The Virtues of Mobile Wallets
Mobile wallets like Apple Pay® are giving customers a new, sleek option for paying at the point-of-sale (POS). Now a mobile device can make contact with a POS terminal and complete a payment transaction with the touch of a finger.
While ease of use and expanded payment options are key benefits, there are also other virtues associated with mobile wallet adoption at the POS. Here are four added benefits to consider when evaluating mobile wallet acceptance for your business.
- Speedy checkout
Mobile wallets allow customers to associate their card account data to their mobile device, storing the payment information for future use. By storing this electronically, your customers no longer need to extract their payment card, swipe it, wait for an authorization, and sign. For Near Field Communications (NFC) enabled devices, customers merely need to hold their mobile device in proximity of a NFC terminal for the transaction to commence. If you operate a high traffic business, these saved moments can add up to higher customer throughput.
- The loyalty factor
Mobile wallets provide an ideal environment for integrating your loyalty programs directly into the hands of your customers. Having the option to tie your customers’ loyalty accounts directly into their mobile wallets allows you to provide targeted coupons, incentives, and special offers in the right place and at the right time. No more fumbling around for coupons and loyalty cards can also increase the speed with which you can checkout customers, again increasing throughput for your business.
- Know your customers…even better
Mobile wallets can be a conduit for gathering an extra layer of consumer data and using it to enhance the purchasing experience. For example, a mobile wallet can store personal information, including email addresses and contact information, eliminating the need for the associate to ask for it—and for the shopper to provide it—repeatedly at every transaction. Instead, the sales associate can ask other pertinent questions at checkout, creating a more personal connection with the shopper.
- EMV® readiness
Adopting a NFC enabled POS terminal to support mobile wallets can also help your business prepare for the liability shift for non-EMV (Europay, MasterCard®, and Visa®) payments in October 2015. Digital wallets including Apple Pay and Google Wallet™ require retailers to use NFC readers. NFC is also the standard technology for enabling EMV certified contactless payment acceptance. So upgrading your POS system's hardware to support mobile wallets provides the added benefit of supporting EMV card acceptance as well.
These are just some of the virtues of mobile wallets that could help your business’s bottom line. Want to learn more? Contact us today.
Apple Pay®, EMV®, Europay, Google Wallet™, MasterCard®, and Visa® are registered or unregistered marks belonging to one or more unaffiliated third parties that do not endorse or sponsor Vantiv Integrated Payments, LLC.
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At Your Fingertips
The impending shift in liability for card-present fraud is driving a transition to EMV. Are you ready? This handbook can help you prepare.
Vantiv Integrated Payments is ready for EMV and has the technology and a network of providers that merchants need to enter the new era of payments.