By 2030, experts expect that digital wallets, like those used by Apple Pay, will be the primary source of payments around the world. Mobile payments are often as simple as using a physical card, and you can make secure purchases in stores, in apps, and online. So is it time for you to add mobile payments to your arsenal of merchant services solutions?
One thing to consider regarding mobile payments are the demographic of your customers. According to Big Commerce, which surveyed businesses that added Apple Pay, many of them chose to do so because they had a younger, millennial and Gen Z demographic in mind. This has been especially effective for businesses using online transaction options with mobile payments in mind. The same business surveyed by Big Commerce answered that Apple Pay improved the outcome of their online sales, with fewer items being placed in a user’s ‘cart’ being abandoned due to a complicated checkout process.
Mobile payments are useful for in-store transactions as well. With Apple Pay, anyone with an iPhone or certain iPads can utilize this method. Of course, not all of your customers will have Apple Pay equipped on their devices, or use Apple devices at all, so it is important to have a wide variety of POS solutions in this mobile era. Mobile payments are also generally secure, with multiple levels of authentication before confirming a purchase. For example, if you’re using your iPhone to make a payment via Apple Pay, you will likely have to use your thumbprint. This might also be a reason why many customers would be attracted to the option of using mobile payments to make their purchases.
Of course, there are plenty of risks to mobile payments as well. High-profile data breaches make overarching security a large concern for both business owners and customers. While the payments are generally less expensive than traditional point-of-sale systems, most still require you to purchase new technology and upgrade your terminals. With the variety of mobile devices on the market, a one-size fits all option can be very difficult to implement.
In conclusion, if you are willing to outfit your Point-of-Sale terminals with the necessary tech, mobile payments can be a rather convenient addition to your merchant services solutions that can also help improve the customer experience. Online check-out buttons attached to mobile payments have proven to make online sales easier for merchants and buyers. If you are hoping to attract a younger demographic, mobile payment solutions can be a great way to go about it.
Is a mobile payment solution right for your business?