Mobile payments have been growing in popularity for years now, with some speculating that cash payments will eventually become extinct. Although not everyone is on board the trend yet, there are several key benefits that make mobile payments attractive to business owners, including:
- The ability to link mobile payments with loyalty programs and other incentives
- The ability to track customer trends as well as your inventory
- Mobile payments are an easy way to extend payment options from cash-only to credit cards
- Mobile payments typically have lower processing fees than traditional credit card processing
- Mobile payments offer your customers a faster checkout experience
Benefits to consumers (like convenience and security) also mean that business owners will eventually jump on board this trend as more and more consumers come to demand mobile payments and expect it as a payment option.
At this point in the game, it’s not a question of if mobile payments will take off – it’s a question of which company will end up winning the mobile payments race.
Currently there are several options for mobile payments from some of the biggest names in business – Apple Pay, Google Wallet and PayPal, for example, are all fighting for a piece of the mobile payment pie. As mobile payments grow in popularity, one thing is certain – whoever wins this race will take home a pretty hefty prize.
“Who Will Win the Mobile Payments Race in 2016?” is the topic up for discussion in the latest ShopKeep video where Norm Merritt and Ramon Ray discuss this question, as well as how to be a successful retailer now that cash is out and mobile payments are in.
Whether you currently accept mobile payments or not, as a business owner, this is a trend you NEED to stay on top of.