With contactless mobile payment methods seemingly everywhere you look these days, you’ve no doubt given at least some thought to the question of whether to embrace the mobile payments model. The answer is probably yes, because mobile payments are actually a really good idea. Here’s why.
Contactless mobile payments technology is truly up-and-coming. There’s no getting away from the fact that accepting contactless mobile payments—payments made using the Apple Pay, Google, or other mobile wallets—means investing in upgraded POS system hardware that accepts NFC (near field communication)technology. It also means an increase in payment processing fees. However, the technology is up-and-coming—as demonstrated by the sheer number of U.S. consumers who own smartphones and/or tablets.
Just consider the statistics: According to Portio Research, worldwide smartphone ownership will double by next year, and mobile payment purchase volume will exceed $1 trillion by that same juncture. In short, contactless mobile payments are about to become a staple, and you don’t want to be left behind because you haven’t altered your technology toolbox to keep up with the trend.
Contactless mobile payments are easily made. Completing contactless mobile payments is a simpler and faster process than completing traditional payments. For example, NFC technology speeds things up by allowing access to customers’ payment credentials when an NFC-enabled smartphone is tapped against a POS terminal or a credit or debit card is waved across an NFC reader—no waiting for patrons to fumble through their wallets to find a card or for cards to be swiped (and possibly re-swiped). The end-result: improved transaction efficiencies.
Offering a contactless mobile payments option helps retailers and restaurant operators expand their customer base. Most customers are more willing to patronize and return to stores and dining establishments when they aren’t forced to wait long periods of time to pay for merchandise, food and beverages. Accepting contactless mobile payments made from consumers’ smartphones and/or harnessing mobile devices for line-busting and pay-at-the-table options ensures that this is the case.
Additionally, in some retail environments, accepting contactless mobile payments gives staff members a major role in closing sales, improving relationships with customers and, in turn, increasing customer loyalty. Remember, too, that customers are likely to more fully enjoy the products or services they receive when they feel assistance was provided to them—again opening doors for greater customer “stickiness.”
Accepting contactless mobile payments serves as a competitive advantage. Consumers have come to expect contactless mobile payments options wherever they shop or dine. For many, the ability to leverage contactless mobile payments technology makes a difference between patronizing one establishment or another one that’s down the street. Adopting a contactless mobile payments stance enables retailers and restaurateurs to meet consumer expectations and compete more favorably with other businesses, no matter their size.
Contactless mobile payments are taking hold, and the technology offers a wealth of benefits to retailers and restaurateurs alike. Ensuring that you’ve invested in terminals that can accept and process NFC contactless mobile payments is a smart move now, rather than later when other players have already used the technology to their advantage.
