Mobile payments are one of the fastest growing sectors in the fintech industry, with more and more businesses realizing the benefits of getting on board. It not only brings convenience to your customers, but it benefits your bottom line.
The Ease of Purchasing
You’ve heard it before: convenience is key. The importance on convenience in payment processing is paramount and is why going mobile is great for your business. Think of Amazon’s One-Click-Ordering. The easier and more convenient it is for consumers to spend money, the more they’ll want to buy. This difference is well-documented when it comes to paying with card as opposed to cash. In fact, studies found that consumers spent 12-18% more when they paid with card than with cash. This trend is only further exaggerated with mobile payments because it makes spending money easier.
Imagine a customer walking into your business with a $10 bill in their pocket. If the option for credit card or mobile pay isn’t available, they can only spend up to $10. But when alternative payment options are available, customers have the flexibility to purchase and get MORE of what they want.
The time are changing when it comes to how people want to pay for things. The convenience of having banking and payment option on your cell phone are leading more and more people to leave their bulky wallets behind and leave their home with only their phone in hand. With mobile payments, simple tap of a phone or swipe in an app and customers can make their purchase with ease and be out the door.
Simply put, the more streamlined the process of paying becomes, the greater availability customers have in purchasing what they want. Mobile payments are the current high-standard for ease of ordering. The more mobile-friendly your business, the easier it is for customers to buy and therefore increasing your average sales.
Want to learn more about mobile payments? Contact us today at 866.888.9724 Ext. 7