According to statistics, 77% of adults own smartphones. Apart from texting, emailing, taking photos and calling friends, a smartphone can help one pay for products and services. The capabilities of this small gadget have changed not only individuals but also business owners. Companies are now accepting the use of new payment forms such as mobile wallets. This makes use of near field communication to transmit data from a customer’s smartphone to a payment reader.
Near field communication makes use of radio frequency technology which facilitates wireless communication between smartphones and payment devices. In layman’s language, it means that a customer does not have to carry cash around since they can pay for services or products through mobile wallet.
To a small business, such digital transactions come in handy. Customers have busy lifestyles and being able to make transactions fast is essential for them. Digital transactions take seconds. As a business owner, you should accept payments via mobile wallets to reduce waiting time for your customers and increase satisfaction. Instant payments also boost the shopping experience for a customer and prevent them from experiencing any hindrances. Since the customer’s details are stored in the software, it minimizes check out friction.
Apart from making payment in stores, mobile wallets can help clients manage their reward cards as well as credit and debit cards. Accepting mobile wallets can help your business get a larger audience and raise revenue. Mobile wallets also minimize fraud and enhance security during making transactions. It is also a cost-effective method of making payments. With this method, a business does not need intermediaries such as cashiers since a customer can pay directly thus reducing the cost of hiring such professionals.
For a business, it can increase the rate of conversions since customers can get impressive discounts from using this method of payment. Customers like free things and using mobile wallets makes them get some incentives. A business can also run a loyalty program with mobile wallet customers boosting the relationship between both parties.
Mobile phones are transforming digital space rapidly. They provide real-time contact with some of the decision makers and increase convenience for users. A business owner gets the opportunity to promote their services or products as per the customer’s location. Mobile wallets offer a database marketing opportunity for your business.
A customer gets the chance to make single click payments since they can store their card in the mobile device. A shopper can also make payments from different devices including a desktop or a mobile device without limitations. You have to provide your login credentials or even fingerprint when making payments using digital wallets.
The authentication layer makes digital wallets secure to use. An unauthorized party cannot access your personal details with ease. They, therefore, increase transparency while making payments. Consult Global payment terminal for you to set your business to accept such forms of online payments. Employing this form of technology can give your business a competitive edge in the industry.