Did you know that when consumers pay with a credit card, rather than with cash, they spend, on average, 15% more? The implications for your business model are obvious; when you don’t offer consumers credit solutions, you not only turn away people who don’t carry cash, but you also lose that 15% extra. For businesses, mobile payment solutions are key to driving future profit and maintaining great customer service.
What is Mobile Payment?
Did you know that, as of 2009, cardholders owned an average of 3.5 credit cards? Mobile payment options are important. Although sometimes used to refer to consumers using mobile devices to pay for goods or services, more typically, it refers to wireless payment terminals which allow credit cards to be swiped from multiple locations. This allows businesses to help improve on customer service by making payments more easy and quick.
In restaurants, this technology can eliminate some of the wait customers will otherwise face while their card is being processed. The system also allows for instant payment, rather than requiring merchants to sift through stacks of invoices. Being able to accept credit cards, especially through modern mobile terminals, will help establish your business’s tone as professional.
Why Mobile Virtual Terminals are Great for Business
A mobile virtual terminal is, similarly, a way to accept credit cards online. There are several reasons mobile virtual terminals are beneficial to growing businesses. One obvious reason is that international eCommerce is growing. There are now approximately 3.5 billion internet users around the world, and e-sales have recently passed the $1 trillion mark, according to eMarketer. In the past year alone, business-to-consumer eCommerce sales have increased almost 20 percent.
In North America, sales grew by 13.9% in 2012 as more consumers shifted from spending their money in physical stores to spending it online owing to the offer of broader selection, more product information, and better prices. In other words, being able to handle international currencies and payment solutions online is essential for businesses that hope to cash in on e-commerce growth over the next decade.
Does your business use mobile solutions? Let us know in the comments.