Mobile payments are not a fad. For businesses of any size, mobile payments are a core component to strategically growing their customer base and boosting revenue.
It may be difficult for some SMBs to correlate the connection between investing in mobile payment processing solutions and their bottom line, but once you dig into where the world of merchant payments are headed, it’s clear to see why mobile is the future. Those who aren’t staying up with the latest technology in the market risk falling behind their competitors.
In today’s crowded business ecosystem, this isn’t a risk you should be willing to take. We’ve broken down the top reasons SMBs should invest in mobile payments to help you decide how (not if) mobile payments can work for your business.
SMB Mobile Payments Perk No 1: A Larger Customer Net
In a digital-first era, your customers are already using their mobile devices for every other aspect of their lives. From fitness and social media to banking and conducting business, mobile is becoming an intuitive concept for consumers. They expect the same out of their payment experience. Whether it’s for a B2C or B2B purpose, mobile fits the bill.
Your customers want to be in charge of their own payment experiences. Not only do they want the ability to pay online, but they also want the option to pay in a method that works best for them. For many, this is increasingly through their mobile device. Whether it be paying at the point of sale, a mobile app, or a mobile webpage, businesses should be equipped to accept payments via multiple modern payment methods. Mobile is at the heart of the next wave of emerging payments.
SMB Mobile Payments Perk No 2: Advanced Security
With more and more data breaches stealing the mainstream headlines of some of the most significant merchants, security should always be at the top of mind for your business. This benefit can be achieved with the right mobile credit card processing partner. Mobile payments solutions often come with features like end-to-end encryption, specialized logins and authorizations, PCI compliance standards and encrypted mobile POS readers.
Relying on more sophisticated mobile payments software and devices also provides merchants with an extra layer of security since no data is stored on the system. This protects your business, your customers and helps you stay compliant with PCI compliance. This can help streamline your security standards so you can focus on growing your business without fear of unwanted threats.
SMB Mobile Payments Perk No 3: Streamlined Transactions
SMBs are focused on growing their business quickly, which means there isn’t time to worry about if transactions are processing correctly and efficiently. With the right mobile payment processing partner, you will be equipped to better manage your refund and transaction rules, have a more comprehensive overview of your devices that are used to accept payments and have better access to tools that can make your life easier.
This includes tools that allow you to text, email and print receipts, have the option to automatically send text or email receipts. With more capabilities to customize mobile payments solutions to fit your business’ needs, you can integrate more sophisticated payment options such as streamlined billing features, the ability to add recurring billing and process payments faster — both online and offline.
SMB Mobile Payments Perk No 4: Grow Faster
The only way to truly know how a new system will impact your customer growth is to market a new option to your base. Based on the growth across the mobile payments ecosystem — and the rapidly growing mobile penetration rates — it’s pretty clear that consumers are drawn to all things mobile. For merchants wanting to be part of that market, investing in mobile-friendly payment processing solutions is the first step in scaling your business model to fit the needs of today’s evolving consumer.
Another essential element of mobile payments is the ability to scale solutions quicker. For example, a mPOS system allows your business to quickly integrate new technologies as they enter the market. Unlike legacy systems that require an entire overhaul each time an upgrade is needed, mobile payment processing solutions are equipped to scale to fit your business’ needs as you grow. This enables better interactions across your business, but also with your customers.
SMB Mobile Payments Perk No 5: Stay Relevant
This one may seem like an obvious point, but it’s not one that should be overlooked. In today’s fast-paced merchant ecosystem it’s challenging to stay cutting edge. With new technologies entering the market on a regular basis, the only way to stay relevant with a diverse customer base is to think mobile. Mobility is the future of e-commerce and businesses who aren’t staying on par with where the industry is evolving toward risk falling behind the curve.
For merchants who want to frame a customer-centric business model, acting and thinking like your customers is a great place to start. They’re already engaging with mobile on a daily basis — why not make their habits part of your business’ growth? Meeting customers through channels they are already interacting with is a win-win for everyone involved.
