Mobile payment methods, also known as contactless payments, like ApplePay are becoming more and more commonplace. This is certainly the case for larger, franchise businesses, but it seems like small businesses aren’t quite on board with this newer technology. We wanted to know why, so we asked around and found the primary reason small biz isn’t making the change because they don’t want the hassle of having to change technology and train staff.
We get it. But if you’re holding back on making the switch to accept contactless and mobile forms of payment, you are missing out. This is true no matter the size of your business–from big to small and in between, you have to be ready for what the consumer wants. And consumers are taking it mobile.
Mobile Wallet Payments Are Growing
In a survey by Accenture, they found that consumers are looking for there to be a 60% increase to mobile wallet payments by the year 2020. Even cash payments, which still reigns supreme, fell from 67% in 2015 to 60% in 2016 with larger use of mobile and contactless payment options. As consumers continue to implement mobile wallets, businesses need to be ready to accept these payment types. Are you ready?
You Want These Customers
Currently, it’s about 1 in 5 consumers that wants to be able to use technology like ApplePay. These consumers are likely young with higher education and a bank account, so they are good customers to get and retain. Millennials and Gen-X consumers like receiving email receipts for purchases and loyalty tracking through mobile apps because they always have their smartphones. It just makes sense to appeal to these eager consumers.
You’ll Look Good. You’ll Look Real Good.
No one likes to be the last to jump on board an awesome trend, and this is your chance to get while the getting is good in regards to mobile payment technology. Consumers will like that you are ahead of the curve, and it is an added convenience for those who are already taking advantage of the easy-to-use mobile wallets.
Worried About the Unknown?
Don’t be. Seriously, we’ve got you covered. The CloverTM family of products gives your business the upper hand when it comes to accepting all types of payments, including mobile payment acceptance like ApplePay. The system looks super modern, which may scare off small businesses, but it is incredibly user-friendly. We have worked with countless small businesses to put one or more of the Clover technology in place, and not one has wanted to go back to their old point-of-sale system or terminal. Let’s get your business ready for anything, especially mobile payment acceptance.
There is a sort of fear of the unknown with small business owners when it comes to updating the way they accept payments. We completely understand, and that’s why we provide support and training with not only the initial change but for as long as they are our merchant. Our continuous and thorough support is the primary reason our merchants choose us time and time again.
Jennifer King, President at Targeted Merchant Solutions