5 Reasons to Start Accepting Mobile Payments

Apple Pay and Android Pay and Samsung Pay, oh my! Mobile payments aren’t just reserved for big-box retailers like Macy’s. The reasons that every business should accept mobile payments are piling up, and that’ll likely continue for the foreseeable future.

Here are five reasons it’s time to go mobile.

The Numbers Don’t Lie

There’s a reason people have been talking about Apple Pay and Android Pay so much lately: They’re widespread. The number of payment terminals accepting Apple Pay jumped from 200,000 to 700,000 from February to March. On top of that, Apple predicts that number will soon reach one million. Meanwhile, Android supports 93 percent of all smartphones running NFC. Just in 2015, 416 million NFC-equipped phones are expected to ship.

Oh, and people actually spend more money when paying with their phones, so your revenue numbers won’t lie, either.

Your Customers Want It

If you subscribe to the old adage, “the customer is always right,” it’d be a shame to deny them their preferred purchasing medium. We’ll likely have early Android Pay activation results soon, but if Apple Pay’s October 2014 release was any indication, those numbers are going to be big. In just 72 hours after Apple Pay was made available, one million credit cards were tied to it. Do you really want to risk losing shoppers to other businesses that allow them to tap to pay?

The EMV Deadline is Looming

What does the October 1 EMV liability shift have to do with mobile payments? A lot. All retailers need to upgrade their point-of-sale terminals to EMV-ready ones by that date. If they don’t, they risk being held responsible for data breaches.

If you have to change your hardware anyway, upgrade to an EMV-ready terminal that also accepts mobile payments and you’ll check two major priorities off your to-do list.

You Care About Fostering Loyalty

Getting shoppers into your store is one thing, but staying top-of-mind and getting them to come back are different animals. To that end, Apple Pay and Android Pay have both announced the integration of in-store loyalty programs and offers, making it even easier to build lasting relationships with consumers and reward them for repeat patronage.

Say goodbye to lost punch cards and hello to their digital replacements. Did we mention those shoppers are likely to spend more when they return?

You Also Care About Security

If you’re worried about keeping your customers’ information safe, mobile payments should help ease some of those fears. With NFC payments, security is a top priority. When shoppers tap their phone to pay, they’re prompted for a fingerprint scan or password entry before any funds are transferred. Next, the purchase is authorized via another, highly-secure chip. That sensitive customer info is also replaced by a unique code, eliminating credit card numbers from the equation.

Will your business be accepting mobile payments in the near future? Tell us why you think it’s worth the upgrade—or not—on Twitter: @cayan.