3 benefits of integrated payment systems
July 01, 2013

As consumers continue to reach for plastic at the point of sale and look to use their smartphone in brick-and-mortar stores, small- and medium-sized retailers may want to consider integrating their payment systems to provide additional transaction options. Customers prefer their point-of-sale transaction to be easy and convenient. They dislike standing in long checkout lines and often would rather go online to shop. Many may also prefer plastic to cash for financial security. There are many instances when accepting mobile payments and investing in electronic payment processing offer advantages for consumers and businesses who integrate their payment options.

1. Customers can purchase products on their own time
According to an infographic created by Mobile Payments Today, research found 41 percent of iPhone users have made a purchase from their smartphone through a retailer's website. Offering electronic payment processing allows customers to browse the site and buy items away from the store. It may be difficult for consumers to get to a merchant during business hours, so giving customers an alternative method of purchasing goods ensures the sale as well as customer satisfaction.

2. Eliminate long checkout lines
The majority of people would rather move quickly through the checkout line than wait. Accepting mobile payments in-store allows businesses to ensure customers can pay for their items right away without having to queue. Speeding up the checkout line may also reduce the amount of discarded merchandise from customers who stood in line for a long period of time. Getting the line moving with mobile payments can help retailers avoid lost sales and unhappy consumers.

3. Business can accept payments at outdoor venues
According to Mobile Payments Today, nearly 2 million transactions are made every week from a smartphone or tablet. With the warmer weather here and outdoor venues popping up across the country, mobile payments allow small retailers to accept plastic outside of the store. Providing customers with a way to pay with a debit or credit card offers numerous benefits for smaller retailers, as consumers may not bring  enough cash with them or the available ATM may have a user fee. By offering an alternative option, small businesses may see customers purchase more and boost sales as a result.

Nexus: G-WEBCD2