Being able to do things online even when you are stuck at home is one of the advantages of having a mobile lifestyle. We can go anywhere and do our transactions at any time. Our adaptability makes us be able to maximize the use of our mobile devices, thanks to the various technologies, we can do practically anything online such as shop for groceries, make payments, and even make loans. What we do online turns into revenue for online merchants.
Increase in revenue
In a recent survey conducted by Visa, 65 percent of the small to medium business noticed an increase in revenue as their customers spend more when they tap, dip, or swipe to pay. This is one of the advantages that digital payment has for merchants. The small business also reported that there was an 8% revenue increase after they started accepting digital payments.
Accept card payments
The system for the point-of-sale typically has integrated into it the payment processing capacity enabling merchants to accept credit and debit cards. These also can be used for contactless payments. The chip technology in the cards works to make the transaction more secure as it encrypts the information and aid in preventing fraudulent transactions.
Preferred payment method
Being able to provide the customers with their preferred payment method enables the income to flow in. There are some businesses that are apprehensive about using contactless payment systems because there is a common misconception that the fees are high. According to Visa data, the processing of digital payments is over 50% cheaper than those of non-digital payments.
Increasing use of an mPOS
The technology of the mobile-point-of-sale (mPOS) is considered as revolutionary. The mPOS allows the merchants to seamlessly accept payments from their clients and makes the process much more streamlined. Since 2014, it has enabled merchants to be free of tedious in-store payments and they no longer have to be dependent on walk-ins to their store. The use of the mPOS is popular, and it is expected that there will be nearly 28 million of these mPOS by 2021.
It all begins with the consumer
No matter how attractive and techie a payment method is, it will not stand the test of time. The online consumers are finicky and might use a trendy way to pay for a while, but they will drop it like a hot potato in case it does not suit their needs.
The consumer demands
There are methods that are no longer that popular such as sending money using a bank-to-bank transfer via the SWIFT network. This kind of transaction takes long and the demand nowadays is for instant remittance. Though this payment method might be here to stay, the banking institutions also try to make the changes to keep up with the demand.
Providing various methods of payment
If you are selling products or services, you might be one of the millions who start a shop online. Keep in mind that the consumer might drop the cart if they do not have the choice of their preferred payment method. You can accept card payments, peer-to-peer apps, and even cash on delivery for you to be able to make that sale.