Mobile technology is booming. Mobile has become a part of daily lives of the people across the globe. The rise in mobile and technology can also benefit your business in a great way. Mobile payments are betting bigger. It’s been reported that over 70% of world population now owns a smartphone. Businesses of all size and shapes are increasingly accepting mobile payments by turning their smart phones and tablets into Point of Sale terminal.
There are numerous benefits of accepting mobile payments. First I will discuss various mobile payment technology and then benefits of mobile payment to businesses.
Why do you need to Accept Mobile Payment?
Experts predict that only 23% of the overall transaction will be done by cash. If you are not accepting mobile payment you are missing out on big potential income. The consumer may find it convenient to pay for their lunch or weekend short trip with their Smartphone. The ability to accept credit card payment has the most impact on mobile business such as food trucks or on-demand services business like garden care. Offering the ability to easily pay on the spot or with instant electronic invoice can increase sales dramatically.
Who Needs Mobile Payment Options and why?
Brick-and-mortar shops, Food trucks, restaurants can accept mobile payments as it will speed up the transaction time and improve turnover rates. The security of mobile payment is an added benefit. There are multiple safeguards against fraudulent activity and the merchant is not storing or processing customer’s sensitive information like credit card details so, the liability of the merchant is decreased.
Mobile Payments Technology
Today there are three major ways through which mobile payment transaction happen.
- Near-Field Communication (NFC)
- iBeacon
- QR Codes
-
Near-Field Communication (NFC)
NFC is a contact less data transfer system. When two NFC devices come into the range, data can be transferred from one to another. It goes well with Bluetooth and Wi-Fi. NFS is a safe payment method as sensitive data is stored in a secure element either in a Smartphone or in a chip. Retailers may never be able to see the bank account details or card data.
-
iBeacon
iBeacon is a tiny device which transmitted Bluetooth low energy(BLE) signals at regular intervals. For payments, iBeacons will receive the payment information via Bluetooth from a smartphone. Often iBeacons are also used to for proximity marketing or as a geofence.
-
QR-codes
QR codes work similar to standard bar codes, With QR-codes reader mobile app, you can accept payment in a secure way. QR codes store more information than standard bar code systems. Scanning QR codes with Mobile apps will directly you to complete mobile payment.
Improve Customer Conversion
Regardless of what you sell, unique attribute such as accepting mobile payments improve conversion rate. The customer always wants to be delighted at shopping experience. Mobile payments empower you to cut down unnecessary steps in invoicing process with vendors. Unlike a paper-based invoicing system which consumes time and money. Improving customer conversion rate will help you increase your top line.
Reduces Cost
Accepting mobile payments can reduce cost and overheads to your small business. More saving opportunities come from smoother cash flow and reduce in credit period. Small business often struggles with getting paid on time by clients and customers. Mobile payment process can simplify and improve accuracy for invoicing, billing and bookkeeping thus reducing overall cost.
Access actionable data quickly
If you are a small business you often struggle with analyzing payments data & find ways to improve the process. By implementing mobile payment technology, you can easily track customer data. You can use this data analyze the shopping pattern, offer customized offers, set up newer campaigns to increase revenue. You will also have quick access to behavioral analysis of the customer data like how frequently they shop, what is their proffered payment method. For example, restaurants can track the data at POS system to analyze how customers are paying, what are popular orders.
Smartphone dependent customer
As a report from AdWeek suggests about 80% of the consumer ages between 18 to 44 carry their Smartphone with them for 22 hours a day. With such high engagement with a mobile phone, it has become an integral part of daily lives. Gartner Research report predicts that mobile payments will gain huge popularity in coming years. Mobile payment adoption is rising at 35% on the Year-on-year basis.
Conclusion
For small business accepting mobile payments offers a great opportunity provide better customer services, increase cash flow and efficiently manage finances. Small business should do their own due diligence and start accepting mobile payments.
Author Bio
Gaurav Kanabar is the Director of Alphanso Tech, a globally acknowledge IT consulting company providing services in the arena of the WordPress Development Services & iPhone App Development. With immense support from the adroit team, Alphanso Tech has been serving a huge client base worldwide.
Deon
A million thanks for posting this iniarmotfon.
John
It’s perfect time to make some plans for the long run and it’s time to be happy.
I have learn this put up and if I could I desire to recommend you few interesting issues or tips.
Maybe you could write subsequent articles relating to this
article. I desire to read more things approximately it!
https://missbossonblog.wordpress.com/
I think this is one of the most important info for me.
And i’m glad reading your article. But want to remark on some
general things, The web site style is ideal, the articles is really nice
: D. Good job, cheers
Conyers
Didn’t know the forum rules allowed such brialilnt posts.
joshuakuhns.bcz.com
Hi there, just became alert to your blog through Google, and found that it is truly informative.
