Mobile Payments - Top 5 Reasons Why You Need Them in Your Business
by Samuel Gitukui
People use mobile phones more than any other device. Whether it’s browsing for the next purchase or actually completing an order, plenty of transactions are taking place through regular smartphones. In fact, there is a trend where transactions are steadily flowing away from the traditional exchange of coins and notes.
There are plenty of mobile apps that have come up to facilitate these types of transactions. A great example is Apple Pay which shows no sign of slowing down. Other examples include PayPal and Stripe. That right there, is why you need to include mobile payment options for your business. Your customers will find it easy to place an order and send you the payments.
Here are more top reasons to include mobile payments to your business.
1. Efficient and Convenient
When making transactions through mobile, customers do not have to wait in a line to purchase something. All they are required to do is quickly make a purchase on their mobile devices.
The need to carry credit cards or physical money is eliminated. Societies could benefit from cashless transactions. In fact, Sweden aims to achieve this by the year 2021.
2. It Is Safer
Whether it’s the customer or the business, mobile payments are perhaps the safest option. Indeed, mobile payment companies do find the need to improve the security features. After all there are hackers out and about. However, compared to carrying credit cards or physical money, mobile payments are in a league of their own.
Take for example Apple pay. When you download the app and fill in your credit card details, the credit card number is replaced with a token. The token in turn has a password and a card ID. This makes hacking next to impossible.
3. Earn More
A recent study has shown that people tend to make more purchases online than they would when buying physically. Adding mobile payments to your business exposes you to many more opportunities.
Businesses that adopt this new and modern way of doing things stand the chance of getting loyal customers. It is also a great way to stay updated and ahead of the game. If your business is among the first to adopt new, more efficient technology, you will obviously have an edge over your competitors.
4. It Is Easy to Maintain Accounts
Mobile payments come with automatic recording of every transaction. This makes book keeping a lot easier. Your accounts will also be accurate since you will not miss any details.
Compare this to manual book keeping where a backlog might mean that some information is skipped. Your business may end up paying the wrong tax and get penalized for it.
Some mobile payments feature accounting apps that allow you to record transactions and generate reports such as balance sheets and cashflow statements.
5. Improved Business and Customer Experience
Look at it this way. Mobile payments are easy, efficient and convenient to use. Transactions are quick and it provides your customers with the chance to make purchases at any time.
This is an enhanced way of making transactions and most customers welcome it with open arms. As you are doing business would you not like to enjoy the experience?
by Samuel Gitukui
People use mobile phones more than any other device. Whether it’s browsing for the next purchase or actually completing an order, plenty of transactions are taking place through regular smartphones. In fact, there is a trend where transactions are steadily flowing away from the traditional exchange of coins and notes.
There are plenty of mobile apps that have come up to facilitate these types of transactions. A great example is Apple Pay which shows no sign of slowing down. Other examples include PayPal and Stripe. That right there, is why you need to include mobile payment options for your business. Your customers will find it easy to place an order and send you the payments.
Here are more top reasons to include mobile payments to your business.
1. Efficient and Convenient
When making transactions through mobile, customers do not have to wait in a line to purchase something. All they are required to do is quickly make a purchase on their mobile devices.
The need to carry credit cards or physical money is eliminated. Societies could benefit from cashless transactions. In fact, Sweden aims to achieve this by the year 2021.
2. It Is Safer
Whether it’s the customer or the business, mobile payments are perhaps the safest option. Indeed, mobile payment companies do find the need to improve the security features. After all there are hackers out and about. However, compared to carrying credit cards or physical money, mobile payments are in a league of their own.
Take for example Apple pay. When you download the app and fill in your credit card details, the credit card number is replaced with a token. The token in turn has a password and a card ID. This makes hacking next to impossible.
3. Earn More
A recent study has shown that people tend to make more purchases online than they would when buying physically. Adding mobile payments to your business exposes you to many more opportunities.
Businesses that adopt this new and modern way of doing things stand the chance of getting loyal customers. It is also a great way to stay updated and ahead of the game. If your business is among the first to adopt new, more efficient technology, you will obviously have an edge over your competitors.
4. It Is Easy to Maintain Accounts
Mobile payments come with automatic recording of every transaction. This makes book keeping a lot easier. Your accounts will also be accurate since you will not miss any details.
Compare this to manual book keeping where a backlog might mean that some information is skipped. Your business may end up paying the wrong tax and get penalized for it.
Some mobile payments feature accounting apps that allow you to record transactions and generate reports such as balance sheets and cashflow statements.
5. Improved Business and Customer Experience
Look at it this way. Mobile payments are easy, efficient and convenient to use. Transactions are quick and it provides your customers with the chance to make purchases at any time.
This is an enhanced way of making transactions and most customers welcome it with open arms. As you are doing business would you not like to enjoy the experience?
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