by Je Yaranon on March 2021
It can’t be stressed enough: the future of payments is digital.
Transactions are experiencing a changing of the guards, and in that whole wide, seemingly limitless arena, mobile payments might soon jump ahead of other methods in the foreseeable future. As such, it’s high time to re-consider the factors why it’s a worthy investment.
Here now are five reasons why businesses need mobile payment acceptance:
Convenience is the first and primary reason why digital payments are trending. Cashless/Contactless payments can be processed way quicker and it allows better turnaround time. When service is fast, customers are happy, and when they are, things open up to a wide variety of positive effects to the business.
Considering today’s technology and all the changes over the past year, wherein everything is on one’s smartphone, there’s no telling how fast the demand for mobile-based payments will progress.
Contactless payments are primed to race past card transactions at some point. It’s tough to gauge how soon it is, but the crumbs are definitely there and it’s always better to be ready for potentially monumental changes.
No one should overlook security, and while card payments have reliable security settings, it is believed that mobile/e-wallets such as InstaPay, WeChatPay, ApplePay, etc. are slightly ahead of the times. They apparently use a certain type of encryption that promise advanced protection to customer data. In the event that the phone is lost or stolen, fraud detection and account freezing is also quicker and easier.
Adaptability and availability
Adaptability is key. You’ve probably heard it countless times, but business owners ought to hear it as much as they can. Though it can be tricky, it allows businesses to stay afloat and assure that they are on par with whatever the demand is, thus giving them the right opportunities to evolve.
Mobile phones are practically everything to everyone now, and among the things users always do alongside browsing their social media feeds is online shopping. Further, the same users – your potential customers – may lean on completing their purchases if they can also pay through their phones.
The same can be said on face-to-face mobile payments: pulling out your phone to send a payment is not only easier than pulling out cards to swipe, it’s also safer.
Now let’s list something that’s particularly good for the business owners and their staff. Accounting systems are quite valuable to businesses – it manages the flow of money from every angle and assures that money is where it’s supposed to be.
Aside from cutting down a considerable amount of cost in bank charges, cash flow can be easier to evaluate through a cloud-based storage of various sales data, which are usually available on mobile payment services.
All that results to a deduced time spent in bookkeeping, but that’s just one of the many accounting-related pros. Other factors include avoiding manual data entry, backlog of invoices and receipts, and paper receipts – these three are prone to varying types of issues that businesses can’t afford to encounter.
While card payments are still the most widely-used method in digital/electronic-based payments, one can’t also look past the advantages of mobile payments. It addresses things that are beneficial for consumers and merchants, and it’s the same factors that brought debit and credit cards to a level where it is now, so who’s to say mobile can’t do the same?
As VeritasPay continues to provide high-quality payment solutions and promote cashless transactions, the company is also dedicated in bringing in fresh and informative content. We’ll be continuing to share new articles about our products, services, and varying subjects within the industry as we move forward.
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