7 Reasons to Use Mobile Payments for Your Business

According to forecasts by Statista, more than 43% of Filipinos are expected to own smartphones by 2021. In addition, a survey conducted by Visa in 2017 revealed that 6 in 10 Filipinos already prefer using electronic payments methods.

The above-mentioned statistics only prove that more and more Filipinos are becoming more digitally savvy in terms of their finances. In short, if you have a business and haven’t made mobile payments available to your customers yet, now is the time to do so. Indeed, you could be missing a lot of opportunities if you don’t ride this wave.

If you still aren’t convinced, here are just a few reasons to prove how much your business stands to gain with mobile payments:

Convenience

One of the biggest draws of mobile payments is convenience. Just take for example one of the most popular options nowadays: QR code payment. To pay for their purchase, a customer only has to open the corresponding app on their phone and scan the QR code. The amount will then be deducted from the customer’s linked account and that’s it! This will considerably speed up the waiting time at the checkout counter.

You can also use QR code payments if you’re an online merchant. Instead of providing an account number, you can instead share your QR code. This eliminates the possibility of the customer inputting the wrong account number.

What’s even better is that setting up mobile payment solutions is also hassle-free. RBank Biz and RBank QuickR of Robinsons Bank, for example, can help business owners set up a mobile payment facility without extra hardware. This is especially beneficial for small entrepreneurs who may not have a lot of starting capital.

Increased Health Safety

Several studies have found that paper money can harbor more bacteria than a toilet seat. This should not be surprising at all, considering that any number of people can touch a single paper bill in a given day. With contactless and cashless payment systems, you and your customers can reduce exposure to bacteria, viruses, and other harmful substances. This is especially relevant during times of health emergencies, such as the COVID-19 pandemic. If you have a physical store, you can give your customers more peace of mind when you offer them contactless payment solutions.

Improved Security

Some customers are reluctant to try mobile payments because they’re worried about account security. However, mobile payments are actually safer than EMV chip card payments. Why? Mobile payments have multiple layers of security, including PINs, biometric verifications, and dynamic encryption. All of these make it harder for hackers to attack or steal an account. Even smartphones now have upgraded security features so that in case of loss or theft, the customer can easily freeze their phone to stop any fraudulent activity. Meanwhile, their account details remain safe and are easily recoverable.

Easier Accounting

Mobile payment methods can help simplify business accounting. For one, it eliminates human error in data entry because all the details of a sale are automatically recorded into a central database. In turn, this can save you time and effort, as well as minimize backlogs. Mobile payment solutions can also improve your cash flow, not to mention make data management so much easier.

Access to Actionable Data

Speaking of data management, introducing mobile payments can give your business access to more in-depth data. In turn, you can analyze this data to track and predict customer trends, understand customer needs, and improve your services to meet these needs. These factors can result in an increase in sales, along with non-tangible assets such as a positive reputation and customer loyalty.

Cost-Efficient and More Eco-Friendly

As earlier mentioned, there are plenty of mobile payment solutions that require minimal or no investment in terms of hardware. For QR code payment systems, for example, you only need to have a copy of your store’s QR code. Your customers can then use their existing smartphones, download a free app, and then scan the QR code.

Moreover, mobile payments will also mean there’s less need for paper receipts. This can help reduce your overhead costs, especially when it comes to hardware maintenance, paper, and ink. Less paper receipts also mean less waste, which is definitely a big step towards being a more eco-friendly business.

Better Business Performance

Mobile payment solutions can significantly enhance customer experience. Many of the above-mentioned reasons—convenience, health safety, security, and eco-friendliness—can also boost  customer trust. This can lead to increased engagement, as well as increased loyalty. All of these factors can then contribute to increased business performance, particularly in terms of earnings.

Adopting mobile payments for your business won’t mean completely eliminating cash (at least, not yet). Many Filipinos still prefer to transact the traditional way; awareness and education about cashless, contactless payments also need to be strengthened. Nevertheless, mobile payment solutions have more inherent benefits than challenges. By implementing them now, when people are actively looking for faster and more convenient solutions, your business can stand out and be better poised for success.