I am gonna watch out for brussels. I’ll appreciate if you continue this
in future. A lot of people will be benefited from your writing.
Cheers!
cheap fifa 17 points
First-impression is it’s much like FIFA 16. Unusually, the toss measurements seem smaller.
http://www.blogster.Com/
Very quickly this website will be famous among all blog viewers, due to it’s fastidious articles
efrainfeezor.bcz.com
Hey there! Do you use Twitter? I’d like to follow you if that would be ok.
I’m absolutely enjoying your blog and look forward to new updates.
Aslan
AKAIK yo’uve got the answer in one!
jeromesalb.hatenablog.com
Hi there everyone, it’s my first visit at this web page, and paragraph is really fruitful for
me, keep up posting these posts.
blogs.rediff.com
First of all I want to say wonderful blog! I had a quick question in which I’d like to ask if you do not mind.
I was interested to know how you center yourself and clear your head
before writing. I’ve had a difficult time clearing my thoughts in getting my thoughts out there.
I do enjoy writing however it just seems like the first 10 to 15 minutes tend to
be wasted just trying to figure out how to begin. Any ideas
or hints? Kudos!
Luella
Hey There. I discovered your blog the usage of msn. That is a very smartly written article.
I’ll be sure to bookmark it and return to
read extra of your helpful information. Thanks for the post.
I’ll definitely return.
alonzootsuka.Bravesites.Com
Hey there! Do you know if they make any plugins to
protect against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any recommendations?
Roxanne
I was able to find good advice from your blog articles.
Claire
What a data of un-ambiguity and preserveness of valuable familiarity
on the topic of unpredicted feelings.
www.qdswz.com
It’s an awesome article designed for all the online users; they will obtain advantage from it I am sure.
nilsadetrolio.bravesites.com
Fastidious response in return of this difficulty with firm arguments
and telling the whole thing concerning that.
Brysen
Me dull. You smart. That’s just what I neeedd.
legal custody
Hi there, You’ve done a great job. I will definitely
digg it and personally suggest to my friends. I’m sure they will be benefioted from this website.
http://case.aqxld.com/comment/html/index.php?page=1&id=85441
hello!,I really like your writing so so much!
percentage we keep in touch extra about your post on AOL?
I need a specialist in this house to solve my problem. May be that is you!
Taking a look ahead to peer you.
Frenchie
Oh yeah, fauulobs stuff there you!
www.chinajiyan.com
Great post. I was checking constantly this weblog and I am impressed!
Very useful information specially the closing phase 🙂 I maintain such
information a lot. I used to be looking for this certain information for a very long
time. Thanks and best of luck.
Maggie
Furrealz? That’s mauselorvly good to know.
Lakesha
I was curious if you ever considered changing the page layout of your site?
Its very well written; I love what youve
got to say. But maybe you could a little more in the way of content so people could
connect with it better. Youve got an awful lot of text for
only having 1 or 2 pictures. Maybe you could space it out
better?
derekbarrish.wordpress.com
Fabulous, what a web site it is! This weblog gives helpful facts to
us, keep it up.
Wallinside.com
Great article.
Arleen
I’m not sure exactly why but this site is loading extremely slow for me.
Is anyone else having this problem or is it a issue on my end?
I’ll check back later on and see if the problem still exists.
nakishapenya.pen.io
I don’t even know how I ended up here, but I thought this post was good.
I don’t know who you are but certainly you’re going to a famous blogger if
you are not already 😉 Cheers!
Toni
Magnificent site. Plenty of helpful info here.
I am sending it to a few pals ans additionally sharing
in delicious. And obviously, thanks on your
effort!
Delonte
This site is like a clrooassm, except I don’t hate it. lol
lorencurie.bcz.com
My spouse and I absolutely love your blog and find most
of your post’s to be precisely what I’m looking for. Would you offer guest writers to write content in your case?
I wouldn’t mind creating a post or elaborating on a number of the subjects you write related
to here. Again, awesome site!
Jeffry
I am truly thankful to the owner of this web page who has shared this
great paragraph at here.
wallinside.com
Excellent post! We will be linking to this great article
on our website. Keep up the great writing.
Ava
I am regular reader, how are you everybody? This paragraph posted at
this site is really good.
http://clickforu.com
Hi there to every one, the contents present at this
site are in fact remarkable for people knowledge, well, keep
up the good work fellows.
Tallin
Very valid, pithy, sucnicct, and on point. WD.
Blogs.Rediff.Com
Please let me know if you’re looking for a article
writer for your site. You have some really great posts
and I think I would be a good asset. If you ever want to take some of
the load off, I’d absolutely love to write some content for your blog in exchange
for a link back to mine. Please shoot me an email if interested.
Cheers!
