Back in 2014, a study by Zapp showed that 50% of surveyed consumers either already used mobile payments or were interested in doing so. They also estimated that by 2020, 20 million adults would be using their mobiles to pay for goods and services. That’s a very significant number.
But what does it mean for you as a small business owner? What can you do to make sure you’re ready to meet the rapidly changing expectations of customers?
It might seem like these figures aren’t a big deal—so what if people are using their mobiles to pay for things? Debit and credit cards will always be around, right? So what does it matter to you if people are using their phones to pay?
It all comes down to expectations. Customers’ expectations are always changing, and it behooves you to keep up with them. If you aren’t meeting the technological expectations of your customers, you’re going to develop a reputation of being behind the times. And that’s something you don’t want.
If your competitors are offering more convenience—whether that’s in how they accept payments, when and where they provide services, or in their communication practices—customers are going to choose them, because people are attracted to positive, convenient experiences.
You might not think of payment methods as an integral part of the customer experience, and in a way, you’re right—you want paying for your product or service to be completely forgettable. If a customer is spending time thinking about how to pay you, it probably means you’re not offering the most convenient method.
And while you don’t need to offer mobile-to-mobile payment, taking a step in the right direction is a good idea. Using an app like SmartTrade lets you take credit and debit card payments right from your phone, and that means you can take payment at the worksite without even going back to your vehicle to get a credit card reader.
Most iOS and Android credit card readers require that you use an external card reader—and while it’s not a huge inconvenience, it’s something that you can lose or break, it often costs extra, and your customer may have to wait while you get it up and ready to go. With SmartTrade, all you need to do is hold the card up to the camera on your phone and hand the mobile over to your customer.
Even five years ago, making payment this simple and easy was unheard of. But as technology has improved, customer expectations have similarly risen; if you don’t take credit card payments, you’re not keeping up with your competitors. And if you have to send invoices and wait for checks to come through the mail, you’re not only behind, but you’re going to have cashflow issues as well.
No matter how you feel about the rapidly changing technological landscape, it’s clear—both from consumer behavior and Zapp’s study—that consumers expect you to keep up. So download SmartTrade today (it’s free!) and start taking payments from your mobile. Don’t fall behind your competitors!