2016-06-21 00:00:00 Money & Finance English https://d3hrajprm8dqcv.cloudfront.net/wp-content/uploads/2017/05/08194839/Finance-Integrating-Mobile-Payments.png Integrating Mobile Payments

Integrating Mobile Payments

2 min read

With the ever increasing growth and speed of business transaction, mobile payments have increased and revolutionized the way we seamlessly transact business across mobile payment gateways. In the US alone, mobile phone payments are set to triple in 2016. The onset of how businesses need to integrate their payment options on the mobile phone through social media, apps and mobile sites has led to the need to integrate mobile payments and thereby continue to grow the business. This has lead to the rise of mobile payments by customers in place of cash, drafts and other less accessible modes of payment that include a payment fee. Across the world, mobile payment apps include Apple Pay, Google Wallet, PayPal, Venmo, LoopPay, Square Cash, Tilt and others. In India, popular mobile payment apps are Paytm, FreeCharge, MobiKwik,  Airtel Money, Vodafone M-pesa, Chillr, Oxigen Wallet and others. Here are five reasons that you should integrate your business with mobile payments:

  • Increase incentive programs through integration

Your small business can integrate incentive and loyalty programs through payment applications. All of the information of your customer is stored in the app and for every purchase; you can track all the information from their mobile device.

  • Accept credit card payments through mobile payment apps

When small businesses are in remote locations, they are forced to transact business through the mode of cash only. With a mobile payment gateway, they can accept credit card payments and increase their sales and customer base.

  • Review inventory and customer trends 

With a mobile payment gateway in place, you can simply automate how customer’s take to your product and track inventory progress and thereby serve your customers better. Not only can small businesses capture payment information but they can utilize it to develop their services. With this information, you can re-organize your business to meet customer demands, learn which areas are more profitable and focus attention on those aspects and understand what works and areas that can be improved upon with set goals and targets to achieve the desired results that you seek to receive.

  • Increase speed of customer check outs

Fast service demands quicker payment options, ease of transacting without errors and receiving better service. Your customers are updated with all the information they require faster than a card transaction. This will help in increasing profits, boost customer satisfaction and allow small business to cater to an increase in the number of customers based on their improved experience and speed of delivery.

  • Lower fees than credit card transactions

Customers will immediately switch to making mobile payments with your business when the option is provided as there is next to no fee on a transaction their purchase. LevelUp and Square transactions offer lesser fees than the other mobile apps and based how the customer is willing to transact with your business, they can review which is the most cost effective and then consider their purchase. With the need to increase customer transactions, track customer purchases, review customer information, reduce user fee costs and plan ahead, mobile payments will help your business benefit in more ways than simply creating another gateway to transact. Small businesses are using this approach to grow their businesses and reach out to more customers that enjoy transacting through mobile payment gateways.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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