5 REASONS YOUR BUSINESS SHOULD ADOPT MOBILE PAYMENT
Since the dawn of time, money has been evolving. Early humans used bartering and trading to get what they wanted, and the advent of writing and numeracy led to the concept of physical money - first in the form of coins and subsequently paper notes. Over the last century, money transformed into plastic cards, and in 2020 we can pay for goods and services with the single swipe of a finger on a smartphone screen.
Although the concept of money hasn’t changed, the way we pay for goods and services has. And there is no reason to expect it not to evolve further in the future. As technology advances, businesses and consumers alike must embrace new trends and behaviours or else risk being left behind by more forward-thinking competitors.
As a society, we are increasingly relying less on physical cash and more on digital payments involving contactless credit cards, near field communication, and mobile payment apps. Predictions suggest that by the year 2025, 75% of all transactions will be cashless.
If your business’s payment methods are still leaving towards the analogue, here are five reasons to consider adopting mobile payment methods.
It is convenient for customers
You’ve heard the old cliche that the customer is always right. Well, there’s some truth in that. As a business owner, you need to keep your customers satisfied to ensure they come back. And in this high-speed, low-attention society we live in, one thing guaranteed to please customers is convenience. A credit card payment app is much quicker and simpler for the average consumer than fumbling around in their pockets for cash or heading outside to the nearest ATM.
It’s convenient for you
Mobile payment undoubtedly provides a faster, more efficient transaction. As well as saving time for customers, it also makes your life a lot easier. The time saved in processing payments frees you up to focus your efforts on the areas of your business that need the most attention.
It’s secure
People often worry about using their phones for anything financial due to concerns about fraud, data privacy, and identity theft. But in fact, using mobile wallet apps such as Google Pay, Samsung Pay, or Apple Pay is far more secure than a traditional debit or credit card. These apps are designed to protect your card details and dramatically reduce the risk of fraud.
It’s forward-thinking
Society is becoming more technologically-minded. No matter what industry you are in, embracing the latest tech is an opportunity to show your customers and partners how forward-thinking you are. Staying on top of the latest developments will do wonders for your business reputation.
It makes accounting easier
Every business owner needs a solid accounting system that helps them keep track of cash flow and reduce costs. One of the most frustrating parts of this is transcribing analogue payments to a digital system, a monotonous task that provides plenty of opportunity for financially disastrous mistakes. But when your business adopts mobile payments, you no longer need to worry about this. Digital payment allows you to consolidate all of your finances into a single system. Bookkeeping has never been simpler.