Cashless payments are preferred by consumers in the U.S. In 2020, COVID-19 catapulted the popularity of both cashless and contactless payments, with 46% of consumers worldwide moving to contactless options. A rapidly growing category of contactless is mobile payments, which consumers make from their personal mobile device.
Small businesses can increase overall sales by allowing easy payment in the way customers prefer. Alternative payment acceptance (payment other than cash or swiping a major credit card) is necessary to meet consumer demand and prepare for the future. Small business is no exception. You must implement digital, contactless and mobile payment options sooner rather than later.
Mobile payments can be made in-store, in person, online or from remote locations, making them an easy way to deliver and accept payment no matter where business is being done. Face it, no one leaves home without their smartphone!
Mobile devices come equipped with mobile wallets and built-in payment capability, giving customers at-their-fingertips access. There are also many third-party payment apps available, and already in use by many consumers.
If you already accept credit card payments with a payment processor, consider optimizing (take online) beyond point-of-sale hardware. You can quickly set up online payment through payment processors like Square, and give customers the option to swipe a card or pay online from a computer or mobile device. Consider integration with payment apps and one-touch payment to expedite the customer experience. Once optimized, a Quick Response (QR) code at your business’ checkout counter allows for touch-free payment as well.
If you were not familiar with QR codes prior to COVID-19, you probably are now. They are used widely by restaurants to provide menus in a no-touch environment. QR codes have become prevalent at the point of sale to initiate contactless customer payment. To get set up with QR payment, contact your payment processor. They will provide the QR code for use and give instructions to generate your business’ unique code. Once set up, post the code at checkout and online, or save it for use on the go. Consumers can quickly scan the code with their smartphone and follow payment prompts.
Instead of swiping a card at the point of sale, Mastercard contactless helps you serve more customers in less time, which means a boost in sales, customer loyalty and cross-sell opportunities. Plus 74% of consumers say they will continue to use contactless in a post-pandemic world. Check with your payment processor to find out how you can start accepting Mastercard contactless payments through Tap & Go. Contactless payment is secure and does not require authorization for transactions under $50.
Are you selling products or services online? Or would you like to? Mastercard Click to Pay is designed with your business in mind. It offers consumers hassle-free convenience when checking out online. Designed with multiple layers of security to keep information safe, your customers enjoy a simple, fast, convenient online checkout across devices and channels. There is no need for them to remember passwords or enter credit card information. They just Click to Pay.
If it’s easy for people to do business with you, overall sales will increase and customer loyalty will improve. Buyers are more likely to complete a purchase when it’s easy to do so, and money received through digital, mobile and contactless payments is immediately transferred to your merchant account. It’s a win-win.