Making a Case for Mobile Pay
Mobile pay is going to become the new way to pay. Consumers, especially those under 35 years old, appreciate the convenience and speed of paying with a phone. With over three-quarters of the US using smartphones, 77 percent to be exact, consumers rely on their phones more than ever for the completion of day-to-day tasks. While a person may not always carry a credit card or cash on them, you can be sure that they have their phone in their pocket or hand. Mobile payment acceptance is an important and forward-thinking strategy for business growth today.
Several distinct benefits come as a result of mobile payments. The first tier of advantages come with all near-field communication (NFC) payment acceptance, such as Apple Pay. The next level is for those companies that choose to invest in the creation of a mobile app.
Level 1 – NFC Acceptance
Benefit: Happy Customers
Mobile has been embraced by the younger and tech-savvy crowd and is expected to appeal to older consumers as well as mobile payments become more standardized. Customers appreciate the flexibility to pay the way they choose and are especially pleased with the convenience and speed of mobile pay.
Benefit: Safer Payments
Surprisingly, mobile payments are an incredibly secure payment option; more so than swipe transactions or even EMV. This is because new technology such as shimmers and skimmers can be implanted on a terminal and steal client credit card information, whereas NFC payment remains in the customer’s hold and is not subject to theft this way. Additionally, NFC payments travel through the network with immediate encryption, which makes even an experienced hacker at a difficulty to obtain the credit card data. NFC is both secure and practical for consumers.
Level 2 – Mobile App
Benefit: Loyalty Opportunity
Mobile apps are not only a payment platform but an opportunity to leverage in earning customer loyalty. Businesses can offer a variety of promotions to create loyal and frequent buyers such as coupons, new product alerts, loyalty programs and online order-ahead options.
Benefit: Customer Insight Jackpot
Companies that choose to implement a mobile app have hit the customer insight jackpot because they now have access to a world of actionable data. They can gain a deeper understanding of customer preferences including what they like to purchase when they want to have it, how old they are and where they live, and many other factors depending on the app’s setup and the industry.
In conclusion, the more convenient it is to pay, the more people will come back for more. Companies need to consider implementing mobile options for their customers in terms of payment acceptance and connected applications. Fidelity understands that a mobile-centric business will experience higher transaction volumes, larger orders, and greater profits. That is why we offer a wide range of terminals that accept all mobile forms of payments and point-of-sale systems that offer mobile options. Fidelity believes in payments that are flexible, convenient and practical for merchants. Contact us today to find the best mobile payment solution for your business.