Mobile payments are only one form of payment processing, and though they are taking time to catch on for some merchants, mobile payments will continue to rise in both popularity and preference. Mobile payments growth can be a part of your business growth, and they should be. In the age of instant gratification, overall mobile technology will become more of a norm as their security and efficiency are developed. For the sake of your business growth, it’s wise to get on board.
Whether you decide to adopt a form of mobile payments at your business or make your business a more mobile enterprise with other mobile technology, the time to do it is now. Hesitance to adopt mobile payment solutions or mobile wallets at your business will put you behind those that do. Consumers value convenience and security, and with biometrics making a mark as a mobile security measure, mobile payments are an opportunity merchants won’t want to miss out on. It’s not just another payments channel, it is a bridge connecting physical commerce and eCommerce.
Besides acting as a bridge between commerce and eCommerce, mobile payment systems bring value to the growth of businesses, according to Vantiv. It allows merchants to expand their customer base at a low cost. Depending on your business type, setting yourself up to accept mobile payments can be as easy as using a product like Payline Start to integrate a simple-to-use system and test the waters with no exorbitant fees.
Mobile payments also give your business some unique marketing opportunities. The association of making mobile payments with your business will open the door to creating a more widely received mobile business platform and provide an opening to do more via mobile and reach a wider audience via advertising and social content sharing.
Ultimately, adopting new technology or brand identity is more beneficial to merchants than they may have considered. Mobile technology is useful throughout a business, and mobile payments is just the finishing touch.
In 2015, The Boston Consulting Group partnered with Qualcomm to study the effects of mobile technology in business in six countries, where mobile technology’s effect showed boosts in revenue and created more jobs. The study showed that the implementation of mobile technology with small and medium enterprises, or SMEs, showed two times the revenue growth and eight times more job creation. Additionally with mobile technology, SMEs drove mobile payments up to $630 billion worldwide in 2014.
Bear in mind: this study was two years ago, and given the dramatic amount of mobile technology development there has been in the last year alone, including mobile payments, these effects of mobile tech are long-lasting. Mobile payments cater to the anytime, anywhere customer, and your business can meet these customer needs by adopting mobile payments technology and creating long-lasting business growth.
Payline creates long-lasting solutions to meet your payment processing needs. We provide opportunities for continued business growth and are always striving toward innovation. Armed with top technology and strong payments knowledge, Payline is ready to help you grow your business with easy-to-use payment solutions.
This piece was written by Lauren Minning, Content Specialist for Payline.