The 2020s mark a turning point in payments. In the previous decade, some merchants could still compete by requiring customers to run a credit card at a checkout counter or wait while restaurant staff or a sales associate completed transactions at a shared, stationary point of sale (POS) terminal. However, that model won’t create the types of experiences consumers are looking for today—but accepting mobile payments can. Using a mobile payment solution allows merchants to create customer-centric transaction processes that are quick, easy, and frictionless.
Why your accounts need to accept mobile payments.
Virtually any North American Bancard Sales Partner’s accounts will benefit from building mobile payments into their processes to create customer-pleasing, competitive experiences. Here are three reasons why:
1. Minimize the time customers spend waiting.
No one enjoys waiting in line. Research by virtual waitlist and scheduling software Qudini found about 53% of U.S. consumers are “much more likely” or “more likely” not to enter a store or leave a store because of long lines. Those numbers rose during the pandemic when people wanted to avoid spending time near others who may be ill; however, consumers also said long lines could discourage them from choosing to make purchases even prior to the pandemic. Merchants could lose thousands of dollars from customers that take one look at the long line and walk away.
Accepting mobile payments allow customers to complete their transactions simply by waving or tapping their smartphones near a reader. Moreover, that transaction can take place where it’s most convenient for the customer, for example, in the aisles of a retail store, at a table in a restaurant, or even at the front door upon delivery. Checkout is fast and the idea of waiting doesn’t deter customers.
2. Happier employees.
After shutdowns in the early part of the pandemic put many people out of work, unemployment rates stabilized, but the quit rate increased as “The Great Resignation began. In November 2021, 4.5 million people quit their jobs, with most in the restaurant and retail sectors. Equipping employees with mobile payment solutions to assist customers makes their jobs easier and allows them to be more productive, which can make the difference between an employee who stays and one that looks for a position that can provide greater job satisfaction.
Additionally, most employees are used to using a smartphone, tablet, or other mobile device in their daily lives. That means they’ll be more comfortable with the convenience and flexibility of mobile devices at work.
3. The attractive total cost of ownership.
Using a mobile payment device that allows customers to pay anywhere can make good financial sense. This is particularly true of a system that has all of the features your merchants need to run their businesses, such as inventory management, an integrated loyalty program, and analytics-based reporting. It costs less than a traditional point of sale system with integrated payments and, with your help, is even easier to maintain.
Start a mobile payments discussion.
Merchants across the board are looking at ways to offer consumer-pleasing experiences and operate more efficiently, and mobile payment solutions can provide them with the capabilities they need.
However, your clients may not know all of the point of sale and payment options available to them. That provides you the unique opportunity to serve as a trusted consultant — one who understands their goals and can provide the technology they need to achieve them.
To learn more about full-featured mobile payment solutions that will benefit your merchants and help you grow your portfolio, contact North American Bancard.
