticipated to expand this year. However, some businesses are apprehensive about taking advantage of the benefits of acquiring a mobile payment processor. According to Holly Whitehead of Mobile Payments Today, worldwide mobile payments are predicted to exceed $1 trillion by 2019. While some businesses may be reluctant to utilize technologies like a mobile payment processor, here are three advantages they might overlook.
Customer Growth – Mobile payments weren’t always popular with millennials or any other generation because of its unfamiliarity. However, technology offering more ways to pay has changed the views of millennials on mobile payment systems, according to Alan F. of Phone Arena. Scott Blum of Retail Customer Experience states that millennials makeup one-fourth of the US population outnumbering baby boomers and are three times the size of Generation X. For those reasons, businesses should start using a mobile payment processor to reach one of America’s largest spending demographics.
Customer Retention – Acquiring new customers is a sign that you are on the right track to success in your business. Keeping customers coming back for more is just as crucial as gaining their business. A mobile payment processor can help you secure customer loyalty. Offering mobile rewards, discounts and the opportunity for giving feedback will enhance your customer’s shopping experience and increase engagement with your business.
Extensive Security – Some entrepreneurs may seem hesitant to embrace mobile payments for their business because of the doubts about data security. There are two forms of a mobile payment processor. One is online via apps and the other is a physical POS device. Mobile payments can stay protected with a reliable payment processor that also offers fraud protection. Payline offers a Customer Vault that uses tokenization technology substituting sensitive data with a safer equivalent, referred to as a token. Another solution Payline supplies to assure the safety of your customers’ data is a fully capable and EMV compliant mobile credit card reader. These are just two of the many ways mobile payments are being made secure for customers and businesses.
In today’s modern age of technology, avoiding the use of a mobile payment processor may not be beneficial to your business. Embracing mobile payments can boost your customer growth and keep your business up to speed.
Don’t let your business miss out on having more than one way to accept payments. Let Payline be the payment processor that helps add diverse methods for your business to accept payments.
This piece was written by Charne Graham, content specialist for Payline.