This week, the Canadian POS Corporation Blog has been championing the use of mobile payments by business owners. There are many different ways that adopting mobile payment solutions can help entrepreneurs to either expand their businesses or operate them in ways that were once unheard of. Mobile payment solutions allow business owners to accept credit card and debit card payments no matter where they are or what time of day it is.
Therefore, the conventional “visit my store between 9am and 9pm” way of operating a business is no longer necessary. This provides customers with numerous benefits as well. It makes it a lot easier for them to make purchases if they aren’t bound by specific operating hours and business locations. Mobile payment solutions, such as Converge, which is offered by Canadian POS Corporation, provide multiple benefits.
Here are three big ones:
1. They allow you to accept credit card payments. The first benefit is the most obvious. But it’s extremely important to point out that mobile payments allow business owners to accept plastic when they normally would operate their businesses as cash-only enterprises. This is especially true for those who don’t own stores. On AmericanExpress.com, Jennifer Goforth Gregory explains how mobile payments benefit such small business owners.
“Previously, many small businesses, especially those operating at remote locations such as a farmers’ market or a food truck, were unable to accept credit card payments,” she writes, “Being a cash-only business often decreased sales because customers without enough cash on hand were unable to buy their products. So when a cash-only business can start to accept credit card payments through a mobile payment program, they immediately increase their customer base and increases sales.”
2. They enable you to begin loyalty programs. Mobile payment solutions, like Converge, don’t just allow you to accept payments using your smartphone or tablet. They also allow you to store customer information. That way, you will be able to track customer spending and offer up rewards programs for those who continue to spend with you. Mobile payments make it easy to incentivize your customers.
“Every time a customer makes a purchase or payment via their smartphone or tablet, the information is stored inside the application,” explains Priya Viswanathan on About.com, “This does away with the need for users to manually keep track their purchases, reward points, coupons and so on; thereby adding value for end-users; encouraging them to make purchases more often.”
3. They reduce checkout times. Needless to say, mobile payment solutions eliminate the need for customers to wait in long line ups. Instead, they allow you to go directly to your customers in order for them to complete their purchases. The convenience that mobile payments bring to your life doubles for customers. Saving people time is often as good as saving them money. Being able to make sales wherever your customers are will add great prestige to your brand.
“Mobile payments are fast and hence, speed up the entire checkout process for customers,” informs Viswanathan, “Being much faster and hassle-free as compared to traditional and credit card payment systems, it helps customers complete their payment within just a few moments. This helps enhance user experience; thereby encouraging them to return for more. Having this system in place also helps companies serve more customers in a more efficient manner; especially during peak working hours.”