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Man using mobile payments.

If youre not accepting mobile payments now may be the time to start

If you’re not accepting mobile payments, now may be the time to start.

If your business is looking for a way to increase cash flow, shorten check-out times and improve customer satisfaction, we’ve got two words for you: mobile payments.

The Federal Reserve reports that 40 percent of merchants already accept payments through smart phones, using mobile payment apps like Apple or Google Pay. By 2020, the U.S. is expected to reach the tipping point, with mobile payments becoming the primary way that consumers will buy goods and services, send money and conduct business.

The latest point-of-sale systems, such as Clover®, make it easier than ever to accept these “contactless” forms of payment, in addition to credit, debit and gift cards. If your business has not yet added mobile payments to your customer payment options, now is the time to start. Here are a few of the many reasons this makes sense for your business:

  1. Mobile payment transactions are faster. Mobile apps that allow customers to pay without entering payment information or physically sharing a credit card take less time than other forms of payment. That typically translates into shorter lines and faster checkouts, allowing business owners to accommodate more customers during, say, a busy lunch rush or a peak holiday shopping season. Younger customers especially are delighted with mobile payment convenience, which can increase their willingness to do business with a merchant offering this service.

  2. They allow cash-only businesses to accept credit cards. There is nothing more frustrating to a merchant or vendor than making a sale – and then discovering their customer has no way to pay for it. For these, and other traditional “cash only” businesses, a mobile payment system can open the doors to new customers who prefer mobile payment options. Versatile payment systems, like Clover Go®, accept credit cards in addition to contactless options, making them a good choice for mobile businesses.

  3. They improve business cash flow. By accepting mobile payments, businesses that currently send invoices no longer need to wait weeks for a check arrive in the mail. Instead, they are paid on the spot, with the funds typically available within a day or two. That both improves cash flow and saves invoice processing time.

  4. Payment apps can be tailored to your needs. Consumers like the convenience of sending money through payment apps linked to their bank account, debit or credit card. But payment apps offer benefits to businesses as well. For small businesses, a mobile payment app can turn a smartphone into a credit card swiping device. Clover can also offer everything from small, handheld systems for mobile businesses, to complete point-of-sale systems that take the place of cash registers, terminals, receipt printers, label printers and barcode scanners. Many include appealing features for time-clock management, organizing and tracking inventory, managing customer reward programs, building customer databases and other time- and money-saving options. With many alternatives to choose from, owners can tailor a solution to their precise needs.
The bottom line: Mobile payment technology is on the rise, with a new generation of consumers leading the charge in demanding more ways to track and spend money. You owe it to your customers – and your business – to offer the solutions they seek.

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