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Are people really using mobile payments? Yes They Are!

30/9/2015

The writing’s on the wall, smart-phones are busy revolutionizing our lives.  Now, if the slurry of internet memes based on how addicted people have become to their smart-phones isn’t enough a hint that you need to make your business as mobile-friendly as possible, then consider this – the average person is already spending 3 hours 45 minutes on their smart-phone according to Flurry Analytics.

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But you’ve made your website mobile-friendly!  Well the world has moved a notch higher. Gone are the days when people were afraid of parting with their cash on their mobile devices, which were once only used for reading, chatting, watching videos, gaming and Facebooking.

Consumers today are far too busy (and distracted) to wait till they get home, or even open their laptops (if they still use them), to log on to your site, find the item, hit purchase, enter their name, address and credit card info in order to buy your products. Nay, they want it now and they want it fast!  This is why ecommerce has become such an important part of everyone’s life.

So, while this was restricted to personal computers, the advent of smart-phones has allowed people to utilize the benefits of ecommerce any place anytime. Mobile payment systems such as SEQR close this loop and help people to not only search for products and solutions, but purchase them wherever they are as well.

Let’s take a look at what mobile payments are, and how they can help you…

Mobile payments can be broken down into remote payments and proximity payments.

Remote payments are essentially regular internet based transactions done with a smart-phone. Peoplepay thru traditional application or browser based payment gateways using their mobiles.

Proximity payments on the other hand as the name suggests, allow people to forgo plastic, paper money, and pay straight with their smart-phones. Typically this is accomplished with a barcode or QR code which is digitally presented on the device’s screen, or with a NFC (Near Field Communication) chip embedded in the phone which transmits the required information to a receiver with the retailer.

There are a plethora of advantages you tend to reap when you implement mobile payments, a few core benefits are -

Decreased transaction time

As established above, your consumers want a faster, smoother service, and mobile payments are about as fast as transactions can get right now.

By focusing on getting your consumers to move through the sales pipeline can increase satisfaction, while helping you complete more transactions per hour.

Save on credit-card fees

Mobile payment companies typically charge far lesser than credit card companies. For instance, SEQR offers a 50% reduction in Payment Card Interchange Fee vs traditional merchant services agreements. Our app also requires no capital investments, and can be operated independently of PCI as well as traditional card networks.

Setup is easy

Setting up a traditional payment gateway can get complicated, however with mobile payments, you are only required to download the vendor’s app, and fill out a form. That’s it! No tedious coding or bureaucratic hurdles to overcome. Some vendors will also work with you to get their app working with your existing payment systems as well.

Easily integrate your loyalty programs

Mobile loyalty programs are a great way to encourage your customers to come back to your store. However keeping tabs on all your customer’s purchases, so that you can enroll them into your program gets tedious fast.

With mobile payment apps such as SEQR however, you can keep track of your customer’s buying activities with great ease. Your customers will also no longer be required to constantly maintain a loyalty card/ring, as all their information is stored by the app in one location.

Mobile payment apps maybe the new kid on the block, however it has already become the popular one. Its ease of use, both for the user and the business, coupled with better, more robust security features means that it will only see more widespread usage from here on out.

If you are interested in finding out more on how mobile payments can benefit your company, then go over to SEQR for business and check out how we can help you transform your business into a lean, mean cashing machine!

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