Five benefits of accepting mobile payments at your business
Merchants of all types and sizes are discovering the advantages of using a mobile point of sale system. By bringing payment acceptance to the customer, wherever they are, a mobile POS system can help a business grow revenue through increased engagement, flexibility and improved customer service. Here are a few tips for how merchants can use a mobile POS system to help increase profits:
1. More sales opportunities
Mobile payment processing technology gives merchants the ability to be more flexible in their operations, which translates to more revenue-generating opportunities. Attaching a card reader to a device enables merchants to take payments outside of their brick and mortar location. A merchant can expand their business to new markets by displaying and selling their wares in specialty fairs, farmer's markets or pop-up shops. Without accepting mobile payments and options like Apple Pay and Samsung Pay, business owners might not be able to make as many sales, since most customers now expect to be able to pay with a card or smartphone technology. Mobile card readers allow merchants to take credit card payments from nearly anywhere.
Mobile-card readers also give merchants the ability to improve customer service and checkout speeds. Long lines are a turnoff for many shoppers and may even cause customers to leave without their merchandise. To prevent this, merchants can give staff mobile credit card processing tools so they can break up lines. Rather than having only one checkout station, staff can operate throughout the store so customers can purchase items as soon as they're ready to go. This also provides a one-to-one transaction that provides greater opportunity for customer engagement and even upsells. When staff members are given tablets and other mobile payment platforms and devices, they can also pull up information for customers and educate them on additional products that might interest them.
Restaurants also benefit from mobile payment processing tools. Many restaurants have begun to implement technology that allows customers to pay for their meals on their own time, rather than waiting for a server to bring them a bill. More than half of restaurant visitors would be interested in using this type of technology if it were available. This process has the added advantage of increasing bill size. Tablets can be set up to display advertisements at specific points in the meal, which can encourage patrons to purchase more drinks or desserts. In addition, adapting consumer-facing payment tools reduces the need for labor, so businesses can redeploy staff when needed. These tablets can also be loaded with customer engagement tools that keep diners happy while they wait for their meals to come.
Mobile payment technology also improves the customer experience, driving loyalty and more sales. The mobility and seamless integration with back office programs deliver faster, smarter, more profitable customer interactions. In a restaurant, for example, mobile payment acceptance can significantly reduce the amount of time it takes for a server to accept payment, by doing it on the spot at the customer’s table. In a retail setting, sales associates can check out time-pressed customers wherever they are in the store. This also helps salespeople capture immediate sales, before a customer has time to rethink a purchase while waiting in line. A mobile POS system also allows salespeople to quickly search inventory and make product recommendations, offering another level of service that can help retain customers and boost sales.
Small businesses often struggle to gain customer insights. Another benefit of mobile payment processing is the ability of merchants to track customer data. By keeping track of sales, businesses can use the data they've gained to implement new promotions and increase revenue. Merchants can also gain greater insight into individual customers - how frequently they come in, what they spend and what they tend to order. Restaurants can also use data from their pay-at-table systems to learn how patrons tend to use the equipment and what the most popular orders are. Businesses can then use this information to deliver more of what customers want and optimize offerings based on customer behavior.
Mobile payment acceptance gives customers more options for how to pay, and also increases flexibility for the merchant. Whether business owners want to test out new markets with a pop-up shop or break up lines within the store, mobile payment processing provides the necessary technology to accomplish it. Why not get started accepting mobile payments now?