Zyah
You know what, I’m very much ineilncd to agree.
wallinside.com
What’s up to all, the contents present at this web site are actually
awesome for people experience, well, keep up the nice work fellows.
wallinside.com
Hi! I’ve been reading your weblog for a while now and finally got the bravery to go ahead and
give you a shout out from New Caney Texas! Just wanted to say keep up
the fantastic work!
chris young tour mn
But how so when to execute those journeys is
nevertheless a matter of personal choice chris young tour mn 5
lakhs each, if a person’s eye paid is 2 lakhs then 1
lakh each.
Norma
Hi there, You’ve done a great job. I will definitely digg it and personally suggest to my friends.
I’m sure they will be benefited from this web site.
Gytha
It’s a pleasure to find such raittnalioy in an answer. Welcome to the debate.
Hunter
What’s up, I check your new stuff daily. Your writing style
is witty, keep up the good work!
Essie
My family members always say that I am killing my
time here at web, however I know I am getting familiarity everyday by reading thes nice posts.
criminal defense attorney baltimore
Get out of debt today. Bankruptcy iss a dirty scary word.
But once you learn the ins and outs of bankruptcy it is not so scary anymore.
In fact, you may conclude it is your best chance at
startjng a new future.
Jeannie
You ought to take part in a contest for one of the greatest blogs online.
I’m going to recommend this blog!
http://wallinside.com/post-55177448-how-do-gps-gadgets-work.html
I am now not positive the place you are getting your info, but great topic.
I needs to spend some time learning much more
or understanding more. Thanks for magnificent information I used to be looking for this
information for my mission.
Stephaine
For newest information you have to visit world-wide-web and on internet I found this website as a best website for hottest updates.
andrew raynor
Hmm is anyone else experiencing problems with the pictures on this blog loading?
I’m trying to find out if its a problem on my end or
if it’s the blog. Any feedback would be greatly
appreciated.
Theresa
Wow! Talk about a posting knnckiog my socks off!
criminal law
Wow! This blog lookls just like my old one! It’s on a
entiely different subject but it has pretty much the same layout annd design. Superb
choice oof colors!
calculus help
Somebߋdy necessarily help to make critically posts I might state.
That іs the first time I frequented your web page and up
to noѡ? I surprised with the reѕearch you made to make this particulɑr
put uⲣ extraordinary. Excellent activity!
immigration lawyer
Definitely consider that that you said. Your favorite reason seemed
to be on the internet the easiest thing to have in mind of.
I say to you, I definitely get irked whilst people think about orries that they plainly do not recognize about.
You controlled to hit the nail uoon the top and also defined out the
entire thing with noo need side-effects , folks could take a
signal. Will probably be back to get more. Thank you
Dolores
I don’t even know how I ended up here, but I thought this post was great.
I do not know who you are buut certaijnly you’re going to a
famous blogger if yyou aren’t already 😉 Cheers!
Sailor
Heck of a job there, it abeutolsly helps me out.
marriage annulment
Thanks for a marvelous posting! I really enjoye reading it, you may be a great author.
I will be sure to bookmark your blog and will eventually come back someday.
I want to encourage you to continue your great posts, have a nice evening!
Maple
It is a disgrace you never have a donate button! I’d most
definitely donate to this exceptional blog site! I guess for now i’ll settle for guide-marking and introducing your RSS feed too my Google account.
I search ahead to brand new updates and will
chat about this internet site with my Fb group. Chat before long!
http://www.carepages.com/users/8131443/profile
You actually make it appear so easy with your presentation however I to find this topic to be really something
which I believe I’d by no means understand. It kind of feels too complex and extremely
broad for me. I am taking a look forward to your next put up, I will try to get the hold of
it!
Tam
Howdy I am so grateful I found yoyr webpage, I really found you by accident,
while I was looking onn Yahoo for something else, Nonetheless I am here now and would
just like to say thanks a lot for a incredible pos and a alll round exciting blog
(I also love the theme/design), I don’t have tiome to go through it all at the minute but
I have saved it and also included your RSS feeds, so when I have
time I willl bbe back to read more, Please do keep up the superb job.
uncontested divorce
Please let me know if you’re looking for a writer for your site.
You have some really great articles and I believe
I would be a good asset. If you ever want to take some of the load off, I’d really like to write some content ffor
your blog in exchange for a link bac to mine. Please send me ann e-mail iif interested.
Thank you!
Avari
Good to find an expert who knows what he’s taiknlg about!
ask lawyer
It is approximately unattainable to uncover nicely-educated
individuals in this specific subject, even so, you feel like you know what you’re chatting about!
Thanks
personal injury attorney baltimore md
It’s a disgrace you really do not have a donate button! I’d most definitely donate to this excellent blg site!
I guess for now i’ll settle for guide-marking and incorporating ykur RSS feed
to my Google account. I glimpse forward to manufacturer new updates and will communicate about this site
with my Facebook team. Chat soon!
