Fintech Insights

5 advantages of mobile payment acceptance

Worldpay Editorial Team

July 09, 2019

Today's technology allows you to turn everyday devices like smartphones and tablets into powerful point of sale terminals. That's opening doors for millions of businesses who can now accept electronic payments virtually anywhere. Learn how mobile payment acceptance is helping small merchants gain big advantages.

In the past most businesses were fixed in place. In store customers paid at counters with cash, credit and debit cards. The technology changed over time but the “where” remained the same. Some businesses operated on-the-go, but accepting payments electronically wasn't practical.

Today that's changing, fast. We live in a mobile society where commerce takes place almost everywhere. Businesses routinely operate outside their own stores. We also live in an age of rising customer service expectations when it comes to how they want to pay. Shoppers expect to be able to use credit cards, debit cards and eWallets, no matter where they shop.

Mobile payment acceptance is helping satisfy a new generation of customers with easy, seamless payment experiences. Mobile devices like smartphones and tablets are transforming where we can do business.

Here are five advantages of accepting payments with a mobile point of sale (POS) system:

#1 Mobile payment acceptance is easy

Accepting payment on-the-go is easier than ever: for merchants, their staff and their customers.

Mobile payment acceptance is easy for any business. The main point of sale device is a standard smartphone or tablet. Additional hardware might consist of a simple attachment--commonly known as a “dongle”--or a small mobile card terminal. Setup time is minimal, allowing your business to expand as fast as your ideas.

Accepting payments on a mobile device is also simple for your staff. The latest mobile payment systems offer intuitive software with simple and direct prompts allowing for accurate checkout, even under less than ideal conditions.

Accepting payments on-the-go must be easy for your customers. Mobile payment acceptance is simple and familiar: they can swipe, dip or tap their cards, just as they've done countless times before at traditional checkouts. The latest in mobile payment systems also accept payments from other mobile devices, using eWallets.

#2 Mobile payment acceptance is safe

Doing business on-the-go used to mean accepting cash. But cash is cumbersome: it needs to be properly stored, and it's prone to loss and theft. Cash also doesn't leave a paper trail, making accounting difficult.

Accepting electronic payments via a mobile point of sale is safer than handling cash. Many of today's mobile payment systems are EMV compatible. That means they use the latest in secure credit card processing technology to protect you and your customers. Mobile point of sale systems generates connections to modern accounting systems, allowing you to manage your business more effectively.

Mobile payment acceptance tools allow your staff to spend less time fumbling with cash and making trips to the bank. Now they're free to focus on providing excellent service to your customers and boosting sales.

#3 Mobile payment acceptance expands your footprint

Mobile point of sale systems allows your business to accept credit cards, debit cards and alternative payments like eWallets, virtually anywhere.

Mobile card readers help you expand your business to virtually whenever and wherever you want. Pop-up stores are helping businesses create new possibilities in non-traditional spaces. Vendor markets allow you to capture the shopping spirit at holidays and throughout the year. Expanding your footprint doesn't require going far: mobile payment acceptance might be on the sidewalk or parking lot adjacent to your store.

Service-oriented businesses have long made house calls, but collecting payment on the spot was often difficult at best. Mobile payment systems allows your staff to quickly and easily complete the transaction on the spot. Almost every type of business, no matter how large or small, can benefit from mobile payment acceptance.

#4 Mobile payment acceptance improves customer service

Mobile payment systems addresses a major customer service pain point in-store: slow lines and long waits at checkout.

Shoppers have never been fond of waiting. That's especially true when it's time to pay. When your customers are ready to go it's important that they leave your store on a positive note. Mobile payment acceptance acts as a line-buster by giving your associates the flexibility to eliminate bottlenecks at traditional checkout counters.

The ability to checkout anywhere allows staff to operate throughout the store. Equipping your staff to offer checkout throughout your store also provides more opportunities for customer engagement when and where it has the greatest impact. That's one-to-one engagement that can boost customer satisfaction and even offer upsell opportunities.

#5 Mobile payment acceptance offers powerful management tools

Operating your business effectively requires payment systems that work seamlessly regardless of where payments are made. You need first-class tracking and management capabilities that effectively match the intelligence you gain from in-store and online payments.

Mobile payment acceptance systems deliver powerful management tools. Managing inventory and prices should be simple with cloud-based editing that updates in real-time. Merchant dashboards can generate analytics that offer a direct window into the most important function of your business—your sales.

Mobile payment acceptance makes payments easy, virtually anywhere. It offers your customers more ways to pay while offering flexibility for your business to grow. Whether you want to explore new markets with a pop-up shop, serve your customers more efficiently or break up lines within the store, accepting payments anywhere helps you better serve your customers.

We are a global leader in payment technology and services that help businesses accept payments everywhere: in-store, online or on-the-go. Connect with one of our payment experts today to learn more about how we can help your business connect with customers--wherever you want to sell.