No Mobile Payment Solution? Here's What You May Be Missing

By Brooke Tajer on

Some merchants think that it's wise to stick with tried and familiar methods of running a business. But when it comes to the world of retail, attempts at resisting new POS technologies are not the least bit wise in any market.

To keep afloat of the ever-changing retail climate, you must stay current with each new influx of tech-savvy shoppers. With mobile payment solutions, your business will have numerous advantages that you might otherwise miss in the following scenarios.

Ongoing Relevance with Younger Consumers

It's no secret that younger customers overwhelmingly prefer cards over cash. Likewise, it's the 35-and-unders who are typically first to adapt to all the latest gadgets like smartphones and pads. With analysts predicting a major breakthrough in mobile payment solutions, shops that resist could be left in the dust by 2020. Simply put, any business that doesn't keep pace with modern technology is operating in a time bomb.

Big Purchases from Frugal Consumers

In times of economic doubt, many customers are tight with their finances. This can be bad news for businesses, especially those that specialize in pricier items that are generally viewed as luxuries instead of necessities. Credit card processing allows customers to purchase items with no cash on hand. The ability to have something now and pay for it gradually is an incentive for customers to forget about their worries and simply enjoy the money they've earned.

Sales in the Most Unlikely Places

A lot of merchants operate by plane, truck or foot, either hauling out displays to trade shows and fairs or offering outbound services in non-commercial settings. At places where old fashioned registers can neither be transported nor operated, the best solution is to accept payments digitally with a mobile app. With the lightweight, portable reader from PayAnywhere, you can swipe Visa, MasterCard, American Express and Discover sales on an Android, iPhone, or BlackBerry from any location you have an Internet connection.

Additional Figures to Your Earnings

By expanding your POS options, you can boost in-store traffic on typically slower hours or days and make more money all around. By allowing customers an escape from the confines of cash or frugality, you could see hundreds turn into thousands and thousands turn into tens of thousands.