There’s one major question looming in the mobile payments products market that may hold businesses back from adopting new technologies: How much do consumers actually care about paying via a mobile device?
While it may seem like a slow burn, mobile payment adoption is on the rise — both for remote mobile payments and those made in-person at physical terminals. Although mobile payments don’t account for a major percentage of overall consumer spend, the trends show a positive trajectory of where the market is going.
Data from Statista shows that the 2017 figures project that more than 72,000 payments will be remote using a mobile device, and more than 16,000 payments made via mobile in-person. Adoption figures are anticipated to grow by more than 10,000 transactions for each of those segments per year.
If you’re wondering “why does it matter to really accept mobile payments?”, there’s one simple answer: Your customers are increasingly digitally-focused, which includes how they are thinking about payments. Those same customers also expect your business to be able to accept payments however they want, in their preferred form factor. More and more, the shift is leaning toward mobile and electronic devices.
More importantly, your business can gain an edge through offering mobile payments products because of four key perks: security, mobility, flexibility and loyalty. Not only are mobile payments a safer way to pay, they offer your business the convenience of accepting payments on-the-go, enable your business with more tools and technologies, and can increase your connection with your customers.
How Mobile Payments Products Can Matter for Your Business
Because your business already needs a payment solution that can accept magstripe payment cards and is EMV compliant, the next natural extension is having a solution that accepts NFC/contactless payments and can accept card payments through an mPOS.
Instead of having multiple systems to address each of those needs, your business is better suited by having one product that can works for all of those options. After all, businesses today are looking to streamline their payments needs — not add more systems. Working with Payline gives your business multiple outlets to accepting mobile payments with simple, efficient integration capabilities.
Through products like Payline Start and Payline Surge, your business — regardless of size — can ignite your business with a seamless, easy-to-use mobile payments solution that will meet the evolving needs of your company. Whether you’re a merchant who needs a fresh, modern payments solution, a growing small business, or an entrepreneur with just a small office, relying on Payline’s solution can offer a reliable product that won’t compromise your business’ financial health.
If your business is looking for a faster way to onboard mobile payments, Payline Surge offers a solution that merges your mobile and in-store payments needs with even more evolving technology opportunities available in the market.
From a logistics standpoint, Payline Surge offers your company the necessary technology to manage your business’ inventory and revenue, while having the right resources, tools and technologies to grow your business — and still meet your customer’s needs.
Some businesses may think onboarding mobile payments products is too complicated. In reality? Mobile is simplifying the payments equation for businesses needing to accept them anytime, anywhere and with almost any device.
That’s why Payline has crafted its mobile payments products and solutions to fit the changing needs of businesses and entrepreneurs – instead of the other way around. And it’s also why businesses need to choose their accepted payments methods based on the needs of their customers — and not vice versa.
Anna Lothson is a content contributor for Payline Data. She previously wrote for PYMNTS.com, as a Sr. Content Producer, where she focused on financial services and payments innovation, fraud and security, emerging payments, and FinTech news, research and thought-leadership content across the payments industry.
