It’s no secret that today’s retail world is a competitive marketplace, and brick and mortar businesses often struggle to stay ahead of the trends in eCommerce. As more consumers turn to online shopping, retail establishments focus their efforts on providing great products and serving customers with a smile. Yet there’s another innovation that’s improving the way retail businesses accept credit and debit cards and give customers more payment options: mobile payment processing.
First off, what are mobile payment solutions? Mobile payment terminals use a small card swiping device that can clip to a mobile tablet or smartphone, and they function just like other forms of third party payment processing that help businesses accept credit cards, debits cards, and checks. This form of payment processing is catching on due to its versatile nature, especially for retail businesses that see high volumes of customer traffic.
What are the advantages of using mobile payments technology for your business? Here are just a few of the benefits that businesses can see with a mobile payment option:
1. Greater security: Today’s mobile payment terminals may look like a typical mobile device, but they have all the security of a regular POS system. These devices are 100% secure and comply with PCI standards, which regulate how customer information is processed and kept safe. Additionally, these terminals use a Secured Socket Layer (SSL) to encrypt customer data and prevent it from being intercepted by unwanted parties. In the age of data breaches, this can help your customers experience peace of mind when making a purchase.
2. Increased transaction speed: Because mobile payment processing is, well, mobile, it can be used anywhere in a store or other sales space. When stores get busy during the holiday season, for example, your employees will have the opportunity to open more checkout lines to help speed along your credit and debit card transactions. This speed can lead to…
3. More customer satisfaction: When customers are able to make purchases from anywhere in the store as quickly as possible, they may be more likely to use your service again. Mobile payment processing is also useful for businesses on-the-go. Whether you operate a food truck or sell your wares at a festival, you’ll be able to accept more types of customer payments rather than having to say, “Sorry, cash only!”
Have you used mobile payment technology to make a purchase or take customer payments? Tell us about what you thought in the comments.