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Boost Business With New Mobile Payment Types

Accept new mobile payment types to increase security, improve customer convenience and drive new revenue

New and emerging payment types available in the payments industry today do more than draw technology minded customers to your business. They’re also inherently more secure and deliver enhanced checkout experiences and convenience to customers.

Some of the hottest new payment types employ mobile technology to make purchases as convenient as making a phone call. And with the wide-spread saturation of mobile phone usage across all age groups, mobile payment technologies are bound to catch on and grow in popularity quickly.

A 2014 survey conducted by CFI Group® revealed that 70 percent of the general population had made a purchase using their smartphones during the previous six months. The majority said they intend to spend even more using their smartphones in 2015. Shoppers’ robust usage of their smartphones for e-commerce is indicative of their willingness to use their personal devices as another way to engage, shop, and transact with businesses.

Mobile technology is already transforming the POS experience for both merchants and consumers. New mobile technologies are changing how consumers interact with merchants, and how merchants reduce bottlenecks during high-demand times.

The Benefits

Mobile technology is empowering shoppers and changing how retailers and restaurants think about their business. Shoppers are now using their phones before, during, and after their shopping experience. Following are a few examples of the benefits of the mobile technologies in use today.

Improved checkout experience

Equipping employees with modern mobile technologies enables retailers and restaurants to improve productivity, customer service, and sales. Inefficient checkout experiences lead to long lines, frustrated customers, and abandoned baskets. Brick and mortar establishments that adopt mobile technologies are more likely to stay competitive by meeting customer demand for a streamlined checkout experience.

• Line busting—Mobile checkout solutions enable staff to more quickly and efficiently assist customers with orders. In a quick service restaurant establishment, mobile checkout can enable staff to quickly place orders and seat customers. In retail locations, mobile checkout enables salespeople to move from consultation to sale without turning their back on the customer.

• Pay-at-table—Using handheld mobile solutions allows consumers to pay their bill without waiting for the check, giving their credit card to a server and waiting for the receipt to add a tip. When it comes to remitting payment, customers increasingly demand convenience and improved efficiency. Pay-at-table solutions enable faster service, increased table turns, and more upselling opportunities.

• Order-ahead application— Allowing restaurant customers to order ahead for take-out orders adds convenience for both the customers and the staff. The customer does not have to speak to someone to place their order and servers don’t have to spend time away from their in-house customers to take phone orders. Likewise, the payment is automated so neither the customer nor the staff have to handle it.

Increased customer loyalty

When you enhance the checkout experience, you’re enhancing customer loyalty as well. But mobile technologies offer more in the way of customer loyalty than positive checkout experiences. They also offer data that you can collect and use to offer targeted promotions and rewards.

• Data collection—Many mobile technologies allow a merchant to gather consumer data and put it to use far more efficiently, with less consumer hassle. A mobile wallet can store personal information, such as email address and contact information, eliminating the need for the associate to ask for it—and for the shopper to provide it—repeatedly at every transaction.

• Rewards—Create customer loyalty and repeat visits with a rewards program for your mobile users. Sixty percent of consumers who already make mobile payments said they would probably do so more often if they received instant coupons or rewards as a result.² Using a mobile rewards program allows consumers to both receive and redeem their rewards using their smartphone during the transaction.

• Targeted promotions—Use the data you collect about your customers’ purchases, to offer targeted promotions for the products or services they use frequently. Customers are more likely to respond to promotions related to their buying preferences.

Enhanced security

Customer trust is critically important to building and preserving your business reputation. With data security breaches making headlines and a population of consumers who may have already been touched by fraud, security is increasingly playing a part in consumers’ buying decisions. Most mobile solutions are inherently more secure than standard credit card transactions because they reduce or eliminate card handling and keep cardholder data safe throughout the transaction.

• Tokenization—Many mobile technologies like Apple Pay® and PayPal Mobile In-Store use a token, or encrypted representation of their card data to perform transactions. The application stores the user’s credit or debit card data as a code stored in the phone’s secure element. Then a unique token is generated for each transaction, which is useless for fraudsters.

• Card handling—Some forms of fraud are perpetrated with the physical card itself when the card is out of the cardholder’s possession. For example, when a server in a restaurant takes the card from the customer and takes it to a terminal to process the payment, unscrupulous individuals could use that opportunity to “skim” the card data and use it to commit fraud, or sell it to larger fraud operations. Accepting mobile payments allows the customer to maintain possession of their cards at all times.

Brand visibility

Many mobile applications already have a cult following of loyal users, which you can leverage to boost traffic and your brand awareness. PayPal and Apple Pay for example, both have features that alert the user of businesses in their vicinity that accept their proprietary mobile payments. Adding your business to the list can drive a new segment of customers to your business that may not have come otherwise.


1 Holiday Shopping : Mobile on the Rise, CFI Group, http://cfigroup.com/downloads/CFI_eBay-ent_holiday_mobile_on_rise_2014.pdf, November 2014
2 Accenture Consumer Mobile Payments Survey: http://www.accenture.com/SiteCollectionDocuments/

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