5 Reasons Why Your Business Should Accept Mobile PaymentsSabine Konhaeuser
5 Reasons Why Your Business Should Accept Mobile Payments
Mobile Payments Expand Sales Opportunities
In-person payments are no longer limited to the store or counter. Today’s point-of-sale technology allows businesses of all sizes to accept payments on the go — and usage is on the rise. In fact, according to Juniper Research, annual spending on mobile point-of-sale (mPOS) systems is expected to reach $1.7 trillion in 2024.
Based on growing demand, it’s clear savvy merchants realize the benefits of a mobile point-of-sale solution — the biggest of which is increased sales potential. Accepting payments outside of a traditional brick-and-mortar setting automatically opens the door to new customers and more purchases. Amazingly, an IHL Group and NCR survey from 2017 found that retailers who used mPOS systems enjoyed 92% higher sales than those that did not.
For independent software vendors (ISVs) that support payments for businesses operating outside of a physical store setting, an mPOS solution can help grow sales for their clients and, in turn, boost processing revenue. Additionally, providers that consolidate multiple functions within one application can actually increase their retention rates as their customers depend on their app for everyday needs.
Verticals such as managed IT services, restaurants and hospitality, home maintenance, and others tend to rely heavily on applications that offer an all-in-one solution tailored to their industry or niche. An app that can offer accounting, CRM, and mobile payments that is also customized for the field services industry is often preferred over multiple applications, each devoted to one specific function. This trend is termed “vertical SaaS” and is said to be one of the top ISV trends to watch in 2023.
And, as if increased sales or improved retention rates weren’t enough of an impetus to start accepting or offering mobile payments, the list of reasons goes on. Keep reading for more on why you should consider an mPOS.
Ease of Use
It doesn’t get much easier than downloading an app for payment processing. However, setting up devices created especially for mobile payments isn’t usually a complex process either. Many often include familiar user interfaces built on Android or other popular operating systems. And if instructions are needed, they can typically be completed in just a few short steps — no in-depth technical knowledge is needed.
Improved Customer Satisfaction
Customers today appreciate having multiple options for payment. Accepting credit cards is now the standard expectation, even for smaller merchants or mobile sellers. A food truck owner or outdoor marketplace vendor will significantly limit their sales by only accepting cash. By using an mPOS to accept credit cards, you’ll have the best chance at making sales. And consumers who use cards often purchase more versus those who pay with cash. Offering multiple payment options helps increase customer satisfaction.
The use of mPOS solutions can also help improve customer satisfaction in retail store settings. Retailers like Apple use roaming associates with mPOS devices to alleviate long lines at the register. This approach also helps consumers keep their distance versus crowding together in one spot, alleviating any lingering health concerns post-pandemic.
Access to Business Intelligence
Using an app that stores your data in the cloud allows you to access that information no matter which device you use. By using the Cardknox Mobile App, for example, payment data syncs with our online Merchant Portal, and analytics are available on a computer or mobile device, so you’re never more than a few clicks away from business intelligence.
Cardknox mPOS Solutions
Whether you’re an ISV supporting mobile payments for your clients or a business processing payments on the go, an mPOS solution can increase sales and deliver value. Cardknox offers several ways to accept mobile payments.
ISVs and Developers
ISVs and developers can embed Cardknox payment functionality into their applications using our Android and iOS mobile SDKs. Or, for a quicker path to a complete mPOS solution, use our deep linking integration. This alternative requires no extensive development work by redirecting to Cardknox so your clients can still accept payments using your app.
Business Owners and Merchants
Businesses without access to their own custom app can use the Cardknox Mobile App to easily process payments wherever their business takes them. Use a mobile device as your POS or, for a complete mPOS solution, add on our compatible card reader — the ID TECH VP3300. Capable of accepting contactless, EMV chip, ACH, and magstripe, this card reader provides all the flexibility you need to ensure your customers can pay their way. Installation is quick and simple, so you can start accepting payments faster.
Download the Cardknox Mobile App today to easily accept and manage payments.