Tech Trend # 9: Acceptance of new payment methods for Small and Mid-Sized Businesses
In addition to revolutionizing the way we communicate, smartphones have completely changed the way we live our daily lives. We rely on them for entertainment, information, time-keeping, and increasingly for business.
All of these now happen on-the-go, and the latest trend migrating to mobile devices is payments. Payment methods for Small and Mid-Sized Businesses are a key and integral part of a successful business strategy.
Why is this important to you? Well, you will be surprised by how many small and mid-sized businesses still struggle with the basic concept of having a good payment method setup.
There are shops and hotels that have very slow Internet connectivity; which practically render their point of payment systems useless, or simply don’t accept variable payments types like credit cards, debit or mobile e-payment. It is very important to give your customer the flexibility and efficiency of making payments in the most agile and quick manners possible. People now a days are short on time, and don’t want to spend time going to the cash machine because your business has poor or unacceptable payment methods. Remember, bad customer experiences are bad for business!
Your service or product can be the best in the world, but if your clients can’t pay for them, most will simply not buy or ever return.
If you’ve worked and spent time, energy and effort in bringing people to your business, it is imperative that they have a great experience all around, including making purchases from you.
The growing acceptance of Apple Pay, as well as PayPal App’s allowance for paying for store purchases and even restaurant bills from within the app, will bring new payment methods to the fore in 2016.
Other options include LifeLock Wallet, which turns your credit, debit, ID and insurance card information into a barcode that can be scanned at checkout. Alternatively, Google Wallet allows users to save card details to a Google account and delivers that information to merchants via Near Field Communication (NFC), and so relies on a handset that supports this technology.
Embracing this movement will not only streamline payment processes, but it will show that your business is forward-thinking and embracing the future as it happens.
You’ve worked hard for your business, and it deserves the very best!