Find out about mobile payments
Mobile payments are becoming increasingly popular among businesses – and with good reason. Perhaps most surprisingly, increasing numbers of small-medium enterprises are utilising the technology at part of their digital strategy – proof positive that online marketing and mobile payments are helping smaller firms compete on an even keel without the need for large systems or complicated tech.
But how exactly can smaller businesses implement mobile payments as part of their wider digital marketing strategy? In this article, we’ll take a look at some of the main reasons to consider going mobile, and how your business can benefit.
You might be surprised to learn that some mobile payment platforms actually charge less per transaction than large credit card companies. Credit card companies can charge anywhere between 5 and 10 per cent of the overall transaction (some more than others – this is why many do not accept certain types of card) in comparison to just 2.75 per cent from some mobile payment providers. By encouraging people to pay via mobile, you could end up saving hundreds or even thousands over the course of a year.
Smaller businesses, such as mobile catering vans, popular at festivals at this time of year, have often struggled by not being able to justify paying to accept credit cards for such a low turnover. Think also about being at an exhibition or other event without your usual payment facilities.
However, this cash-only model is becoming antiquated as increasing numbers of people go digital or plastic. The ability to accept cards via mobile payments immediately increases both your customer base and potential for sales, and mobile payments are a cost-effective means of accepting payment from these customers.
Speed is one of the largest factors in customer service. Put simply, paying is typically a customers’ least favourite part of the shopping experience, and if it takes a long time chances are they may be concerned that a payment isn’t going through – forcing them to go elsewhere. Mobile payments allow customers to pay quickly, without even having to reach for their wallet. Mobile payments essentially allow you to serve more customers per day.
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