The steadily growing transition to purchases made via plastic is one of the many reasons why the use of mobile payments has also become more and more popular among independent retailers. Accommodating customers at the point of sale can be the most important step in ensuring their continuing business.
Mobile payment programs are relatively inexpensive, require very little, if any, additional equipment and software, and can be easily used by anyone to process transactions. Here we will look into three ways retailers can use mobile payments to benefit their customer conversion rates.
As a Cheaper Way to Accept Credit Cards
Payment with plastic cards has quickly evolved into the most used form of payment, even for the smallest purchases. In 2014, 51% of consumers preferred paying with some form of plastic (debit or credit card). It only makes sense for retailers to follow this trend and accommodate customers with various plastic payment options. Every customer has experienced a moment of deciding not to purchase a product, simply because they did not have the cash readily available for payment.
Businesses who have not accepted card payments in the past due to equipment and setup costs can now look into providing this service through mobile payment. Many mobile payment companies charge less per transaction in fees than some credit card processors, and the equipment can be had for $25 to $35 per mobile swiper. This option can help smaller retailers save on setup costs while not missing out on growing their customer base at the same time.
As a Line Buster
Reducing checkout time is a great way small retailers can use mobile payments to their direct advantage. Customers are on average more willing to return to a business if they are not waiting long periods of time at point of sale. Mobile payments can be used by anyone at your business with a mobile checkout device, which eliminates the need for a designated checkout booth since salespeople can go to customers instead of having them wait in line.
This option is great for retailers with busy peak-hours since it can enable all employees to act as a cash register and information source. Accepting mobile payments can give all employees an integral part in closing customers sales, which in turn allows retailers the opportunity to improve customer relationships. Customers enjoy the products or services they receive more when they feel customer assistance was provided to them at an above average rate.
Taking Payments Away From The Store
Another great benefit in using mobile payments is the portable opportunity to sell products or services at any location. Retailers often participate at local conferences or outdoor shows where customers are more likely to purchase products or services with plastic payment.
Using a mobile payment program, you can accept payments instantly and avoid the risk of accepting fraudulent checks or turning away potential customers. Naturally, this option should increase your customer base and increase sales. It is more common for a customer to finalize a purchase and spend more on a single purchase if credit card processing is provided as an option for payment. Mobile payment programs allow small retailers the prospect of growing their business from any location.
In many ways, mobile payments can make credit card processing for retailers cost effective and significantly accommodating to customers at the same time. By easily and quickly checking out customers through mobile payment apps, you can also increase profits by helping more customers finalize their sales. If you have not considered mobile payment programs before, this is a great way for your business to keep up with the growing customer demand of plastic payment options at an often lower processing rate.
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