The benefits of mobile payments for businesses and customers are undeniable. Mobile payment apps are safe, secure, and improve the rate of approval for digital transactions, which ultimately means more conversions for businesses and more satisfied customers who don’t have to waste time entering their card details every time they want to make a purchase.
At Acquired.com, our digital payment processing solutions allow merchants to easily accept payments via mobile, streamlining the process for both you and your customers.
Businesses from a wide range of industries are already taking advantage of mobile in-app payments as part of their overall payments strategy to improve customer loyalty and increase conversions, and the benefits speak for themselves.
Let’s take a closer look:
A quick and easy method of payment
Over recent years, the use of in-app payments and contactless payments on mobile has increased massively as more and more customers and businesses are aware of its convenience as a payment method. Mobile payment apps allow customers to make a payment with the touch of a button, eliminating the need for physical cards with all of their card details securely stored in their mobile wallet instead.
The streamlining of the payment process thanks to the rise of mobile payment systems is advantageous for both customers and businesses alike. For customers, a faster checkout process means they save time and can make online purchases from anywhere in the world without needing their physical card on hand. For businesses, a faster and more convenient checkout process means customers are more likely to complete the checkout process, and result in a successful transaction.
As a digital payment processor, Acquired.com makes the mobile payment experience simple by creating a streamlined and automated process. Automated dispute management, Account Updater solutions, and real-time notifications that let you know when you need to take action keep both businesses and customers happy by increasing conversions.
Mobile payment solutions offer more ways to pay
For businesses, mobile payment solutions have the potential to massively increase checkout conversion because customers have more payment choices. This once again makes the payment process more convenient for customers, as they aren’t limited to traditional debit or credit card payments.
Some mobile payment methods are fully digital, with the most popular examples being Apple Pay and Google Pay. Acquired.com offers integrations with both of these payment options, which means that any customer with an Apple device or Google account can easily make purchases witht the touch of a button.
Mobile payments provide increased security
Digital wallets allow customers to store and access all of their card details on their mobile devices, so there’s no need to carry their physical cards.
While physical credit cards or debit cards can easily be stolen and used to make fraudulent payments, mobile wallets offer customers a significantly higher level of security because they can only be accessed by entering the correct passcode or by using biometric data such as fingerprint or facial recognition. What’s more, when customers use a mobile payment app for making online payments, all of their data is end-to-end encrypted and remains that way throughout the payment process.
The increased level of security that mobile payment solutions offer is also beneficial for businesses, as any reliable digital payment processor will use secure anti-fraud integrations to ensure you stay SCA compliant. New SCA regulations require mobile payments to have at least two of the three authentication factors ticked (knowledge, possession and inherence). Inherence is the most secure of the three and can be passed using biometric technology such as Touch ID or Face ID, which is made easy using mobile wallets.
Another benefit of mobile payments for businesses is that they don’t need to hold customer card details on file, which means they can avoid the minefield that is dealing with users’ personal data. In the event of a data breach, businesses that use mobile payment services are less likely to violate any data protection laws because the information they hold is considerably less sensitive.
Detailed customer insights can be gathered from mobile payment processing
In-app mobile payments allow merchants to collect a greater amount of data about their customers, which can be used to inform all sorts of business decisions that can help to increase conversions. Purchases made in retail stores don’t offer this same level of customer insight because it’s not possible to track the buyer journey when the transaction takes place in the physical world.
One of the most effective ways this app usage data can be used by merchants is to make improvements to the online customer journey, increasing loyalty by creating a smoother user experience.
Higher authorisation rates are likely with mobile wallet payments
All tokenised card information held in Google and Apple wallets are checked and verified in advance, so the payment is much less likely to be fraudulent than if the customer was paying with their card details on a website.
By offering mobile payments as a payment method for users, businesses can help to improve their authorisation rates and reduce the number of chargebacks or bounced payments they have to deal with.
Mobile payments with Acquired.com
As a reliable mobile payment processor, Acquired.com helps business owners across the UK to streamline and optimise their online payment process, increasing conversions by keeping their customers happy.
Get in touch with a member of our expert payments team to find out more about our bespoke mobile payment solutions and experience our exceptional customer service.