Recent studies have indicated that merchants accepting different payment types are not only more likely to have repeat customers but they enjoy increased loyalty from customers as well. These merchants understand that diversifying the ways they accept payment is crucial to the future success of their business.
One of the most popular payment methods starting to really gain traction are mobile payments such as Apple Pay, PayPal, and others. These methods are fast, safe, and convenient for consumers and merchants alike and fast-growing companies are more likely to embrace and accept mobile payments than their slower counterparts, according to an article published earlier today on PYMNTS.com.
The article referenced a recent study in which 2,300 companies and consumers were surveyed for NTT DATA and Ingenica ePayments and found that 43% of businesses with revenue growth of at least 11% each year have an app that supports purchases and payments. Contrarily, 32% of businesses that do not offer a payment app are growing at less than 11% each year. What’s more, among companies that have zero or negative profit growth, only 8% offer a payment app. The survey also found that companies with fast growth sell slightly more online than those with slower growth rates (PYMNTS).
The survey’s findings truly reinforce the need for companies to make payment innovation an integral piece of their growth strategy. “Companies should be working to provide a frictionless payment experience by bringing consumers innovative new products and processes. Their efforts will help improve customer satisfaction, facilitate cross-border commerce and allow for a more efficient shopping experience,” said Peter Olynick, retail banking senior practice lead for NTT DATA Consulting in response of the survey.
American consumers have been surprisingly slow to adopt mobile payments in emerging markets, compared to their European and Asian counterparts. However, they are starting to understand why the rest of the world has made the shift to digital payment models and it won’t be long before merchants will be expected to accept multiple forms of payments, especially mobile payments.
Make the switch to mobile payments and keep your customers happy by adding convenience as well as reassurance of a safe and secure transaction! Count on National Merchants Association to handle the installation of your new POS system while continually educating you about the importance of offering multiple payment options!