Some business owners might be asking if it is worth it to start adopting mobile payments. The team from Earnity, the world’s first community-based crypto platform, shares several advantages mobile payment can provide businesses.
Health and Safety
The pandemic has taught the world the importance of keeping our hands clean and maintaining a safe distance from other people. As such, an increasing number of consumers have started to use mobile payments for their transactions. Some have even stopped bringing cash with them when they go out. It is essential then for retailers to allow mobile payment methods to avoid losing a significant percentage of their potential market.
Faster Transaction
As many people say, “Time is gold.” Many customers think of their time as valuable. For this reason, some may be more likely to return to a store if they have experienced quick and convenient checkouts and short queues. In addition, mobile payment can make transactions faster because there is no longer any need to bring out and count cash.
Improved Security
News or reports of theft and compromised credit card machines continue to make rounds. Adopting mobile payment helps keep consumers safe from having their money stolen or credit cards cloned. As Earnity notes, mobile payment solutions are still susceptible to risks but are generally more secure than conventional payment methods. Service providers are also taking steps to improve security and data protection even more. For example, some providers use tokenization or encryption to keep customers’ data inaccessible to bad players.
Increased Profits
Taking care of the bottom line is vital for businesses to ensure they survive and thrive. On the one hand, mobile payment solutions can help reduce expenses because it is more costly to do business in cash as there are costs involved in storing, securing, and transferring money with banks. On the other hand, with mobile payment, some system costs can be avoided, and bookkeeping becomes easier to perform because financial data can be better accessed and analyzed.