In today’s digital world, accepting smartphone payments is a must for businesses of all types. It is becoming a game changer in the retail world and experts are now predicting that over half the consumers will be using their smartphones for in-store payments in the next few years. Whether it is by accepting credit cards or smartphones, the only task that you have as a business person is choosing the best payment technology that suits your business. If your company has not yet begun accepting contactless card payments already, check out our post on the subject to see how to take advantage.

So what does smartphone payment mean?

Usually referred to as mobile payment, this payment method uses Near Field Communication (NFC) technology to complete what is known as contactless payment. With NFC, the payment terminal and the smartphone pass encrypted info back and forth to complete a payment.

Why should your small business use mobile payments?

  • They are fast

Smartphone payments are currently the fastest way you can pay your bills when you don’t have enough cash at hand. Usually, they take even a second. This means that smartphone payment is more likely to see increased adoption and for businesses with checkout queues, this kind of payment should be more attractive since they can make the lines move faster thus translating to more sales in a short time.     

  • They are convenient

More and more people are carrying around less cash and since almost everyone has their phones at the ready, it makes smartphone payments even more convenient. Gone are the days when you have to queue at the ATM to pay someone back, all you have to do is open the mobile payment app on your smartphone. And your clients don’t have to dig into their bags looking for loose money to pay with; they simply have to tap their phone to make their payment.

  • They are secure

Through their multiple layers of dynamic encryption, smartphone payments are an extremely safe way to make payments.

How can accepting smartphone payments help grow your business?

Other than offering your consumers a fast, convenient and secure payment method, smartphone payments can benefit your business in so many ways, such as;

  • Attract new customers

More consumers have been reported to seek out businesses that allow them to use the mobile payment technology since they cite it as ideal, fast and convenient. Therefore, adopting mobile payment in your business might help you attract new and loyal customers.

  • Faster customer lines and increased sales

As mentioned above, mobile payments are fast and with speedy transactions, you are able to serve more customers thus increasing sales in the process.

  • More generous gratuities

A happy customer is a generous customer; even studies have proven this statement. Since mobile payments offer consumers a fast and safe transaction experience, they can in turn show their gratitude by spending more as well as being more generous with gratuity.

Start accepting smartphone payments now to ensure your business stays relevant and safe and you are sure to see improvement in your sales. If you feel your small business is being left behind by modern technology, learn how to stay on top of tech trends to ensure you stay at the top of your game.

For expert business accounting advice, get in touch with the friendly team at Neil Smith Accountancy!