Do Mobile Payment Options Affect Sales?

payment options in business

Image Source: Merchangwarehouse.com

When was the last time you went into your bank to make a transaction? As you stood there in line, waiting, you might have watched the bank teller help people who were sitting in their cars at the drive-through. Yup, you stood there waiting, live and in-person, while a person sitting in their car was helped first.

The point here is that convenience in America has become an expectation, not a luxury. Just like you can do curb-side pick-up of most restaurant food items these days and have your groceries delivered, more and more of us are expecting more and more from the brands we choose to buy.

Therefore, if your sales tactics are not on par with making the life of your client or sales prospect as easy as possible, you could be falling way behind the competition. In short, yes, mobile payment options affect sales — hugely — simply because we want convenience first and foremost all the time from everyone we do business with.

solutions in four payments

Image Source: Merchantwarehouse.com

Instead of dwelling on this simple fact, let’s look at four mobile payment options:

Carrier billing
The easiest way to pay a bill is receiving a text reminder which you respond to. Then, the phone company simply adds the charge to the phone bill. The problem?

When you start allowing this option, it turns phone companies, in essence, into credit card companies who extend the privilege of online payments to their clients. In return, you can face hefty fees and/or your client may see charges associated with their account in order to have this privilege.

If you want to initiate this convenience option, consider offering it to a small number of patrons first – maybe anyone who has had more than three late payments in a year. Let them know that the price they would pay to use carrier billing is still less than, say, interest charges and late fees.

Near field communications
This method of mobile billing is still being perfected, so we can tell you very little. In essence, it turns a cell phone into a virtual wallet. By waving the phone in front of a scanner, a charge can be applied directly to your account or credit card.

The idea is that, in essence, the need for money, plastic credit cards or, in some radical projections, personal identification will be eliminated. Of course, retailers would need to adopt NFC on a mass scale in order for it to be beneficial to the average person, which hasn’t quite happened yet.

payment options for mobile

Image Source: Merchantwarehouse.com

Applications
Mobile applications (i.e. in-app purchasing) are the favorite way for online shoppers to pay — they account for most business mobile payment options like bills. Development can be costly, so make sure you interview a few companies before deciding.

Card readers
The coolest, easiest trend in mobile payment options may be the little device that is connected right to a phone or mobile device. A credit card can be scanned on site right from the device. Look out for high fees associated with the convenience. However, if you run a booth or sell off-site, this is by far the best way to accept payment from anyone.

Need more sales training advice? Hire Noah today.

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