How to Navigate the Mobile Pay Curve

09 Feb 2015
by John Foley
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Mobile_PayThe future of payment processing is here. Gone is the need to whip out credit cards, checks or cash. Now customers can hold up their mobile phones and go about their merry way.

In theory, it sounds good but it’s easier said than done, as there are hurdles to overcome before customers will convert. What will it take for your business to get over the hump?

Educate Customers

With identity theft on the rise, consumers have a valid reason to be skeptical about mobile payments and the potential threats posed to their personal information. You can calm their fears and provide information on ways they can protect themselves while doing so. Provide a QR code near the register with links to online resources about mobile wallets. This is a great way to assuage those with worries about moving forward with mobile payment methods.

Reward Loyalty

If a customer jumps on board the mobile-pay wagon, you should be willing to provide the person with some form of incentive to simplify your payment-processing efforts. Consider a small discount or some other form of monetary reward for using a mobile payment system. This is an added benefit to both parties as the need to keep track of loyalty points via a key ring tag, punch card or some other internal system will disintegrate.

Host Contests and Giveaways

Harness the power of social media by announcing contests and giveaways online to customers who decide to give mobile payments a try. The winner can be selected randomly from a pool of users or handpicked, depending on the contest. For the latter, you can offer a freebie to the customer who uses mobile pay the greatest number of times in a specific window of time.

Get Your Employees on Board

In order for the mobile payments to benefit customers and remove complications often encountered at the point of sale, your employees need to be well-versed in how the system works. Make it a part of training and keep them in the loop on any updates or perks available to mobile payment users so they won’t be dumbfounded when customers decide to capitalize on the opportunity.

Verbalize the Benefits

Each time a customer approaches the checkout counter, your employees should be suggesting mobile payment as a way to expedite the process. But should the customer choose to pay via some other method, communicate the benefits of the switch. A few ideas to consider:

  • No more long lines as multiple payments can be processed at once. This is ideal for restaurants who experience an influx of customers during lunch hour.
  • The ability to keep cash in-pocket. If your business didn’t accept credit card payments before, routine patrons should be delighted with this new option. Even better, you no longer have to lose money by turning away sales.
  • Increased focus on customer service. Instead of spending too much time at the register trying to move customers through the lines, you can now focus on what matters most: preparing their products and services. They’ll appreciate you willingness to go the extra mile.
  • No more credit card fees. In some instances, hefty fees are assessed when customers choose to pay via debit or credit card. And you may have been forced to pass these expenses on to customers. But now, you can avoid these fees and so can customers.

Bottom line: Mobile payments are here to stay and if used correctly, can boost your profit margins.

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