Customer desires are changing daily. Businesses are constantly on the lookout for ways to effectively keep up with these changes and are doing so with the help of technology. One way businesses are doing this is by establishing ways for customers to find more sophisticated ways to shop and pay for products.
There are considerable benefits to offering mobile payments in your retail storefront. For one, customers appreciate the added options and migrate towards businesses that can provide them such flexibility.
Offering mobile payments is easier than you think and can give you a step up on your competitors who have yet to consider this option. Here are three reliable reasons to consider offering mobile payments at your retail store and the first steps to moving forward with integration if you choose to do so.
Although setting up a mobile payment service seems complicated, it’s more doable than you think. Some point-of-sale providers, like Rain Retail, have their own in-house payment processing service that makes integrating that much easier. They’ll be entirely responsible for helping you determine the proper setup for your store and training you on how to use the system.
It’s a matter of figuring out what hardware you would need, how long it would take to set up, and learning the system. Most of these companies understand the need to set something like this up quickly and usually offer learning tools for retail store owners.
Customers Love Options
With the luxury of mobile payments, it’s difficult to remember a time when the payment standard was cash. Most companies wouldn’t even accept debit or credit cards. When this happened, businesses were unintentionally turning customers away because of their lack of payment options.
Still to this day, some businesses aren’t taking advantage of the fact that customers love options. By only offering limited or traditional forms of payment, you could be responsible for a serious lack of sales daily. You could also be missing out on a chance to enhance your customer experience and increase customer loyalty.
As this world becomes more technologically advanced, people’s day-to-day actions will be intertwined with technology, including shopping in-store. If you can offer your customers a more manageable payment option that’s a simple tap or swipe on your mobile device, why not offer the flexibility?
Many businesses, especially extremely small ones, out there have yet to accept debit and credit cards as payments, let alone thought about the possibility of customers paying with their mobile wallets in-store. But research suggests that three out of every five people who have a smartphone have a mobile wallet.
Even with statistics like these, only a tiny percentage of businesses offer mobile payment options for in-store shoppers. Mobile payment seems like it would only be used on an eCommerce website, but avid mobile wallet users want the opportunity to use this payment method wherever they go.
Because so many businesses neglect the benefit of integrating mobile payments, doing so could give you the competitive edge you need. This study found that “60% of shoppers said they’d like to pay for products in-store through their smartphone by using loyalty points they’ve earned. Almost half would join a loyalty program if they could use points to purchase products.”
You could stay competitive and unique by offering such a payment method and start retaining loyal customers through a solid loyalty program.
Although your competitors may offer similar products as you and provide equally-yoked customer service, you can easily step ahead by offering your customers a payment process that’s modern and inclusive.
Moving Forward with Mobile Payment Integration
If you’ve decided to move forward with mobile payment integration, you want to go about it most efficiently. Here are the first few steps you should take:
Thoroughly research mobile payment companies
Research companies that offer mobile payment services to make an informed decision on who will host your mobile pay service. Check out the reviews from other businesses using their service. Talk with a representative about all of your questions. Read what customers are saying about the payment process of businesses that adopt mobile pay services from these specific companies. If possible, find a point-of-sale or website provider that integrates payment processing with their other services (like Rain Retail). This streamlines your checkout experience and is often cheaper than going with a third party.
Ensure security and safe use for your customers
Although more technological options for payment are becoming increasingly popular, people hesitate with mobile payments due to security reasons. We’ve all heard about big brands being hacked and data breaches happening more and more. People just aren’t sure if mobile pay is secure and trustworthy enough to take a chance on. Mobile pay isn’t immune to hackers, so if you want to move forward with mobile payment integration, it’s best to set up your system and network to be as secure as possible.
Although there may be plenty of prep involved, establishing mobile payments ultimately means your small business is taking part in the future. With some of these tips in mind and careful preparation, you can set your business and customers up for success.