So mobile payments are actually a bridge between the user and the vendor, and a bridge can only be built if both ends agree to its need. There is the need alright and the bridge has been built. This does not mean that propagation is no more required. Mobile Payments can only work and thrive if the buyer and seller both use it. However, a POS purchase can happen anywhere with the increase in mobile payment terminals. Although it is somewhat like the debate of chicken and egg as to who should proceed more vigorously, I will focus on why and how businesses need to adopt the latest in payments technology.
The System at a glance
Almost needless to say, mobile payments refer to monetary transactions done via your phone with a 3rd party that has merchant processing services. Yes, the gadget which has already evolved so much from a simple cellular device is about to get a whole lot important. It’s really simple actually. A quick link will be created between your phone and your bank and your money will flow in a click. There are numerous advantages of the system that will benefit the user and the merchant in different ways.
The purpose of this system is to revolutionize the concept of spending money altogether. A better shopping experience is just a small part of it. The best part is the peace of mind that comes with having no cash or cards to carry.
Why accept mobile payments
Businesses constantly strive to attain what their competitors don’t have and mobile payment is certainly an idea. Let me explain further, remember the signs business stated displaying 20 years ago? Small boards at stores announced that credit cards were being accepted and it aroused interest everywhere. People turned up to the stores because they could shop without carrying cash. Now they will come to your stores because it will eliminate their need of carrying a wallet. Mobile Payments can be your business’s new star feature and it will invite crowds. It is already a hot cake and you should be looking to set a trend rather than following one.
However, the advantages of this payment system give you more than just an edge over your competitors. It will wipe away many vulnerable and lengthy procedures and with it many of your worries too. You will be able to accommodate more users in the same time because the long lines will vanish. The motion of your money will be transparent and every bit of it will be accounted for. Overall, payments will be swift which will benefit both the user and the merchant.
How to adopt mobile payments
This is not exactly a mystery. On the contrary it is pretty simple and I will be talking more about the considerations that need to be taken into account rather than the ways of adoption which are pretty much obvious.
The first thing that you need to keep in my mind is the user’s fear. The removal of this fear will be the focal point of the attraction you provide to your buyers. The primary thing users are wary of is security. They do not feel completely at ease when trusting mobile as a medium of money transfer. It is therefore advisable to take strong security measures to protect your user’s money because that is your source of income. Another thing that you will have to propagate in the earlier stages of establishment is the usefulness of mobile payments. You should advertise the highs of the system you have adopted, even slip in the lows and top the latter with the efforts you are making to minimize the disadvantages. For this you will also need to tell your staff to receive and answer queries promptly.
The second and last consideration is to put a lot of care when choosing a mobile payment platform. Just like telecom companies, there is a wide range of digital wallet apps available. They all come in various specifications designed to meet the needs of many different types of consumers. I’m not just talking about choosing a system that is fit for you, that’s obviously necessary. I am trying to tell you the that the platform you choose must help you to bring the largest possible number of mobile payment users into your net.
Most critics are arguing that widespread adoption of mobile payments will be inspired by acceptance by merchants. The demand already exists and is rising and will continue in the same pattern. We need to understand that if businesses accept mobile payments then users will too. And this will ultimately lead to betterment of the mobile payment phenomenon as a whole.
About the Author: Syed Irfan
This article was written by Syed Irfan. He is a serial entrepreneur, certified inbound marketing and author. He blogs at Inbound.zone about inbound marketing, financial freedom and productivity