Heaven
You have the monopoly on useful innoemation-arrf’t monopolies illegal? 😉
marilynkeeney44
A look through history shows that its origins are not what we might expect. Easter was called “The Sunday of Joy,” and women traded the dark colors of mourning for the happier colors of spring. ” “Why do you know that you are a Gemini if it is so insignificant. Next we have Scorpio (the Scorpion), which is not an ideal or compatible sign for me, at least so with Scorpio females, my Zodiac opposite. eval(ez_write_tag([[468,60],’brighthubeducation_com-banner-1′]));. A call center can be an individual operated center or can be connected with other centers. Go for metallic pastels’metallic items and accessories are super trendy right now, and you can find metallic pastel colours that will provide an edgy look, despite being pink or baby blue.
Channery
Thanks for spending time on the computer (wrngiit) so others don’t have to.
Marissa
Hello there, just became alert tto your blog through Google,
and found that it’s really informative. I’m gonna watch out for brussels.
I will be gratefful if you continbue this in future.
Many people will be benefited from your writing.
Cheers!
Major
It’s approximately not possible too obtain well-educated individuals
in this certain subject, having said that, you
appear to be like you know what you’re talking about!
Thanks
injured in car accident no insurance
Private Injuries Laww firm in Maryland Blog site
homework helper
Heⅼlo, i think that i saw you visited my site so i ϲame to “return the favor”.I’m trying
to fіnd things to improve my website!I
suppose itѕ ok to use some of your ideas!!
check this video
Ⅰ waѕ curious if you ever considеred changing tһe layout of your website?
Itѕ ѵery աell written; I love whаt youve got to say.
ᗷut maybe yօu could a lіttle mⲟre in the wɑy of content
so people coulⅾ connect with it better.
Youve got an awful ⅼot of text fоr only having
one օr 2 pictures. Mayƅe ʏou could space it oսt
better?
Kerriann
I think you hit a buslyele there fellas!
check this video
Paragraph writing is alѕo а fun, if you be acquainted ᴡith afterward уou can write if not it is difficult to wгite.
Nerice
AFAICT you’ve coreved all the bases with this answer!
CarinLWitkop
This web site was… how will you say it? Relevant!! Finally I have found an issue
that helped me to. Cheers!
corburt erilio
I gotta bookmark this internet site it seems handy very helpful
TereasaVMatt
I read this post fully regarding the difference of latest and preceding technologies, it’s amazing article.
Philinda
That’s the pecfert insight in a thread like this.
baby clothing
Hi there, just wanted to tell you, I loved this article.
It was practical. Keep on posting!
Joan
thanks for the great linfo
Sonja
thanks fo0r the great info
eebest8 fiverr
“Normally I don’t read post on blogs, but I would like to say that this write-up very compelled me to check out and do so! Your writing taste has been surprised me. Thank you, very nice post.”
suba jobblow
MNL9ay Way cool! Some extremely valid points! I appreciate you penning this post and also the rest of the site is really good.
deep throat
I loved your blog post.Really looking forward to read more. Fantastic.
Dontarrious
Great article but it didn’t have evngtyhier-I didn’t find the kitchen sink!
anal hentai
Very neat blog post.Much thanks again. Keep writing.
Dillian
You’ve captured this peetcrfly. Thanks for taking the time!
wear bow ties
Its like you learn my thoughts! You seem to know so much about this, like
you wrote the e-book in it or something. I believe that you just can do with some
% to pressure the message home a bit, but other than that, this is wonderful blog.
An excellent read. I will definitely be back.
hentai videos
wow, awesome post.Much thanks again. Great.
bonus ohne einzahlung
Keep this going please, great job!
Roxy
It’s spooky how clever some ppl are. Thnsak!
MarionHGaron
Good write-up. I certainly love this site.
Keep writing!
Holly
tyhanks for the great info
Jonalyn
That’s an expert answer to an intieestrng question
tarot zyx s2 manual
hello there and thank you for your information – I’ve definitely picked up anything new from right here.
I did however expertise some technical issues using this website,
since I experienced to reload the web site a lot of times previous to I could get it to load properly.
I had been wondering if your hosting is OK? Not that I’m complaining,
but slow loading instances times will often affect your placement in google and can damage your high-quality score if ads and marketing with Adwords.
Well I’m adding this RSS to my e-mail and can look out
for much more of your respective interesting content.
Make sure you update this again very soon.
Robbie
You coudnl’t pay me to ignore these posts!
natural sunburn remedy
That is very interesting, You are an overly skilled blogger.
I have joined your rss feed and look ahead to in the hunt for extra of your
magnificent post. Also, I have shared your website in my social networks
Roshani
Great post! We are linking to this great article on our website.Keep up the great writing.
Donette Boldizsar
You’ve probably the greatest sites.|