It’s safe to say, especially in a COVID-19 world where cash payments are being minimized to slow the spread of coronavirus, that mobile payments are here to stay. In fact, by 2023, it’s estimated there will be 1.31 billion proximity mobile payment transaction users worldwide, up from 950 million in 2019. Additionally, according to Statista, as of this year, nearly one-third of Americans say they would like to pay via smartphone when possible.
This form of convenient, accessible, and seamless flow of money transfer needs to be something you take seriously at your business today. Why? Here are 5 reasons to consider:
- It’s Easy for Customers: Everyone has their phone on their body at all times. We don’t leave the house without our smartphones – they run our businesses, our communication, and our lives. Therefore, turning the phone into a payment option will make it easier than ever before for customers to pay for services and products. When payments are easy, customer engagement is even higher at your business since they have the ability to pay right there, right now.
- More Revenue Over-Time: When you don’t have to turn customers away and tell them that you are cash only or only accept certain kinds of credit cards, they will be more willing and able to buy from you. This will increase your revenue over time and make your business more successful.
- Actionable Data: Electronic payment systems automatically track customer data, like frequency of use, total spent, etc. right in your software. Now you can learn more about your customers, what they’re spending, and when they’re spending so you can make important changes. This is also helpful for managing inventory depending upon the business you manage.
- Multi-Device Compatible: Electronic mobile payments don’t just have to occur through a smartphone, either. Here at Bonita Payments, we allow you to accept smartphones, tablets, or laptops. This makes it easier on clients depending upon their mobile device of choice. We then guarantee a secure payment process that protects your company while keeping your clients happy.
- Less Business Risk: When your customers are able to pay for your services right there on the spot, you reduce the risk of not being paid for labor, products, and inventory. This used to be the norm with checks, or when individuals are suddenly unable to cover a bill with cash. Accepting electronic payments also reduces the risk of theft or fraud that could be occurring internally at your business.
We are a comprehensive intelligent and reliable payment solutions platform available to small to medium-sized businesses today. We offer a custom solution for every business so you’re able to grow and expand your operation in accordance with your customers. We implore those reading today to consider the benefits of going mobile with your payment options to accommodate your clients. The incoming Gen Z and millennial generations expect it!