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Cash-flow is the lifeblood of any small business. Merchants struggle to get paid on time all the time: customers drag their feet when it comes time to pay an invoice. Mobile payments ensure merchants get paid faster, with next day settlements,so they can enjoy their hard earned cash sooner rather than later.
Customers are demanding more and more from the merchants they frequent. By offering a customer more ways to pay, merchants are providing their customers the flexibility they want, and come to expect from businesses they transact with. Offering convenience to the end consumer is always a win: merchants stand to benefit from the loyalty it creates among their customer base.
Simple & Transparent Pricing
Traditional payments, administered by the big banks and other large institutions, were notorious for fee gorging practices. Banks got away with murder, because they knew they could. Competition was low due to the high barriers to entry, and mobile payment providers were non-existent. Nowadays, startups and non-banking enterprises alike, are offering much simpler pricing to merchants. Merchants are beginning to flock to these new up starts as they have long awaited simple pricing and plain english terms and conditions.
Better Customer Experience
Mobile payments allow for a better customer experience. One that is seamless, from the point of decision to the point of purchase. Not only does it speed up the service, it takes the transaction to the customer – wherever they may be. Whether they are at home, at the office, or at the park. Mobile payments are truly versatile in their application. Customers love the convenience it brings them, and are more than happy to stick with the providers who offer such convenience.
More Efficient Backend Process
Mobile payments which have been integrated with accounting software, such as MYOB – eliminate inefficient processes for the merchant. Such processes include the need to track physical receipts or reconcile the books manually at the end of the day. Mobile payment solutions that have an accounting backend, alleviate the headaches associated with end of day reconciliation and manual accounting processes.
Build Loyalty & Trust
Mobile payments build loyalty and trust, through convenience. The digital customer of today demands convenience from the merchants they buy from. The logic is simple: customers don’t stick around if the merchant has made it hard for them to transact. Think to the times where you were told that a cafe doesn’t take EFTPOS or has a minimum spend of $10…did you ever go back to said cafe?
Reduce the Risk of Embezzlement
Finally, mobile payments reduces the risk of employee embezzlement as cash is no longer the unit of exchange. It is much harder to embezzle when cards or touch payments are involved, compared to when cash is handed over.