4 Benefits of Mobile Payments for Small Businesses

July 13, 2016 John Rigo

benefits of mobile payments

They’re square, they’re plastic and we never leave the house without them; that’s right, we’re talking about our credit/debit cards. It’s the year 2016 and it’s a day and age where writing a check is equivalent to carving your payment out on a stone tab. Similarly, these days, most people don’t carry even a dollar on their person. Today’s consumers love one thing: swiping or dipping their cards. In my own personal case, perhaps a little too much…

Even with that being essentially common knowledge, there are still an overwhelming amount of mobile, small businesses or local businesses that offer some sort of mobile services, that aren’t providing their customers with the payment options they prefer. Remember — when consumers are choosing a business to use, convenience is key. As a mobile based service business, it’s understandable to heavily lean on payment types like cash or check, but in order to maintain a successful business it’s important to start finding ways to make preferred payment options a reality for your customers.

Carrying a credit terminal to job sites is just not a reality. Although, something entirely possible that your plumbing business can do to answer the demand for card payments is allowing mobile payments. Below are the 4 leading benefits of mobile payments for small businesses.

1. Customer Convenience

So, this one we already sort of touched upon, but it’s worth stressing again. If you hope to run a successful business, customer convenience is everything. It helps bring your customers back and encourages new customers to give you a try.

Let’s face it: even if abstaining from offering mobile payments may seem easier to you because it’s something new… it’s 100% not easier on your customers. With cash and check on the decline and credit card usage newly accounting for 72% of all Americans, it’s fair to say your customers expect to have the option for paying with their credit cards. Frankly, without that option, your business looks extremely dated. Mobile credit card payments are 10x faster than writing out a check and customers don’t have to fret having cash on them.

2. Organization

Besides mobile payments being more convenient for your customers it’s also indirectly more convenient for you too. Taking physical forms of payments like cash or checks can be messy. Especially when you’re a business on the go. You risk the chance of misplacing or losing something. By offering mobile credit payments, you're working toward eliminating that issue altogether. With mobile payments your transaction is digitized, recorded, and filed away.

Through the benefit of maintaining cleaner more organized payments this can also help your small business with...

3. Identifying Customer Payment Histories

The smarter you are about your customers the closer you are to increasing your profits. Think about it: based on their payment history you know what a particular customer likes and what they seem to shy away from. That’s why having the ability to easily access your customer payment history gives you the ability to upsell or cross-sell with the highest level of precision.

4. Easier Managed Loyalty Programs 

Loyalty programs are a great way to keep your customers coming back and spending money. Considering that repeat customers on average spend about 67% more than first-timers, ensuring your best customers continue to come back should always be a top priority. Offering mobile payments makes running loyalty programs that much easier.

With cash or check payment types you have to manually track each and every transaction in order to delegate points accurately. However, with mobile payments, everything is digitally stored and right in front of you, so allocating points is as easy as 1,2,3.

 

Mobile payments are one piece of many that can help you grow your small business to new heights. Interested in discovering the other pieces? Check out our free guide!

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About the Author

John Rigo

John Rigo is a content marketer with Booker. His areas of expertise are writing and market research. John brings a unique perspective to the blogosphere with his extensive background in publishing. He also has a love for small and local businesses – how they work, how they grow, and why they succeed.

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