According to data from Statista Research, global revenues from mobile payments are expected to hit one trillion U.S. dollars by 2019.
If you want a tiny portion of that one trillion dollars for your business, the time to start developing a mobile payment strategy for your business is now! The mobile payment sector is exploding with activity. Voice-enabled mobile payments via Amazon’s Alexa. Smartwatch payments via Apple Pay. Gesture-enabled payments on iOS and Android smartphones. If you’re only accepting only swipe or chip credit/debit cards, you’re doing your business a serious disservice.
To ensure your mobile payment strategy is optimized for success, there are a number of factors you should integrate into your business development plans. The stronger your strategy, the better the chances are your business will reap the rewards of mobile payment acceptance. Incorporate these five tips into your mobile payment strategy and get ready to start counting extra revenue in your business’ coffers.
1) Offer multiple mobile payment options.
From Apple Pay to Google Wallet, today’s smartphone-enabled consumer wants to pay for goods and services on their terms. The more mobile payment options you offer at your business, the better your chances are of closing a sale.
2) Develop a multi-faceted mobile payment strategy.
Mobile payments don’t just mean contact-less in-store payments.
Online shoppers using their mobile phones also want the option of easy mobile payments. Increase customer satisfaction and sales opportunities with a multi-faceted mobile payment strategy. Make sure it’s easy for customers to make purchases from their mobile devices.
3) Consider in-store mobile payment processing and payment readers for when your team is out-of-store.
Trade shows, conferences, and community marketplaces are all opportunities to increase sales via mobile payments. By integrating a mobile payment reader into your business’ growth efforts, you can sell your products/services regardless of your location.
4) Create a mobile payment-enabled sales strategy
Developing a mobile payments strategy opens your business to more sales opportunities. More people than ever are using smartphone payments. Having a mobile payment sales strategy could significantly increase your company’s annual sales and brand market reach. Providing more payment options is always better, and many are beginning to prefer paying with their smartphone.
5) Pay attention to the digital platform younger generations are using.
Mobile payments are extremely popular with younger customers. As your current customers age, you will need to extend your customer base by connecting with younger consumers. With messaging apps like WhatsApp getting into the P2P mobile payments space, it will only be a matter of time before other digital apps follow suit. The sooner you’re aware of new mobile payment options, the sooner you can offer those options to your customers.
Mobile commerce is here to stay. From smartwatch payments to contact-less NFC (near field communication) smartphone payments, today’s consumers are adopting mobile in a big way. Business owners who develop a cohesive mobile payment strategy are poised to outperform competitors who hang onto old payment methods of the past. What do you think? Will you be developing a detailed mobile payment strategy for your business this year?
