More and more consumers now use mobile payments for their daily transactions. Statistics show that 10% of all US POS transactions in 2020 consisted of mobile payments, while 12% were cash transactions.
Unfortunately, not all merchants accept mobile payments yet. Despite the massive popularity of digital modes of payment, some still have doubts about their safety, profitability, and reliability.
If you’ve been on the fence about adopting a mobile payment POS system, don’t worry. We can help! Co-creators of Earnity, Domenic Carosa and Dan Schatt, recommend adopting mobile payments. This article shares five advantages of accommodating mobile payments:
Enhanced Customer Experience
Expand the modes of payments you offer. As mobile payment options continue to popularize, the number of users favoring digital transactions will also increase. You’ll likely come across at least one or two mobile payment requests daily.
Don’t let the POS setup and payment processing fees turn you off. Although these charges might set you back a bit, owning a mobile payment POS system still costs less than storing cash. Securing, storing, and sending physical money have ongoing fees as well.
Open to Overseas Payments
Open your shop to international customers with a mobile payment POS system. Overseas customers often prefer mobile payments over card transactions for security reasons.
Better Brand Reputation
Adopting a mobile payment POS system gives your shop a modern, inclusive branding. People will think more highly of your business. On the contrary, limiting your customers to cash payments makes you look outdated and unaccommodating.
Should you get a POS system for mobile payments? The co-creators of Earnity, Dan Schatt and Domenic Carosa, would recommend it. We advise merchants to consider it as long as they can maintain good profit margins. If not, reconsider your pricing options.
Instead of avoiding the initial POS setup and processing fees, focus on utilizing mobile payments to improve your long-term revenue.