In the current world, most businesses are embracing the information technology and are getting online. One way to increase revenue and create a more convenient and faster business environment is to have an effective payment solution. Your payment processing will greatly affect sales and revenue. In this article, we are going to look at different payment solutions that you can adopt and the effect they will have on your business in the coming year.
A mobile wallet in real sense works as a virtual wallet where payment card information is stored on a mobile device. As a business owner, all you need to do is have your business listed with a mobile wallet service provider and your customers can use this app to make in-store payments. This technology provides a faster and more convenient transaction experience. According to a recent survey, while mobile wallets may have lacked behind than other forms of payment in the past, the results show that 64% of consumers are now willing to switch to mobile wallet in the coming years. Some consumers are also willing to give up their mobile banking apps for mobile wallets. The main advantage of mobile wallets is that fraudulent activities such as identity theft are harder to initiate. They are also useful to small business owners who experience high volumes of transactions per day since they help to reduce payment and wait times. It is a win-win option for both the business and the customers.
mPOS (mobile point-of-sale) systems are becoming more popular as the traditional in-store payment solutions continue to ride the mobile wave. The number of devices using mPOS is believed to increase to 28 million from 3 million by 2020. Most businesses are recognizing the speed, simplicity and convenience of these mobile payment solutions. All one needs is a tablet or a smartphone to get started.
Rewards and Loyalty
According to recent studies, two-thirds of consumers, mainly consisting of millennials, become loyal to businesses that have a loyalty and rewards program. These programs have consistently played a major role in the buyer decision process. Adding a rewards and loyalty program is increasingly becoming essential especially for businesses that face stiff competition. In order for the program to be effective, you have to be willing as a business owner to upgrade your payment solutions since outdated equipment cannot help you create multiple touch points with your clients.
Let Customer Experience Take Center Stage
While customer experience has always been important, Gen Z and millennial consumers are placing an even bigger emphasis on it. These generations of consumers love omnichannel payments and they will only choose businesses that offer them. This is applicable in mobile, online and in-store platforms. With such payment solutions available to them, in return these consumers are willing to share their banking credentials and this allows merchants to establish a relationship, encouraging future purchases.
Changing customer preferences and innovative technology will continue to affect payment processing in future. As a business owner, the only way to keep up with these changes is to partner with a reputable payment processor.