To generate more sales and increase revenue, small business owners are looking to offer their customers easily accessible payment options in today’s increasingly mobile environment. Over half of all sales transactions are now completed on a smartphone or tablet and nearly 80 percent of all customers have made at least one purchase on a mobile device in the past year.1 With 230 million Americans owning a smartphone and 100 million using tablets,2 creating and implementing mobile and online payment strategies is increasingly a focus of small businesses that want to better serve customers, keep pace with the competition and grow their companies.
Shoppers are demanding payment convenience. Over 75 percent of Americans say that a retailer’s inability to accept credit cards would cause them to shop elsewhere.3 Mobile and eCommerce technologies are driving the ability for small business owners to accept a multitude of outside-the-store payment options and are shaping the way products and services are marketed.
Trends in payment technologies are also making it easier and more convenient for customers to pay with online transactions on smartphones, tablets and other mobile devices. In an age where less than half of the population consistently carries cash with them, many small businesses are equipped to handle on-the-spot payments at trade shows, fairs and pop up kiosks and shops. For as little as 200 dollars, custom tablets provide these mobile retailers with built-in receipt printers, hybrid card readers and the ability to operate on- and offline.4
Payments are literally going mobile, as well. For example, Uber drivers, who may be considered small business owners, accept payment options loaded from eWallets with the consumer focus on securing a ride without consciously paying for it. In addition, intelligent automobiles feature payment portals that allow drivers to use saved payment methods for highway tolls, gas and drive-through restaurants without ever touching their wallets.5
As “frictionless” mobile payment applications and software become more prevalent, widely accessible and affordable for small businesses, a continuing trend of fast, easy and seamless checkouts will encourage more customer purchases and improve a small business’s ability to receive and manage payments. This mutually beneficial relationship will improve the customer buying experience, generate greater revenue for small businesses and build brand loyalty as buyers have easier and more convenient access to the products and services they desire.
Online and mobile payment technology continues to grow, impacting customer behaviors and small business marketing strategies. Here’s how.