Mobile payment processing has changed the way Americans spend their money. According to the World Economic Forum, the average American will make 376 mobile payments in a year. That number will continue to grow in the years to come.
The xennial and millennial generations are innovating the way we do things, from cabs to car rentals to paying for common items, and cash is next on their list. In 2015, Business Insider conducted a survey in which 40% of millennials said they would stop using cash if given a choice. This attitude explains why payment via card has grown in volume faster than retail sales.
If you are in the business to consumer market, expanding the way you accept payment is necessary for continued growth. Luckily, Payscout makes it easy to accept payment via your smartphone or tablet. Payscout connects merchants and consumers with mobile payment processing, allowing purchases to take place with a swipe and a signature.
Transitioning to mobile doesn’t have to be a painful process, below are four benefits you’ll see from joining the mobility payment game.
Expanded customer base
If you do not currently accept mobile payments, the likelihood that you are missing out on potential customers is high. Moving to a mobile point-of-sale (POS) will allow you to complete sales, receive authorizations, and email customer receipts from your tablet or smartphone. You’ll gain customers with a simple swipe and sign.
It’s no secret that people have a habit of spending more money via card than they do cash. Human behavior is influenced by many variables, and decisions are frequently made on an unconscious level. Put simply, we are often on autopilot throughout the day, which means when we shop with cards we don’t have to make conscious decisions about spending money, and we spend more. That’s money you could be missing out on if you don’t accept mobile payments.
Quick customer turn-around
Serve more people, more quickly. Your lines will move faster with the increased technology of mobile payment processing. You’ll be able to assist customers quickly and get them on their way with reduced effort.
Moving to mobile will not only increase the speed of your transactions, but it also increases efficiencies. Access to transactional data will make keeping your accounting on point a less complicated process.
Payscout is a global payment processing provider covering six continents by connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. They are committed to providing clients with systems that keep them ahead of emerging trends and changes in the mobile payment processing world. They provide nonprofit payment processing, work with the international market, and healthcare and utility payment processing and much more. With Payscout, there are no set-up or activation fees, no cancellation fees, and no annual fee.
Expand your consumer base with a range of functional services at www.payscout.com