With all the hype around mobile payments, it’s easy to assume that implementing a mobile payment option is going to be expensive and out of reach-- But that isn’t necessarily the case.
Most businesses pay between 2.5% and 4% for every credit card swipe and cumulatively spend nearly $50 billion to process payments every year. Mobile payments have the potential to help businesses seriously save money on credit card processing fees. While rising food and health care costs continue to strain small to mid-sized businesses, the potential to reduce credit card processing fees is a welcomed perk among several ways mobile payments are helping businesses boost efficiency and increase revenue.
Beyond reducing costs, mobile payments enable businesses to increase throughput. Paying by phone is 7 times faster than paying with cash or card, and receipts and coupons are handled seamlessly in one quick motion to keep lines moving and increase cash flow.
By tying transactional data to a user account, mobile payments enable businesses to collect valuable insight into their customers’ purchase behaviors. This data can then be leveraged to target and engage customers more effectively. For example, LevelUp’s comprehensive marketing infrastructure has enabled businesses, like Dunn Bros Coffee, to see a visible lift in spend. Over the first 60 days, the average ticket price on purchases made through the Dunn Bros app increased by 10% and was significantly higher than the average ticket price on purchases made by cash or card.
While big brands continue to lead mobile payments into the spotlight, it’s important to recognize that businesses of all sizes can benefit from implementing a mobile payment solution.
Interested in learning more about how mobile payments can help you save on processing fees, make the most out of your customers, and create a seamless customer experience? Click here to learn more.