Understanding how to make digital payment services work for you
The fact is that digital payments are the future and embracing them will be key to business success.
With fewer and fewer consumers exchanging physical currency when paying for goods and services, robust and reliable digital payment services are integral to the success of businesses of all sizes. Whether shopping online or in a physical store, ensuring that your business can accept a wide array of digital payments will increase your consumer appeal and, ultimately, your sales figures.
Generation Z consumers favor payment methods powered by cutting-edge technology, such as Apple Pay or Google Pay, whilst older consumers are more likely to rely on debit and credit card transactions. Understanding the demographic your business largely targets is just one way to make the digital payment services you offer work for you. Here are other ways in which digital payment services can be harnessed for business success:
Embracing Contactless Payments
Contactless payment technology is already an integral part of the shopping experience for the vast majority of consumers. Still, throughout 2021, we will see the popularity of this payment method continue to grow rapidly. Contactless payment technology is faster and more secure than PIN technology. What’s more, it minimizes in-store contact, which many consumers are particularly focused on.
Many companies such as Samsung, Apple, and Google have already adopted their contactless payment infrastructures, enabling consumers to pay wherever they are simply by downloading an app to their phone. These kinds of payments are also known as NFC (near-field communication) payments, as simply placing your device near the payment portal is enough to ensure the transfer of funds occurs.
Offering these kinds of payment options is a great choice for many businesses, particularly those selling lower-value goods. They encourage consumers to make impulse purchases by enabling them to shop quickly, and without even opening their wallets.
Implementing Mobile Points of Sale
Mobile points of sale will also be increasingly popular for businesses of all kinds during 2020. Mobile-point-of-sale (mPOS) is a revolutionary technology. It frees all the merchants from their brick-and-mortar locations, enabling them to accept payments in other locales such as concerts, trade shows, food trucks, and anywhere else their customers are. This technology is appealing because it enables a business’s payment process to become more flexible and more streamlined.
Central checkout areas can be replaced by sales staff equipped with mPOS devices. This means sales teams can go to where their consumers are, rather than expecting the consumers to come to them. This is a wonderful way to combat the consumer’s reluctance to enter brick and mortar stores, by enabling them to receive a full customer service experience and pay for their products wherever they are.
The fact is that digital payments are the future and embracing them will be key to business success. Adopting the trends outlined above will play a vital role in shaping our future payment methods and how consumers choose to pay for their goods in the future. Ensuring your business is ready to accept these methods now ensures that you are one step ahead of the curve.