With all of the major banks offering mobile pay compatibility, it’s time to thrive from the advantages of contactless payment. Mobile payment technology offers customer convenience and added security, which translates to more sales for your small business. They’re also quicker and more efficient, which results in faster transaction times and higher staff productivity.
What Are Contactless Mobile Payments?
By utilizing a new mobile payment technology called Near Field Communication (NFC), consumers can simply tap or wave their smartphone over an NFC-enabled terminal. In doing so, a one-time code is issued to authorize the transaction. No credit card information is exchanged, and the merchant doesn’t store any data, protecting the transaction from hacks or fraud. Some smartphone wallets require additional authorization through a PIN code as an added layer of security.
Contactless Payments Benefits for Business Owners
You can benefit from using a mobile payment reader such as Intuit GoPayment Canada if you conduct some of your sales transactions online and others in person. Unlike bulky credit card readers, tap and pay merchants use small mobile devices, typically offered by cloud-based accounting software companies, that plug into your smart device’s headphone jack.
With this technology, payments are now simplified into just three steps:
- Launch the app made for the on the go credit card reader
- Swipe the card
- Email customer your receipt
This simplicity is especially appreciated when you’re making offsite sales at events such as festivals and farmers’ markets. Being linked to online accounting software also means you have real-time records of your mobile payment reader transactions, which can be synced with your other bookkeeping data.
How Customers Benefit From Mobile Payments
Consumers are likely to enjoy the improved checkout times, but an even bigger advantage is the added layer of security mobile pay provides. Contactless payment apps work by storing a unique device code associated with your card, but they don’t actually store any card numbers or information on the phone.
Without the device code or physical access to your phone, hackers can’t conduct fraudulent transactions. If you lose your phone, you don’t need to have your debit or credit card replaced entirely. You simply call the bank and have them disable the old device code.
This added layer of security is exactly what your customers need. Providing it helps create a positive customer experience and keeps them satisfied enough to come back, which increases revenue.
How Employees Benefit From Mobile Payment
When you outfit your retail staff with mobile devices to handle holiday sales and returns from anywhere on the floor, it provides the following benefits:
- Keeps checkout lines flowing
- Enables sales associates to assist customers on the spot (without running to and from the sales counter).
- Allows sales associates to share product information, check inventory, and process sales transactions from any location
When cashiers are able to complete point-of-sale transactions quickly, they also have more time on their hands to complete other work tasks. A minute shaved off each transaction doesn’t seem like much, but it adds up over dozens or even hundreds of transactions in a day.
Technology isn’t just for the big players in the commerce world. Affordable mobile app development, mobile payments technology, and social commerce make it possible for small businesses to keep up with the national stores. QuickBooks Online can help you get paid faster. Start accepting payments today with QuickBooks.