What's So Appealing About Mobile Payments?

Many online and traditional brick and mortar retailers are installing the necessary equipment and teaching their employees how to perform mobile payment processing with their customers. Accepting payment via mobile phone has many advantages for a retailer, making it a good idea to get on board with this new technology.

Preparing a business to receive mobile payments from its customers can give a retail store the ability to instantaneously receive payments from customers no matter what location the transaction takes place at. This means that a company can have employees accept payments from customers or clients at an office, in their homes, or at the store location.

For example, think about a plumbing business. Many small operations in this industry typically perform work for their clients and even buy them their materials. Later on, they mail their clients an invoice. This can create a gap of several weeks or even months between the business performing the work and receiving their payment. In some cases, the business might not even get paid, forcing the plumber to take on a risk with every new customer.

When a company starts using mobile payments, the company’s employees can use their smartphone, tablet computer, or other mobile device and get payment from the client immediately. During the visit, if the client needs to order additional products or services, it can be added to their bill. The client can get a receipt printed on the spot or e-mailed to them.

It’s important to note that the money from these transactions is usually deposited into the business’ account within twenty-four hours. This means that the business that uses mobile payments can almost immediately use the money received from its work to pay its employees or buy needed equipment, tools or supplies.

There are other types of companies beyond traditional retail stores that can benefit from mobile payments. For example, vending machine operations are using mobile payments to increase their sales. By using a mobile device with an installed app, customers can make a purchase without having to look for exact change. The availability of a receipt and possibility of getting their money back if something goes wrong also makes customers more likely to purchase more expensive or multiple items from a machine.

Businesses that operate in places where people would prefer not to carry a purse or wallet are discovering how mobile payments can help them as well. An increasing number of bars and nightclubs let their customers pay via their mobile phones. This lets their customers be free to not have to deal with cash or credit cards during their night out. Without using cash, customers are also more likely to make impulse purchases. Customers using mobile payments like being able to view and pay their tab without having to stop the party or be heard through a noisy club.

Finally, many customers and businesses like the security that comes with using mobile payments. Eliminating cash and checks means eliminating the need for on-site safes or dangerous nighttime bank drop-offs.