Consumers want fast, secure, and convenient payment options when shopping online. To meet that need, they are increasingly turning to mobile payments.
The Rise of Mobile Payments
Customers want faster transactions, making mobile payments a more attractive option when shopping. They also want secure payment options which mobile payments offer. Data submitted by customers are encrypted, which means unauthorized persons can’t easily take them. Consumers are also becoming more confident with mobile payments, especially with their biometric security requirements.
Consumers also prefer online payments when sending money to their friends and loved ones. It’s the most convenient way for them to send money and pay people.
Considering all of this, you have a better chance of increasing customer retention if you’ll provide mobile payment options in your business. The more customers are able to complete their financial transactions quickly and securely, the more they’ll continue patronizing your business. This trend had been developing before the pandemic happened. However, it’s more of a necessity than an optional service.
If your business is still not accepting mobile payments, you’re missing out on many benefits that it provides. In fact, according to McKinsey and Company, there are still businesses that don’t realize the full potential of accepting mobile payments for business growth. Let this article explain to you how your business can accept mobile payments and how this move can scale your business.
How to Accept Mobile Payments
Your business can choose from several options of accepting online payments.
Online Payment Service
Many companies offer online payment services. Some of the most popular are PayPal, AmazonPay, Payoneer, Apple Pay, and Google Pay.
Online payment services allow businesses to accept a wide range of payment methods such as cash cards, e-wallets, debit and credit cards, and online banking. They ensure that your customers’ money is securely transferred from their accounts to your business.
Online Debit and Credit Card Payments
Today, most people prefer paying for their purchases using their debit or credit cards. Online, this preference has been made easier. You can either get a third-party online payment service or use your bank’s online payment service.
Online debit and credit card payments are easy to set up for your business and simple to use for your customers. They can accept payments from anywhere in the world, so it’s easier for you now to cater to international clients.
While online debit and credit card payment services charge transaction fees, you can ensure that your customer will find it convenient to purchase from your business.
Electronic Funds Transfer
Electronic Funds Transfer (EFT) allows customers to send payments to your business without providing their account information. This type of mobile payment is managed by banks, either online or through their mobile app. And just like with other options mentioned above, EFTs charge transaction fees, too.
Automated Clearing House Payments
Automated Clearing House (ACH) transfers, like EFTs, give businesses permission to take payments directly from their customers’ bank accounts. However, unlike EFT, this online payment option requires more account information from customers.
An ACH is ideal if your company’s products are services. You can set up an ACH payment system that accepts one-time, recurring payments. For example, ACH is a good option if you provide regular pain management services for your patients. Your customers can authorize your business to take payments from their bank account on a monthly basis.
How Mobile Payments Can Help Your Business Grow
Aside from providing fast, secure, and convenient payment methods for your customers, accepting mobile payments can grow your business. The Entrepreneur magazine highlights three ways mobile payments improve business operations and prepare them for growth.
One, mobile payments reduce customers’ hesitation to buy. Because mobile payments can provide fast, secure, and convenient payment methods, customers are encouraged to purchase more from an online business. Their hesitancy is reduced, attributed to the 3 factors that make mobile payment reliable.
Two, mobile payments are able to monitor customers’ purchase patterns. This enables your business to optimize your marketing campaign and make it more personalized.
When marketing campaigns are personalized, you can offer relevant products. This can lessen the time and effort you put into your campaigns, giving you more time for other relevant activities.
Finally, you’ll be able to accept mobile payments from customers abroad. This establishes your business as a global brand, even if you have a small budget.
You’ll never know; rather, the world will never know when the pandemic will end. Whenever that is, though, it doesn’t eliminate the fact that mobile payments are here to stay. It will make businesses better and help them grow bigger. Consider accepting mobile payments for your business today.
