See Your Business Thrive with Merchant Solutions for Mobile Payments
Attention, shoppers! Forget your wallets - just make sure your phone battery is charged.
Mobile payment providers have ushered in an entirely new era of shopping, one where consumers can use their smartphones as virtual wallets to make practically any type of purchase. Though still in its infancy, merchant solutions supporting mobile payment processing hold the promise of a better shopping experience for consumers, while merchants large and small can use this technology to help their businesses thrive.
Timely offers and improved loyalty programs Even though loyalty programs, coupons and other incentives are an important component of direct-to-consumer marketing, the impact of these offers could be improved drastically with better timing. Mobile payment merchant solutions can help personalize these discount offers, delivering a message to customers' phones as they browse through the store or as they stand in front of the item itself (1). Through mobile payment merchant solutions, smart technology can send targeted offers to customers according to their purchase history and browsing habits, while also making the benefits of loyalty rewards more visible.
Offline purchases using online apps Mobile payment apps can provide a link between items people are searching for online and the brick-and-mortar stores nearby that carry them. When consumers are searching for a certain product, a mobile payment app could show them a map with stores that list the item in their available inventory.
Reduced costs and increased transactions One of the most promising aspects of mobile payments is the potential of reducing costs while boosting revenue. Fraudulent purchases and data breaches place an enormous financial burden on businesses, especially smaller ones, and in most cases these criminal acts are traced to the swipe of a credit card. As fewer transactions are processed with physical cards, some security concerns will be alleviated, resulting in reduced expenses for merchants (2).
Consumers will also love shorter lines at the checkout that mobile payment merchant solutions help facilitate- if they have to wait at all. Using their phones will allow them to pay quicker at the counter, or even pay a store representative on the sales floor. This added convenience will not only delight customers who are pressed for time, it also allows merchants to process more transactions in the same amount of time.
Added convenience and efficiency Apps that help consumers locate items they are searching for in nearby stores can also enable them to order right from their phones. If a consumer is running errands and trying to track down a particular product, they can use an app to find a store that has the item in stock, place the order, and have it ready for pick up.
Mobile payment merchant solutions offer a direct connection between consumers who use their phones to research purchases and merchants who can assist them. These solutions provide an easy, convenient path for people to follow as they navigate their options and choose a local vendor that can answer their needs. The number of customers using their phones for purchases might be limited today, but as more discover the benefits of doing so, this option will become standard.
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