Mobile payments are expected to reach a massive 1.3 trillion dollars by 2017 – is your business ready?
Like e-commerce – which was an alien concept to many – mobile payments are now commonplace. Companies who have online stores in addition to their physical stores have been able to grow their reach and as a result, their revenue. The success of any business relies on its ability to meet consumer and industry demands.
Whether you own an e-commerce store, a brick-and-mortar shop or operate on the move, incorporating the use of mobile payments should be a pre-requisite. Businesses who fail to include mobile transaction methods will lose out to forward-thinking competitors who do.
Guiding customers through your mobile payment system is crucial.
According to the infographic below, 77% of those surveyed believe that mobile payments are risky. What does this mean for your business? That it’s paramount that you take the time to walk your customers through the process in order to allay their fears. It’s natural that people are sceptical of the unfamiliar, so be patient with those who are using mobile payment methods for the first time. The more someone knows about something, the more confident they’ll be. In addition, vendors who take the time to explain these processes to their customers will be rewarded for their patience in the form of repeat business.
Image credit: mvnodynamics
In order to make the most out of mobile payment solutions, it’s essential that you choose a method best suited to your business.
The last few months have seen the South African market being flooded with a variety of mobile payment options. Before you invest in a mobile payment device, think about what your particular business needs are.
If you own a business that operates on the move, a mobile pos is best suited – enabling you to accept payments whenever, wherever. If your business operates solely from a brick and mortar store, a static credit card machine will suffice. These devices are plugged into a power supply and accept both debit and credit cards. If you’re the owner of a restaurant, making use of a portable credit card terminal will allow staff to accept payments from patrons at their table. Make sure that your mobile payments system is secure – those that require a pin code are the safest option.
Image credit: mobileleadersalliance