Mobile payment option has revolutionised the entire business community across the globe as merchants were looking for credible payment technology to bring down their operating costs, to enhance customers experience and to provide payment flexibility to compete with established and larger retailers. Mobile payment technology can meet all these and more.
Overcome customer impatience
Mobile technology has raised consumer expectations from businesses of all sizes. Customers are highly impatient at the check-out counters. A slight delay due to inefficient operator or faulty computer system would lead to loss of credibility and business. According to a latest study in e-commerce environments, the impacts of website load times revealed a seven per cent down in checkout conversion for every extra second the customer spent while waiting for a web page to open.
Customers are generally show impatience at the physical point of sale however efficient your checkout process may be. In fact, a study has revealed that customers only look at the number of people at the queue rather than speed at which the line moves to decide dropping their purchase bag or abandon the transaction.
Recently, High-Style showrooms across India observed this “drop-bagging’ phenomenon among its customers and introduced a scheme where customers who do not want to wait at physical point of sale can drop their item bags with their address and the same can be delivered free at their door steps.
Mobile payment system provides an alternative to the traditional point of sale checkout line. Having a handy smartphone and access to mobile payment merchant account, any staff member of your retail showroom can attend to customers and facilitate smooth transactions anywhere in your facility. Some Smartphone payment systems come with thermal printer for receipts. Otherwise, receipts can be delivered via text message or email, thus making the process more smooth, faster and reliable.
Despite the size of your business you can keep pace with shifts in the payment landscape and can be at par with the large companies. If you have a bank account and smartphone, you can apply for a merchant account with a mobile payment option.
According to Gartner Research, mobile payment acceptance rate will see a growth of 35 per cent until 2017, resulting in more than 450 million global users with transaction volume reaching more than $70 billion.
When you depend on fixed point of sale systems to transact, your reach is limited to customers in the particular geographic region. When you switch over to mobile payments, you can transact with customers even outside of your geographic location, even at remote locations such as trade shows, fairs and local business events.