Have you considered integrating a mobile payment option as part of your payment offering? The invention of smart technology is shaping the way that customers shop online and in-store – ensuring that your business is leveraging mobile payments could help widen your customer base and expand into new markets.
Mobile payments are a must for modern brands, but there are so many different mobile payment options and providers out there, it can be hard to know where to turn. At Acquired.com, we’re focused on helping businesses find a competitive advantage with payments. We offer businesses access to leading mobile payment solutions via our unified solution, tailored to your unique needs and customer requirements.
If you’d like to find out more about how we can help you with your digital payments, please make an enquiry with a member of our dedicated team today. Alternatively, read on to learn more about mobile payments.
Mobile payments: Explained
Mobile payment technology works in a similar way to contactless payment systems; however, instead of just using cards, a mobile device is used to initiate the transaction.
Mobile payment apps like Google Pay and Apple Pay have become increasingly popular in recent years, as customers place increased importance on speed and efficiency when it comes to payments. When you want to make a mobile payment, all you need to do is open your mobile wallet app and tap the screen on a contactless POS (point of sale) device, and the payment will be processed.
Paying by mobile phone tends to be easier and more secure than using a conventional debit or credit card, as it’s harder for card skimmers to be used and the risk of losing your payment method is minimised. The UK in-store mobile payments market is reported to have more than 10 million users, many of which were gained as a result of the coronavirus pandemic.
Mobile payments can also be used for online transactions, as well as in physical stores. Most consumer transactions are now processed online, as statistics show that 70% of shoppers now prefer shopping online than in physical retail stores. Another interesting statistic shows that 70% of online consumer transactions are processed by a mobile device, showing how the rise of smartphones has changed modern payment methods massively.
In most cases, you can access the ecommerce website on your mobile to buy products. However, some businesses have created their own apps to use with mobile devices, streamlining the shopping process. You can still pay via credit or debit card, although some businesses may also offer other mobile payment methods such as PayPal. In some cases you can also pay via instant bank transfer (Pay by Bank), using Open Banking technology.
There are many different ways in which mobile payment solutions can be leveraged by your business, regardless of whether you’re interested in online payments or in-store mobile payments. Two of the most widely utilised mobile payment solutions are Apple Pay and Google Pay. Acquired.com supports both of these solutions meaning your customers can benefit from a seamless, secure payment process both in-app and on desktop.
Please get in touch if you’d like to find out more about our digital wallet and mobile payment solutions.
How are mobile payments changing the way we do business?
Mobile payments are incredibly popular at the moment, so it’s no surprise they’ve had a huge impact within the retail sector. Not only do mobile payments allow you to reach a wide range of customers, but the technology used also has a number of other advantages.
To stay ahead of the curve in a competitive market, it is important to ensure your business moves with the times, implementing technology that suits the needs of your current and future customer base.
Find out more about how mobile payment systems have changed the world of modern business here.
Offering choice for ever-changing buying behaviours
Mobile payment technology is at the forefront of the increase in non-cash payments. Because of these advances, you may find that the process of taking mobile payments is slightly different than just taking a payment from a debit/credit card.
With the right payment solutions partner you can switch on Apple Pay and Google Pay easily, without additional transaction charges.
By offering your customers the choice to pay the way they want to pay, which is convenient and seamless, you may find they spend more in the moment. Providing a better experience that builds brand loyalty and trust will encourage repeat purchases.
Improved customer satisfaction and convenience
When running a business, customer service is a huge priority. It’s important to keep your customers happy – not only will this improve your sales, but it will also increase customer loyalty and retention. One way you can do this is to get feedback from your customers to establish which payment methods they prefer to use.
In the past, cash and credit/debit cards were king, but mobile and contactless payments are now increasingly popular, with many customers now choosing to use digital wallets and mobile apps instead. The use of mobile technology and social media is thought to have led to lower attention spans, as well as an enhanced need for convenience when shopping. Luckily, mobile payments are one of the most convenient ways for consumers to pay for their purchases.
Statistics show that mobile wallet payments account for around half of all ecommerce sales, with Apple Pay and Google Pay being the two most popular digital wallets at the moment. By using the payment methods that your customers prefer, you can build up trust and customer satisfaction.
You can also implement loyalty rewards and schemes into your mobile payment model. For example, if your customers repeatedly shop with you, they can build up points on a loyalty card, which can also be recorded on their mobile wallet apps. These points can then be used to gain loyalty rewards, such as free or discounted products, naturally increasing trust and loyalty.
Fraud is a major issue within the payment world, with fraudulent transactions increasing year on year. Whilst mobile technology has created more avenues for scammers and hackers, advanced solutions have also been created to hinder them. Security features such as Face ID, biometric fingerprint scanning and 3DS authentication (now known as 3DS2, a solution that satisfies the PSD2 requirements) can be implemented into your payments system, which ensures safety by making the customer confirm the transaction on their mobile device before processing.
Tokenisation is also used for mobile phone payments. With tokenisation, your details are replaced by a digital token made up of a series of randomly generated numbers. This token is used as an encryption measure to keep your details safe from fraud.
Mobile banking has changed the way consumers think about security – whilst there has been a rise in cybercrime, more prevention methods have been created to mitigate this. By offering a wide range of mobile payment solutions, you can show that you’re focused on protecting your customer’s security. Not only will this reduce the risk of fraud, but it will also increase your level of customer trust.
Instant access to data insights
The use of mobile payments and other analytics tools has led to an increased need for data analytics within the commerce industry. In the past, insights were often gained through market research and surveys. However, whilst these tools are still utilised, additional information can be gleaned from mobile data.
When you decide which payment methods you’d like to use within your business, you can log data about customer behaviour and their spending habits. With these insights, you can tailor your payment services around your customer preferences.
This is particularly useful if you’re running an ecommerce store, although data can also be collected about in-store activities through apps like Apple Pay. It’s important to note that Apple will not collect or process this information directly, so it’s something that will need to be processed by your business team. Whilst some information can’t be logged due to security protocols, GDPR and financial regulations, other forms of data can be collected and analysed to improve your business model further.
Examples of some of the useful insights you can gain from your payment data include:
- Customer payment method preferences
- The most popular items purchased
- The average spend per customer and transaction
- Popular purchase times of day/year
- In-store versus on-site/app spend
This information may help you to tailor your business around the spending habits and preferences of your customers, increasing both your success and consumer loyalty.
The rise of mobile payments and technology has also made reconciliation tasks easier for businesses. Mobile payments data can be recorded quickly and effortlessly, taking away the possibility of human error from the equation. You’ll also increase sales, reduce chargebacks and reduce the overheads.
Simplify your mobile payments with Acquired.com
The emergence of smartphone technology and mobile payment services has revolutionised the world of business, and in particular, the commerce industry.
This means that most modern businesses will have to make the switch to mobile payments at some point in the future, to ensure they can compete in saturated markets.
At Acquired.com, we have a wide range of data-driven services on offer, which we tailor to each business we work with. Our mobile payment services are extremely useful – whether you want to integrate in-store mobile payments or online mobile transactions into your business model.
To find out more about how we can help you, please make an enquiry with our expert team today.
