Mobile payments are becoming popular as a quick and seamless way to process payments. With the increasing popularity of digital payments and tech-savvy customers, small businesses can only benefit from accepting mobile payments.
Mobile payments are transactions performed via a mobile device. though there are various channels, ultimately, with mobile payment, businesses can accept digital payments from customers without cash, physical cards or cheques. As stated above, there are different channels to accept mobile payments. Currently, popular channels are,
- NFC payments
- Payment via link
- QR payments
- Payments via App
NFC or Near Field Communication payment is the type of contactless payment that works on Radio Frequency Identification. For these types of payments, a merchant requires an NFC-enabled card reader.
Another popular method is payment via a link. Many small businesses use social media channels for online marketing as well as to communicate with their customers. for these types of businesses, payment via link is the best suitable method. In this type, the merchant generates a customised payment link for the customer and shares it via messaging platform. The customer simply clicks on the link and the link redirects the customer to the payment page.
We get familiarized with QR code payments after demonetization and during the covid pandemic, the popularity of QR payments reach its peak. With the simple QR scanner in the mobile device, customers just have to scan the QR code presented by the merchant to proceed with the payment.
Nowadays there are several mobile applications available to carry out mobile payments, customers comfortable using them may prefer these applications for payments.
Benefits of mobile payments:
Many small businesses don’t have a website so integrating a 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, and 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.
Mobile payments are extremely user-friendly. As customers are starting to become more accustomed to mobile, they are preferring mobile payments over traditional methods. In addition, mobile payments are more convenient. They can be done from anywhere and at any time giving customers a convenient, hassle-free, and flexible way to purchase goods and services.
Merchants can use mobile payments to their advantage. If you are accepting mobile payments, it can give your business greater engagement on a personal level. You can showcase your products as per each and every customer’s requirement increasing brand and customer loyalty. 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.
From a merchant’s point of view, mobile payments are equally beneficial, easy to learn, and easy to manage and they can reduce the overhead cost by replacing costly POS machines.
How Lyra can help
If you’re interested in finding out more about mobile payments and a suitable tailor-made mobile payment method for your business, then get in touch with our financial experts. Find out how Lyra’s mobile payment options would help enhance your digital payment experience!