The world is changing at a rapid pace and with it, the way we conduct business. The emergence of mobile payments is one of the major catalysts for this change. It has allowed us to move away from cash transactions and has in turn helped us make payments more quickly and conveniently than ever before.
The mobile payment revolution has changed the way we transact business, especially when it comes to small businesses that do not have large financial resources or a lot of manpower to spare. Mobile payment is changing the way we transact business by:
• Enabling greater flexibility in terms of payment options: With mobile payments, you can seamlessly make online purchases from your smartphone or tablet without having to visit your bank branch or stand in line at an ATM. This gives you greater flexibility when it comes to making payments for goods and services you need on a regular basis, such as groceries or utility bills. You can also use your smartphone as a credit card at stores that accept contactless payments.
• Minimizing the risk of fraud: Mobile payments are safer than traditional payments because they do not require you to hand over your credit card details or bank account PIN. You can also use fingerprint authentication to verify transactions, making it even more difficult for fraudsters to steal your personal information.
• Reducing costs: Mobile payments can save you money by eliminating the need for a credit card or debit card, which generally comes with a processing fee attached to them. If you make regular purchases from the same merchant, you may also be able to negotiate a discount on your transaction fees.
• Improving cash flow: Mobile payment platforms like Google Pay allow you to make and receive payments instantly through online banking, which means that you will have access to your money right away without having to wait for a few days for the payment transfer to go through. This will help reduce the likelihood of late payment penalties and increase cash flow in your business.
What are the benefits of Mobile Payment?
Mobile payment platforms offer numerous benefits both to businesses and consumers. These include:
• Improved security: Mobile payments can help you avoid the risk of fraud because they do not require you to share your credit card details or PIN with a merchant, or even hand over your card at all. Transactions are also processed immediately, which means that there is no lag time between when you make a purchase and when the merchant receives his money. This reduces the chance that thieves will use your information to make unauthorized purchases.
• Faster processing: With mobile payments, you can make purchases quickly using your smartphone or tablet without having to visit a bank branch or ATM. This will help minimize the amount of time spent on making transactions, which will in turn reduce business costs in terms of employee productivity and overhead expenses.
• Lower transaction fees: Credit cards typically come with a processing fee attached to them, which can be as high as 2% for some cards. With mobile payments, you can avoid these fees because they do not require you to hand over your credit card details or PIN. You can also use fingerprint authentication to verify transactions, making it even more difficult for fraudsters to steal your personal information.
• Reducing costs: Mobile payments can save you money by eliminating the need for a credit card or debit card, which generally comes with a processing fee attached to them. If you make regular purchases from the same merchant, you may also be able to negotiate a discount on your transaction fees.
• Improving cash flow: Mobile payment platforms like Google Pay allow you to make and receive payments instantly through online banking, which means that you will have access to your money right away without having to wait for a few days for the payment transfer to go through. This will help reduce the likelihood of late payment penalties and increase cash flow in your business.
• Greater convenience: Mobile payment platforms allow you to pay for purchases using a smartphone or tablet from anywhere and at any time, which means that you can complete transactions even when you are on the go. This will help reduce trip expenses and improve your overall productivity.
