Today we are largely headed towards a cashless society, with card payments, online transfers and now mobile bill payment becoming a part of people’s lives. The market is also evolving to meet these growing technology trends and converging to a point where features such as a mobile payment system, are becoming ubiquitous.
For small businesses, mobile bill payment presents a great opportunity for them to leverage in their own operations for better efficiency. Here are the ways in which you can make mobile payments work for you and your business:
1. Generate better profits:
The high transaction rates associated with credit card payments prove to be a disadvantage for small businesses. However, the advent of mobile payment solutions with lower transaction rates made it possible for businesses to accept payments through this system which leads to direct savings. With mobile bill payment, it’s possible for them to reach a larger client base and generate more profits.
2. Increase the speed of closure:
Including mobile payments as an option for your customers also helps increase the speed of closing sales. Customers always appreciate timely service, and if their payments get confirmed faster, they are more likely to be able to avail of your service or product faster as well.
This will also let you accommodate even more customers in a shorter period of time and therefore increase your profits as well.
3. Track customer trends:
One of the challenges that businesses face is efficiently tracking inventory and customer trends. A mobile payment system will automate most of the processes involved with tracking inventory so that you can take stock of it and serve customers better.
Purchasing data and analytics available in mobile payment solutions help you understand the shortfalls and help to take necessary decisions. One can also track trends in terms of the popularity of certain versions of the product or a certain product range.
4. Better customer service: A study from Google revealed that 74% of smartphone shoppers researched on their phones prior to purchase. If you improve your company’s website or service for better appearance on smartphones with a mobile payment option, you can amplify sales and improve customer relationships, by being able to retain them as well.
5. Better customer analysis & profiling:
The increasing lean towards big data by bigger companies makes it necessary for small businesses to also adopt efficient measures to profile customers and organize data around it to gather insights.
Tracking the kinds of products customers prefer will also enable better inventory management and logistics management. In addition, knowing your customer is crucial when it comes to research and development for new products as well.
Mobile payments help small businesses scale up, improve efficiency and keep up with the bigger companies as well. Consider using mobile payments to increase profits, enable better insights and target the increasing number of customers that rely on their smartphones for everything including transactions. Add a mobile payment system to your existing mobile strategy to target more consumers and build overall efficiency in your company.