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The Upsides of Mobile Payment Technology for Businesses

November 15, 2021

Mobile Payment Technology

In 2020, mobile payment technology collectively welcomed 6.5 million users, most of whom were Gen Z and millennials. They’ve streamlined the technological aspect for several small businesses and professionals.

 

Since mobile invoicing apps don’t require large infrastructures, setting them up is a matter of registering, paying a fee, and getting your show on the road.

 

Here are the benefits of this digital setup from a sales perspective.

 

Instant Checkouts

Faster checkouts aren’t the priority for every business. However, they do contribute to efficiency. In a fast-paced reality, customers appreciate an enterprise that can provide them quick service when they’re on the go.

 

Look at food trucking businesses, for instance. They often feature long queues of people waiting to order their takeaway, pay for it, and get back to work. In such instances, mobile payment systems may help keep the line moving by removing the hassle of inserting or tapping one’s card against the reader, entering the PIN, and waiting for the payment to go through.

 

Mobile invoicing apps have provided a much-needed lifeline to small businesses. Learn how they’ve helped boost sales and improve bookkeeping.

Better Access

Customers are more likely to forget their wallets at home than their phones. Customers are also less likely to run into trouble with contactless payments than card payments.

 

The only way you’ll appeal to a customer who’s waited in line for more than five minutes is if you offer them mobile payments when they’ve intentionally or unintentionally shown up without cash or a card.

The same applies to home services. If you’re a professional who pays house visits, such as a plumber or electrician, your customer may not be able to find their wallet to make the payment. They could also prefer the mobile payment option. Thus, it’s better all-around to have the service on your device.

 

Computer Generated Image of a Phone Featuring a Dollar Sign, and Foregrounding a Stack of Dollar Bills

 

Better Accountability

Digital wallet services are a common feature of mobile payment apps. However, their advantages are anything but ordinary and include:

 

Mobile invoicing apps have provided a much-needed lifeline to small businesses. Learn how they’ve helped boost sales and improve bookkeeping.

  • Sales records
  • Payment invoices
  • Consumer trends
  • Inventory tracking

In other words, book keeping is a walk in the park, as are audits during tax season. It also helps that mobile payment apps charge a much lower transaction fee than credit card systems.

Additional Layer of Security

There’s no shortage of customer scams when it comes to credit card payments. Anything from fake cards to ‘swiped’ cards to chargebacks can affect your returns.

 

Conversely, mobile solutions often require a fingerprint or face recognition verification during checkout, giving the customer more control over their cashless currency. Several apps even take the trouble of adding more layers of security to their apps to help businesses avoid the risk of getting their information stolen.

Maximize Your Returns with the Best Payment App for Businesses

Mobile payments have come in fast and hard, offering solutions that are both user-friendly and kind to your finances. ScanPay is no different. Every bit of the contactless payment app: it offers end-to-end secure mobile payments for smoother operations at a 2.5% fee on every transaction.

Read the FAQs for any questions regarding our billing and invoicing app.

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