Making the move to mobile payment processing. How-to:
For many consumers, phones are the portals to their very consumer existence. If those consumers are among your customers, here’s how to approach your move to mobile.
Talk to your point-of-sale/payments provider or trusted advisor
Your payments need to be on-the-go and you need to be ready to accept payments from consumers on-the-go as well. Mobile acceptance and mobile wallets aren’t simple trends of the day. Whether it’s making sure that you can accept near field communication (NFC) payments (that drive “The Pays”) or have access to in-app payments, you need to be prepared for the emerging wallet-driven consumer. Talking with your trusted advisors about your business, your customers, your existing payments acceptance and infrastructure is the place to start.
Make sure those providers are flexible payment partners
There’s no one-size fits all. Yes, it’s easy and tempting to move quickly to smart terminals or POS systems that enable mobile payments among other things. But you’ll be best served to think about mobile payments as one piece of your entire payments, and business operations, pie. Mobile payments don’t trump any other slice. They need to be considered in the whole picture pie. And that means, considering them in the face of your entire business and payments operation needs.
Your job isn’t to predict which mobile payments will live long and prosper. It isn’t the payment industry’s job either. It’s the job of consumers. Consumers will be as loyal to device-types and smartphone brands as they are to shoe brands or any other brands. Be open. And be careful not to drive consumers in the direction of a competing store or brand that’s working to make life easier, more convenient for them as consumers.
Let’s return to what’s motivating early mobile payments adopters.
Speed and efficiency
Consumers, and cashiers alike, no longer need to complete transactions with more time-consuming payment methods. Scans or taps of a mobile device are as fast as, or faster than, other payment methods. There’s no fumbling through traditional wallets. And, many retailers now integrate their loyalty-rewards programs with popular mobile wallets, meaning less for consumers to manage.
Convenience and ease
Mobile payments can help simplify checkouts for consumers. Fewer consumers go anywhere or do anything without their mobile devices in tow, and consumers liking mobile wallet payments exemplify this. Phones on-hand for them make transactions easy and convenient.
Less hassle; more comfort
Physical wallet fumbling doesn’t weigh on mobile payments users. Early adopters have cited the freedom from carrying cash and/or cards as a reason for use. The omnipresence of mobile devices in their lives is clear for users. Many mobile payment users also cite security measures associated with mobile wallets, such as advanced authentication like biometrics, as a comfort with using mobile wallets over other forms of payment. “It’s hard to replicate my finger-print if you’re not me.”
There’s a lot to think about when it comes to accepting mobile payment options in your store. Read on in the companion stories below as you consider and evaluate your mobile acceptance needs.