Mobile payments have seen a rise in the last few years, with more than two thirds of Americans owning some form of smart device. As technology has increased, so has the convenience it offers consumers. No credit card? No problem! With the tap of a finger, you can purchase whatever you need on your phone. This convenience doesn’t just benefit individuals; it also benefits businesses. Here are some ways that mobile payments are helping businesses grow.
Why Businesses Should Use Mobile Payments
It’s easy to see how businesses can benefit from mobile payments. The convenience alone is enough to make any business owner consider using it. But there are other reasons why companies should take advantage of this technology.
For one, mobile payments are becoming more popular in the market for e-commerce. Mobile commerce revenues are expected to reach $180 billion by 2020, up from $5 billion in 2011. Considering that most people own a smartphone, it makes sense that more people are making purchases through their phone. It’s convenient and highly accessible to all users, which is why many businesses should be considering it.
Additionally, research shows that there is an increased use of mobile payment platforms among millennials who prefer convenience over security features when it comes to using credit cards. This segment of the population is growing quickly and will continue to do so in the future which means this trend will only increase as time goes on.
How Mobile Payments Benefit Businesses
The convenience of mobile payments is a benefit for consumers, but it can be just as beneficial to businesses who are always looking for new ways to improve the customer experience. Mobile payments have eliminated the need for business owners to carry cash or credit cards with them at all times. As a result, businesses no longer have to worry about handling cash or printing out receipts. Not only does this make transactions easier, it also eliminates the risk of accidents happening with cash or credit cards.
The Growth of Mobile Payments
Mobile payments have seen a rise in the last few years, with more than two thirds of Americans owning some form of smart device. This convenience doesn’t just benefit individuals; it also benefits businesses. Here are some ways that mobile payments are helping businesses grow:
– Increased revenue
– Reduced costs
– Enhanced customer service
– Increased marketing opportunities
– Integrated loyalty programs
Conclusion
Mobile payments provide a number of benefits for businesses, but it’s important to note that the right mobile payment provider for your business depends on what you need. Do you need a mobile payment provider that offers a wide range of payment options, or one that only supports the mobile app you’ve already developed?
If you’re not sure where to start, Click Here and book 20 min discovery call with Framework Business Solutions, we will help identify the best solution for your business needs.