3 Mobile Wallet Apps Your Customers Expect You to Know
There’s a lot to keep up with when you’re running a small business. You’re concerned with new things every day – if your next shipment will come in time for the biggest trade show of the year, or how to keep your kid’s peanut-butter-hands off the whitepapers in your home office.
Payment processing options are the last thing on your mind. It’s a tough one, especially with the surge of tech advancements in the retail space over the last few years. But what’s that thing ‘They’ say? The cardinal rule of retail is to make it as easy as possible for people to spend money at your business.
That now means accepting mobile wallet app payments.
Don’t panic – it’s not as hard as it sounds… and there’s something in it for you. Three things, actually. Mobile wallets allow you to:
- Attract and retain customers. Studies have shown that 1 in 4 wallet app users will consider taking their business to a place that accepts their specific app for payments.
- Build loyalty programs. Many of these apps support loyalty programs so you can easily reward repeat customers, and advertise coupons and sales from within.
- Add another payment option. What’s one more if it’s going to make you more accessible to the masses?
Every few weeks, there seems to be news of another mobile payment app trying to get their slice of the booming industry. But don’t worry, we’ve done the hard work of weeding through the internet mess, and present to you the three that are best for the customer experience and your business.
We got you.
Pro: Easy set up! So long as you’ve got a fairly recent POS, Samsung Pay should be able to work with your terminal. If it doesn’t, it only requires a quick software update to get you up and ready to roll.
Con: This app only works for Samsung phones (which was about 68 million people in 2015). Not too bad at all.
Current users: 5 million
Pro: We all know Apple customers love new technology, and this app is no exception. 700,000 stores in the US alone already accept its payments. It’s also super slick and easy to use – you can support it as long as you have an NFC (‘near-field communication’, or ‘tap payment’) option in your POS.
Con: Online shopping isn’t supported yet, which means your customers can’t shop your website’s store with it… you’ll need a different payments method for that. Apple Pay for e-commerce is expected to be released later this year.
Current users: 12 million
Find out more here.
Pro: PayPal – a frontrunner in the game in large thanks to revolutionary businessman Elon Musk – has the largest customer base by an overwhelming margin and processed $66 billion in mobile sales last year.
Con: Clear skies here! The well-established and reputable nature of the company is holding up their end of the bargain, being sure to tackle issues as they come.