Business owners who are focusing on growing their customer bases and increasing profit spend a great deal of time and money trying to reach more consumers and convert them to customers. Sometimes the most effective methods of expanding one’s customer base comes from the simplest of efforts.
In addition to having a solid marketing campaign and great customer service, offering mobile payment options is an effective strategy for attracting more customers. Learning more about mobile payments and the benefits of offering them can help business owners determine the role this payment method can play in their businesses.
Types of Mobile Payments
- Proximity Payments. Proximity payments involve paying for something within a close distance but without physical contact. When a customer holds their smartphone in front of a reader to make payment, this is a form of proximity payment.
- Remote Payments. Conversely, remote payments are made when the customer and payee are in two different locations. Online payments are a type of remote payment.
Forms of Mobile Payments
- Text Payments. Text or SMS payments have been around for a long time. With the growing use of payments via smartphone apps, text payments are used with less frequency.
- NFC Payments. Near field communication (NFC) payments are growing in popularity and involve the use of a chip, which is now standard in most smartphones. Google Wallet and other similar services are forms of NFC payments.
- Payment Apps. Many mobile payment services, such as Intuit, have payment apps that consumers and business owners can use to promote payment via mobile device.
- Mobile Credit Card Reader. Several services provide the business owner with a credit card reader that can be plugged into a smartphone or other mobile device. This allows the individual to take credit card payments wherever the transaction takes place.
Mobile Payments Benefits
- Easier for Customers. The ability to pay on-the-go makes it easier for customers to make a purchase when they’re not at home or in a store.
- Secure Payment Method. Mobile payment methods are secure, which makes consumers feel more confident about using these methods.
- Lower Credit Card Processing Costs. Business owners who use mobile payment services pay less for payment processing fees than those who have a regular credit card reader, which they must pay for along with expensive per-transaction fees.
- Increased Conversion Rate. Those wanting to increase the number of website visitors to paying customers will be able to achieve this goal by offering mobile payment methods.
Offering Mobile Payment Options
Providing customers with yet another payment option is part of good customer service. An increasing number of business transactions take place online, in the field, at customers’ homes, and at exhibitions. According to “How to Become a Home Inspector With a Growing Business,” your reputation is based on the whole package; how you present yourself, how well you do your job and how well you serve your customers. So serve them well and give them the option of paying by mobile.
Getting started with mobile payments is easy. To find the ideal service for the company, a business owner should review a mobile payment service company’s information and talk to their customer service department to obtain answers to important questions.
A service that provides trial periods or no-contract service is ideal to start so the business owner can experience the mobile payment service and determine whether it’s the right one for the business and its customer base.