Five Ways Your Business Can Benefit With a Mobile Payment Solution

Five Ways Your Business Can Benefit With a Mobile Payment Solution

From the barter system to using gold, coins, cash and debit/credit cards, man has been very resourceful in inventing innovative ways to pay for goods and services.

The latest trend is mobile payments where you can make or accept cashless payments through your smartphone.

Here’s how merchants of all types can benefit from offering this convenient payment option to customers.

Satisfy Customer Needs It’s no secret that people in China are very comfortable with cashless payment solutions such as credit cards, debit cards, WeChat pay and Alipay. Convenience plays a major role in the popularity of mobile payment solutions and with smartphones becoming a staple in most people’s lives, the popularity is set to increase. With mobile payments, consumers don’t have to type card information or swipe their card every time they want to make a purchase. Because mobile payments are contactless, there is a greater element of safety and security.

Increase Sales and Revenues Providing mobile payment options is beneficial to merchants as well, especially merchants who operate brick-and-mortar stores. Now they don’t have to turn away customers who may not be carrying cash with them. Besides, offering flexible payment options is a great way to turn consumers into loyal customers. Using a mobile payment app reduces expenses on various items such as POS devices, paper and ink. Since transactions happen in real time and settlement period is shorter, merchants can expect improved cash flow.

Offer Omni-Channel Payments Not all mobile payment service providers are the same and that’s why you need to choose your vendor carefully. A great solution is to use a mobile payment gateway that supports Alipay, one of the most popular online payment platforms in China. It is estimated that nearly 600 million people use Alipay to complete transactions. If you have a global market, make sure the solution supports omni-channel payments including popularly used global online payment systems.

Provide Contactless Transaction via QR Code QR code scanning is one of best methods for facilitating mobile payments. The best mobile payment service providers offer an easy-to-use solution and provide a smart POS machine if required. The POS machine is used brick and mortar store owners for scanning the QR code. Alternately, transactions can be done over an iOS/Android smartphone or tablet. Customers can either show their QR code to the merchant’s scanner to complete a transaction or scan the merchant’s unique QR code.

Use Solution for Business Analytics Mobile payment service providers also have solutions that help merchants in other ways – for example, auditing and business analysis. A cutting edge mobile payments solution can allow merchants to easily search all transaction records and transport records to an Excel file. This helps in keeping track of inventory.

A business analyst can glean additional insights such as how frequently consumers shop at your store, their preferred payment method and how much they spend. Based on customer behavior and purchase patterns, a merchant can develop strategies to improve customer service.

Read to offer customers the mobile payment option?

Get in touch with China’s leading payment solutions provider or download their payment gateway app from popular app stores!