Mobile pay applications have necessitated the ability to conduct mobile payment using your smartphone since they store information for both your credit and debit cards. This has made payment from the point of sale even more comfortable by merely scanning your device against the point of sale mobile payment reader. With this transformation, your wallet is slowly becoming a relic.
Mobile pay applications like Google or Samsung pay provides a level playground for even smaller businesses to thrive. From a change management perspective, the uptake for the mobile pay application is even easier with smaller companies than big ones. This is due to the relatively small infrastructure that reduces the legwork during integration. For a big business, the process might take quite a while due to the massive infrastructure and different business processes.
Reduces expenses
Mobile pay systems are cost-effective and provide formidable payment alternatives for your business. It gets rid of any costly purchases for point of sale systems, as you can convert your mobile system using a card reader app to serve almost the same purpose as the conventional point of sale systems. With the mobile pay apps, you will no longer spend your money on paper ink and email receipts, since all the transaction history is kept in these applications and you can access them anywhere and anytime.
Additionally, they promote savings since most mobile pay companies charge less for every transaction than when compared to credit card companies. The other thing is that some mobile pay apps, have no transaction cost at all, they only charge you when providing additional incentives to the client. However, it is advisable that before settling on a mobile pay app, gather intelligence by reviewing different mobile pay programs to reach the most cost-effective one.
Improves cash flow
Akin to customers’ preference for debit and credit card payments over cash and checks, mobile payments are equally offering similar service since they are much faster. With mobile pay apps, your business can process and wire funds to other business accounts in less than three days.
Useful insights on tracking inventory and customer trends
They provide valuable information you can use when making important business decisions like how often client shops, their spending rate as well as the type of payment they prefer. Such data can help you in tailoring your marketing strategy to individual preferences leveraging on customer behavior and their purchasing patterns. Doing that will enable you to provide improved customer service that makes your brand stand out to customers.
On the other hand, you can as well track your product inventory, which is often a big hassle for most businesses. These mobile pay apps automate the tasks of monitoring your inventory, which acts as a precursor for better customer service. By tracking the stock, they aid you in understanding customer demands. For instance, if you are a pizza shop, you might find that most customers purchase pizza on Fridays and Tuesdays. This information can help you optimize your inventory for such days, ensuring you are meeting the demand.
Incorporates and improves loyalty programs
The integration with your loyalty programs can be an effortless undertaking when piggybacking on mobile pay apps. Customer information is readily stored in the mobile app, which prevents the need for a client to regularly carry punch cards when your company is running such loyalty campaigns. Once a client makes a purchase using the mobile payment application, their points are automatically added or increased. You can add value to the customer by using technology to help in linking the purchases, to their accumulated points
Offers credit card payments
Mobile applications accept both credit and debit card payments. This can be a valuable addition to customer demographics who have upheld their reservation in using credit cards, now with smartphones; they will quickly transform to doing their transaction with credit cards while using mobile payment platforms.
Impulse Buying
With the understanding that customers tend to buy goods that have enticed them and when they have the money, it should help you in deciding to hinge on mobile pay apps to capitalize on the impulse buying nature of online customers. Most importantly, use these mobile pay apps to effect any transactions so that you can enjoy the benefits of simplicity and its cost-effective nature.
Increases the checkout speed
It is a well-known fact that clients extremely hate slow customer service. And especially when they are making online purchases. Due to their swift nature in processing transactions, most users have a preference for mobile pay apps rather than credit cards.
To any business, abandoned shopping carts present a bad picture for your business, but to deal with such occurrences, you need to ensure that your checkout process is seamless so that clients don’t get to jump ship along the way. Mobile payments systems tend to move things faster and can make your checkout process even better, which means you can retain more customers besides increasing your sales.
Convenience for customers
Customer convenience is a selling point that is continuously championed by sales and marketing gurus. It offers excellent benefits to your business as it builds your customer base and has the potential to promote your sales. Making it easy for your clients to pay you will not only help increase your sales revenue, but it provides you with the chance to engage with them through their entire customer journey. Since most clients are always looking for ways to connect with their service providers, maintaining such engagements through their customers’ journeys helps your business in improving your customer experience.
One way to achieve this is by using beacons to send coupon notifications to customers whenever they are within the proximity of your business. This company should impress on them to visit your stores and check your products and services. Convenience increases customer loyalty and can easily convert them into loyal customers
Conclusion
Mobile pay applications are less complicated and require very little technical know-how during the implementation and adoption process. On the other hand, customers prefer mobile payment systems because of their simplicity and cost-effective nature. Integrating these mobile pay apps to your business process will enable you to increase sales, but more so, they will help you in increasing customer retention.
