What to consider when planning for mobile payment integration
October 15, 2013

Mobile payments are quickly becoming a major trend in the business world as more consumers continue to own smartphones and tablet devices. Retail stores and other organizations have unique opportunities to connect with shoppers in a way that enhances overall customer satisfaction and leads to long-term revenue growth.

However, the adoption of advanced credit card processing technology isn't an instant process. In fact, Mobile Payments Today recently released its "2014 Mobile Payments State of the Industry Report," which found full-scale incorporation of these services is still a few years down the road. According to the report, the portion of consumers who own smartphones increased 30 percent between 2012 and 2013. Additionally, the number of shoppers who use their mobile devices to search for products online grew 20 percent. Before any business attempts to utilize these changing behaviors to create a more satisfying customer experience, store owners must consider a variety of factors.

For example, no mobile point-of-sale system can truly work for a company unless it is supplemented with an integrated payment system that makes it easier to keep track of financial information. Here is a closer look at a couple of other key issues to keep in mind when considering investments in electronic transaction systems:

Opportunities for enhanced loyalty programs
Mobile technology allows businesses to access much more than payments. According to a report authored by Cherian Abraham, a former principal analyst at mobile commerce consulting firm DROP Labs, smartphones and tablets can track location data and social network information to create dynamic gift card programs and loyalty programs that can increase customer retention in the long run. Stores can leverage the convenience of their mobile point-of-sale systems to offer an engaging experience that allows shoppers to share their positive experiences and ultimately help a brand attract new clients.

Reducing overhead costs
Integrated payment systems can lead to significant cost savings, Abraham said. Rather than taking time to sort through individual transactions at the end of the day, store owners can increase efficiency by having an automated system track daily revenue from multiple payment channels.

Smartphones and tablets have already played a significant role in transforming the traditional retail experience. With the right payment integration system, businesses can fully leverage these trends to offer unique and satisfying experiences for their customers.

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