In 2012, the volume of mobile payments made globally was $163.1 billion. By 2017, this number is forecasted to grow to $21.4 billion. Consumers are starting to use the “bank in their pocket” more often. As these numbers show, mobile payments are really coming into their own at the present – and will only get stronger in 2016 and 2017. Capture as many sales as possible, and compete in your niche, by using our 6 steps to optimize mobile payments.
1. Know your options – There are many ways that people can pay with a mobile device. To implement mobile payments in an effective manner, you must know what options your customers want. It may help to see what other retailers near your business are offering for mobile payments as they have identified what their customers want (or use), then look for a mobile payment facilitator that supports preferred payment methods.
2. Understand how mobile payments work – Whether you want to make a mobile payment yourself or educate your staff on “how it all works,” it’s important to know the details. There is a misconception that a customer’s credit card number is transferred each time he or she makes a mobile payment. As a result, people may be afraid to make mobile payments for fear of being hacked. This is not true. Payment systems use a tokenized payment process and never transmit a credit card number as a result. Our ProtectPay® service also encrypts customer data, adding another layer of protection.
3. Invest in the portable technology – Mobile payments are ideal for “anytime, anywhere” purchases where consumers might not have their wallets or cash on hand. If you plan to attend craft fairs, festivals, or markets, then you need a mobile payment processor that can travel with you. ProPay’s portable technology helps you do this easily.
4. Advertise it – Once you are up to speed on mobile payments, have all the tools you need to get started, train staff on how to use the mobile payment system and advertise it in the store. Print out signs for all cash registers that say you take mobile payments and state what types of payments you accept. When customers know you accept mobile payments, they will be more likely to pay this way.
5. Incorporate loyalty and gift cards – If you have a business loyalty card, you can incorporate it into the mobile payment system so customers do not have to bring their physical card. You can also add gift cards so that customers can pay with their mobile device. By embracing mobile payments, you cut the cord between needing your wallet and making a payment. Adding loyalty cards ensures that your customers can complete the transaction without needing to get their wallet.
6. Don’t forget about reporting – Your mobile payment facilitator should have a variety of reporting functions that help you incorporate mobile payment sales data into your reporting. Make sure you get regular reports on mobile payments and integrate this data with your other reporting. Not only is it necessary to report this income at tax time, but it can help you analyze mobile payment sales, see what works, and increase your return on investment.
Mobile payments are here, and they’re only going to get more prevalent as customers enjoy the convenience of a faster checkout. ProPay can help you get started with mobile payments right now, so you stay ahead of the game.