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The benefits of mobile and digital payments methods for small business

mobil digital payments

Do you want to grow your business? Do you want to increase your sales? Then mobile and digital payment methods may be the way to go. It has been reported that 90% of people in South Africa own a cellular phone. Though most people use the device for sending text messages there are at least 30% who use cellular devices to make payments. How can your small business benefit from mobile and digital payments? Here is how:

Better accounting records and records on customer trends

With mobile payment methods you already have a digital record which can go directly into your accounting software. There is a limited chance of the data being entered incorrectly. You can also easily see which items your customers are buying and ensure that you have enough items in stock the next time you go to market.

Save costs on fees

Some mobile payment methods offer lower fees per transaction then credit card companies. This in turn causes your company to make a direct saving on expenses. There are a variety of mobile payment methods available so it is important to research them before deciding which will be best for your business.

Linked loyalty cards

With the use of digital payment methods, you are able to link customers to loyalty programs which will make them come back and spend more money with you.

Ability to accept credit card payments

Mobile devices have made it easier for people located in remote areas to accept debit and credit cards for payment of goods. Now they will not lose out on sales because they are a cash-only company. Being able to accept credit cards or debit cards also makes it safer for merchants in remote areas to have their money secure.

Quicker and easier customer check-out

When customers are able to check out quicker, you are able to serve more customers which directly increases the revenue you make. Customers enjoy shopping but the prospect of paying is never a happy one so if you can make this process quick and easy they will be more keen to use your services in the future.

Though there are many benefits to using mobile and digital payments, there are some drawbacks.

  1. No internet connection, no sale
    If you don’t have signal in an area, then you will not be able to make a transaction as most mobile payment devices rely on the internet and network accessibility.
  1. Security issues
    People are scared that their credit card information will be stolen when they send it wirelessly. They therefore prefer to pay cash. But service providers and vendors are governed by a global forum known as the Payment Card Industry Data Security Standard (PCI DSS) which ensures that robust security procedures and standards are met.

Go out there and research which mobile payment method will suit your business and get busy. By giving your consumers safe, convenient and cost-effective payment methods they will be back to purchase your goods time and again.

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