Mobile payment technology, which enables the processing of credit cards wherever customers may be, has exploded in many industries — yet it still hasn’t caught on everywhere.
In our experience, mobile payment systems lead to happier and more loyal customers. If you’re simply too comfortable with your existing payment options and don’t feel the need to change, or if you’re not sure appropriate security systems are in place for the new technology… We have the solution.
Here are 7 reasons why you may want to start using a Smartphone, Tablet or another type of mobile Point-of-Sale (POS) system to process credit card transactions.
1. Convenience, Convenience, Convenience!
One of the greatest advantages of new mobile options is convenience. Most people now expect to pay using a debit/credit card or their smartphone, and so it would be wise for your business to consider offering your customers this form of payment. By accepting these types of payments, you should experience increased engagement with your customers, because you can go where they are — whether it’s at a table in your restaurant, at their home, or even outdoors.
Customers love this! Whether you’re just starting out or looking to expand your business, these mobile systems can grow with you, while eliminating the burden of costly cash registers.
2. Reduced Wait Time
When you make use of mobile card readers, you reduce payment wait times and can act quickly to suit the needs of your customers. You don’t want to risk your customers walking out the door just because of a long checkout line. When your sales staff has access to mobile card payment tools, they can serve clients faster, in the exact place the client is at, in order to finalize the transaction. Your staff can even interact with clients leading up to the sale by personally providing them with useful information about a product, pulling up specific product data on their device, offering relevant upselling opportunities, and providing that last bit of encouragement to complete the sale.
3. Enabling Your Clients to Pay at the Table, or Wherever They Are
Another great feature of mobile POS systems is that they instantaneously allow you to accept payments wherever you are. Mobile payment processing solutions are great for retail operations, but restaurants and similar establishments can benefit from them as well. Some of the largest restaurant and beverage chains are beginning to install mobile and tablet devices at each table, allowing diners to pay for their food and drinks at their convenience.
This improves customers’ experience because they don’t have to wait for the server to bring the bill to their table. Research is showing that more and more restaurants patrons are comfortable using this type of payment technology. And there are, of course, a multitude of other potential payment scenarios…
• A taxi driver could use a portable mobile device to enable passengers to make a payment as their luggage is unloaded;
• A plumber could have customers swipe their card in front of the pipe he has just repaired;
• An accountant could bill her client as they go for a walk together in the local park to talk about next year’s taxes.
The options are limitless.
The reality of the time is that companies offering the best customer experience will retain their customers and gain more referrals.
4. Opportunity to Increase Ticket Size
Did you know in restaurants and other establishments, at-location payment processing technology can increase the size of the sale? Tablets equipped with POS payment technology can be easily programmed to display targeted advertising, encouraging patrons to add another round of drinks or a delicious dessert that is on special that day. And when patrons are able to order their next round of drinks or that special dessert right from their table, without the need for a server, this frees up the staff to attend to other responsibilities.
Your business — whatever it is — likely has a wealth of options, services, products and benefits you’d like your clients to know about. Why not let technology do part of the communicating for you?
5. Accessing Data Quickly and Effortlessly
If you’re a small- or medium-sized business, you’re likely aware that working your way through payment data, seeking ways to improve the efficiency of your operation, can be a tedious process which is often delayed or ignored altogether. Implementing mobile payment processing technology enables you to easily track your customers’ purchasing data and the effectiveness of your advertising. When you have this data at your fingertips, you can implement new marketing and sales campaigns, as well as other innovative promotions, to increase your revenue faster.
This data can also help you access, understand and make use of the purchasing behavior of individual customers:
• how frequently they use your services or visit your establishment;
• how much they spend;
• what they purchase;
• and what their preferred payment method is.
This data can be used to offer your customers and clients more options based on what they want, and to tailor and adapt your products, offerings, and loyalty benefits, based on their behavior. This is of utmost importance because if your offer is not relevant to each customer, they will not pay attention to what you have to say.
6. Safety and Security Issues
It’s important to know that these new mobile technologies are safer than traditional plastic credit cards due to their implementation of biometric fingerprint verification. It’s also important for you to ensure that the mobile devices you use have a Chip or PIN function. Additionally, we advise you to ensure that you install security and anti-malware systems on your devices. We do not recommend using systems that only make use of the magnetic stripe on the back of credit/debit cards.
Make sure your mobile devices all have passwords, and that your staff understands just how important they are because this added level of security will help keep your customers’ data safe.
7. Efficient Payment Systems Lead to Happy and Loyal Customers
When your clients and customers are happy with your product and their overall experience with your business, they are much more likely to be repeat customers who are loyal and happy. Accepting payments through a mobile device is just one way to help improve your customers’ experience. We anticipate that mobile payments will likely only increase in the coming years, as they facilitate a convenient shopping experience and foster loyalty on behalf of your clientele.
Using mobile payment systems also enables individual members of your staff to better communicate with each other, and frees up their time to serve your clients and customers more efficiently and with more personal attention. Your customers will appreciate the attention, convenience, and speed with which they can make purchases, and the instantaneous access they have to product information, sales promotions and the other benefits you offer.
If you have additional questions about mobile payment options, contact us and we’ll be happy to provide additional information.