Why should small businesses accept mobile payments? The question is why not? By now, thanks to COVID, people have started becoming more aware of their surroundings, maintaining social distancing norms. And while there are some things we can order and pay for online, the same is not applicable to all things. For small day to day necessities like medicines, fruits, vegetables, etc, we have to personally go out of the house and into the physical shop. As this is unavoidable, people are trying to shift towards mobile payments in order to maintain social distance and avoid physical contact. So, if your small business is not accepting mobile payments you may lose potential customers.

This is not the only problem. Many small businesses don’t have their website so integrating payment gateway and accepting online payments is out of the question, some of the stores, (most of the local businesses, stores) don’t need a website or don’t have a budget to create and maintain the website. Some small businesses are home-based, some are freelancers. Every type of small business has its own share of problems, but all of them can accept mobile payments without much of a hassle.

Moreover, people are becoming obsessed with mobiles. This is not an understatement. Many of us spend a quality amount of our time on mobile devices. Mobiles are becoming a daily necessity and if instead of carrying a heavy wallet or looking for exact change people are considering mobile payments more convenient.

As mobile payment is becoming a trend, you have to consider this option over the traditional methods.

So, What exactly is mobile payment?

Simply stated, mobile payment is a method where customers use their mobile phones to send money or payment to a business owner in order to purchase products or services.

Types of mobile payments

  • Mobile payment apps
  • Mobile wallets
  • NFC mobile payments
  • payments via a web browser
  • utility or bill payment apps
  • Benefits of mobile payments-

User friendly

With people starting to get comfortable with mobile devices and gen z rising, it is inevitable that mobile will play an important role in the current and upcoming era. From education to entertainment, from shopping to paying online people are using mobile devices for anything and everything. one of the main advantages of using mobile payment is its user-friendliness. As customers are becoming more accustomed to mobiles, they are actually preferring it over traditional methods and a user-friendly way of payment is one of the main reasons behind it.

Convenience

Mobile payments are indeed convenient. Nowadays, people can forget to bring a wallet while going out, but not mobile. Impulse shopping or shopping and placing an order and paying for it anywhere and at any time gives customers a convenient, hassle-free, and flexible way to purchase goods and services.

More marketing

Merchants can use mobile payments to their advantage. If you are accepting mobile payments, it can give your business a greater engagement and that on a personal level. You can showcase your products as per each and every customer’s requirement increasing the brand and customer loyalty.

More sales

Speaking of increased brand and customer loyalty, it can help in the increase in sales and in turn revenue. The hassle-free payment method can encourage customers to purchase more of your goods and services and creates a positive impression.

Mobile payments are equally beneficial from the point of view of your staff. Easy to learn and it’s simple to use, mobile payments can be used by a delivery guy or any staff member. By educating your staff members or employees to use mobile payments so that they can accept mobile payments from customers. It is easier to train the staff, compared to other payment collection devices like POS. Mobile devices are more affordable and are cost-effective. It renders the need for any physical devices like POS machines which can save overhead costs like maintenance cost.

Lyra’s mobile payment acceptance solutions for small businesses.

Lyra’s EPOS

Lyra’s EPOS payment collection solution is a hassle-free online payment collection solution. Using a QR code or a payment link, merchants can collect payments from customers. It accepts multi-channel payments and provides a seamless transaction flow. With maximum security, Lyra EPOS is PCI DSS compliant and provides fraud and chargeback minimization.

Lyra’s WhatsApp Payment Solution

WhatsApp is one of the most used, preferred, and popular forms of communication amongst other mobile applications. Many freelancers as well as local shop owners use WhatsApp for showcasing their products as well as accepting orders from customers.