Have you done shopping lately? If yes, you probably have used mobile payment. With evolved technology, most businesses, both physical and online, are opting for mobile payments. By having this form of payment, they make more sales while increasing customer loyalty.
It’s rare to find customers dishing out cash to pay for their shopping at the malls and eateries nowadays. Things have changed. When it comes to payments, what they remove is a smartphone from their pockets to make payments.
Both small and large businesses have accepted mobile money. The reason is that it’s the in thing now and comes with benefits.
Below are some of its benefits to the digital world.
Mobile Money is integrating and increasing Incentive programs
One of the best advantages of mobile money is that it has led to more increased incentives to customers from all business types. You may be wondering how this works. Nowadays, it’s rare to see clients carrying keyring tags and punch cards.
When they pay through their mobile phones, all their information and numbers get stored in the contact business system. With this storage, businesses link up their loyalty points and other programs to their customer contacts, adding value to the customer.
From these digital incentives, customers get enticed and keep on coming back for more. To this, it becomes a mutual benefit since businesses get more revenues while clients earn more incentives through regular shopping.
Businesses are now able to offer credit card payments
Before mobile money came into force, most businesses used to reject credit cards, especially those in remote areas. Being cash-only businesses, individuals couldn’t make bulk purchases since there was no cash in the rural areas.
After introducing mobile money, credit cards and other payment forms went live to most businesses, even those in rural areas.
The experts at DocomoDigital.com says that these mobile programs in remote areas can now sell more since customers pay more through mobile platforms. It has led individuals in distant locations to enjoy digital payment services, just like any other person using credit cards in towns to pay for goods and services.
With mobile money, customer trends and Inventory can get tracked
Before mobile money, businesses weren’t able to track customer’s Inventory and their buying behavior. This issue is slowly fading away, thanks to the mobile money systems. With these systems, most of the client’s information and purchasing behavior is recorded automatically to business systems.
Through this information, businesses now know the clients’ demand and what moves. They are also able to improve their services by offering what is required. By stocking what is needed most by their clients on specific days, they can make more sales while improving their customer service.
For example, if a business finds out on their records that they sell more beef on Thursdays, they will stock more of it during that day and less on other days to meet customers’ demand.
Mobile money speeds customer check-out
With no time to waste nowadays, individuals prefer conducting their shopping fast, pay and leave without wasting much of their time. Most customers always prefer paying using mobile money than any other type of credit card. Why? It’s because mobile money is fast as compared to credit cards.
When clients take a shorter time making payments, they are willing to make a comeback, compared to those who feel wasted on the line. Time savings also help businesses accommodate more clients on their premises since they will be spending less time doing their shopping, especially during peak periods.
With mobile money, you save money on credit card fees
When you compare charges on credit cards and those on mobile money, charges on mobile money are way cheaper. Most mobile money companies charge less as compared to those who give credit card services. Other companies charge commission depending on the type of business, making some services enjoy free transactions.
In mobile money, companies always charge differently according to the availability of services and competition. When making these payments, you need to check their rates first to come up with the cheapest and the most convenient way of making payments.
Mobile payments are more secure
When you physically carry cash or credit cards, there are chances of getting mugged or losing it in various ways. Digital payment platforms provide extra security layers like fingerprints or facial expressions, making them safer than the latter.
With mobile payments, you can make massive purchases or payments with just a tap or a click. You only need to carry a phone. Even if the smartphone gets stolen, your money will still be safe since you must provide passwords or fingerprints to authorize accounts.
This kind of security setting also assures business people of genuine transactions. Mobile money also does not reveal the payee details, and instead, it replaces it with tokens, which no one can guess. It helps in increasing the security of the business and its clients.
Mobile payments help digitize Transactions
Have you ever used cash to make payments, and later you forgot the transaction? It happens to a lot of people. When you make payments using cash, you need to write it down or accumulate receipts proving you made the payments. The case is different with mobile payments.
With digital payments, you can easily integrate them through software to help keep track of your expenses. With the digitized transaction, you will tell when you made the payments, the type of charge, and the store you made such payments. It can also give full details on what you purchased in a particular month.
With these digital records, customers and businesses can track their spending and revenues, reducing paperwork and business running costs.
Mobile payments have become a game-changer in many situations. They have enabled faster and secure transactions and have helped to keep records of purchases.
With mobile payments, cases of losing money through frauds and thievery have reduced drastically. Its benefits are many and are helping a lot of people in business and their clients.
For those not yet embraced these systems, they can do so now and enjoy its benefits. We hope this article has helped anyone who needed to know how things have changed through mobile payments.