For small businesses, learning about and adapting to new technologies can seem like an inconvenience at first, but a new way to purchase products and services can actually be a boon. With the prevalence of smartphones among today’s consumers, and the ongoing race to make everything more convenient, it should come as no surprise that mobile wallet technology is quickly becoming a more commonly accepted purchasing option. In fact, experts predict that there will be a spike in purchases made via smartphone over the next decade. Many companies are considering implementing mobile wallet technology to make buying a simpler process for everyone involved. You might be thinking of making such a change, but before you invest in new technology, you should understand the costs and benefits involved with implementing mobile wallet options.
First, you should think about how you’d like to use the new technology. One of the most obvious reasons for allowing customers to use mobile wallets is that it offers the convenience of tapping their phone to pay a bill. What’s in it for you, other than shorter check-out times? You can gather some of the most highly sought commodity on today’s market – data on your customers. Mobile wallet technology makes it significantly easier to see what each customer purchases and with what frequency, and becoming familiar with these habits can facilitate targeted marketing campaigns. Just imagine providing your customers with coupons specifically tailored to their shopping tendencies or setting up personalized loyalty rewards. Knowledge truly is power in the business world, and understanding your customers’ needs can serve to encourage more business for you.
Of course, with these benefits come some downsides. For one, you’ll need to dedicate some time to consider the slew of available mobile wallet options. There are a range of choices available to you today, and even as this technology becomes increasingly popular, it seems that there isn’t yet a product that is leading this purchasing revolution. With no obvious frontrunner in this digital frontier, you’ll need to research which options will suit your business best. There are two general costs that you might incur when installing your new system – the initial price of hardware and software, and the ongoing cost of processing fees. While many of the available options require the installation of a special reader, others can be utilized by installing new software onto existing machines. It should be noted that there is an enormous range of software choices with an array of prices, and many of the available options can be downloaded for free. As for the processing fees, not every app charges for its use, whereas others have a flat monthly rate, and some require a set percentage of the purchase price.
No matter how you employ mobile wallet technology at your business, you’ll be making an investment that will probably prove invaluable to your company. Not only will you be able to collect information, but you’ll provide an element of convenience for the growing number of customers who want to check out with a simple tap.
