Most likely, you have encountered mobile payment technology either as a consumer or as the owner of a small business. As its popularity grows, you may be asking yourself if it would be a good fit for your own store or restaurant. There are several reasons why now might be the time to talk to your merchant services company about your ability to accept mobile payments like Samsung Pay or Apple Pay.
- Added Security
These days, stories about credit card fraud and data breaches seem to be at the top of the headlines more often than not. The “contactless technology” behind mobile payments allows a customer to simply wave her phone near your card reader or terminal for more secure payments. That’s because each transaction receives a unique token code, and all information is encrypted as it makes its way through the verification and authorization process. This is especially good for you as a merchant since your staff never has access to customers’ sensitive credit card data and therefore you are not liable if something goes wrong.
- Rewarding Customers
When you adopt a mobile merchant credit card processing system, it comes with many compelling added capabilities. One of the most interesting is its ability to help you set up and maintain a customer loyalty program. Incentives can easily be emailed to your customers, giving you an edge over your competition.
- Notifying Customers
With mobile payment technology, you can set up your system to allow for location-based alerts. When customers walk or drive close to your location, they can receive word about your latest promotion. It is these impulse visits that can mean added profit for your business.
- Customer Satisfaction
Amid the confusion and questions about mobile payment systems, one thing seems perfectly clear: Customers love it. No longer do they need to carry cumbersome cash or even plastic anymore. All they need is a smartphone equipped with a mobile wallet like Samsung Pay or Apple Pay. If you become one of the establishments that accepts this way of paying, you can potentially win the loyalty of consumers who don’t want to buy things the old-school way. By the same token, you could lose valuable customers if you fail to have mobile solutions in place.
- It’s Not as Hard as You Think
Believe it or not, your current POS system may already be equipped with the capability to accept mobile payments, particularly if you have upgraded since the transition to EMV chip-enabled credit cards. Check with your merchant services provider to learn how easy it might be to adopt this solution. Even if your current system does not accept mobile payments, your provider may be one of the many who are offering promotions and special deals that can make the transition much more financially appealing.
The fact is that mobile payment technology is here to stay. It’s secure, it’s convenient, it’s packed with cool features and customers love it. There never has been a better time to make mobile payments a part of your company’s road to success.