You’re missing out on money if you’re not accepting mobile wallets
With more and more customers using contactless payments and mobile wallets, are you leaving money on the table by limiting how shoppers can pay you?
The last few years have seen a massive rise in the number of mobile payment methods available to customers.
Not just contactless debit or credit cards.
But payments using smartphones or other devices that are linked to a customer’s bank account.
From Apple Pay, to Google Pay, to Samsung Pay, there are any number of payment methods now available to customers that are making electronic payments, whether physically or online, much more convenient.
And these new payment methods are proving popular with customers of all ages.
According to a recent study by Statista, 45% of customers under the age of 24 are now making payments with a digital or mobile wallet in the UK.
Nearly a third of shoppers aged 25-40 are favouring mobile wallets, 28% of 41-56 year olds prefer shopping with a digital or mobile wallet.
And one in five shoppers between 57 and 75 have moved onto mobile and digital payments.
Even one in 10 shoppers over the age of 75 have become more comfortable using mobile wallets via a smart device in the last year , according to some research.
So if your business isn’t set up to accept mobile wallet payments, what can you do?
Modern card machines come ready to start taking digital and mobile wallet payments from the day they’re installed.
They work exactly the same as accepting a contactless card payment.
All your customers have to do is tap their smartphone or device against the card machine with their digital wallet enabled and the process takes a couple of seconds.
If the customer has the funds available to complete the purchase it will be authorised and you’ll get a notification confirming the payment. If they don’t have the funds, it won’t go through so you won’t have to worry about missing out on payments after the transaction.
If you’ve already got a card machine, depending when you had it installed it might not be updated with the latest technology to be able to accept digital and mobile wallets.
Newer card machines come equipped to accept all contactless payments and Chip and PIN transactions.
If you want to upgrade your current card machine, get in touch with us today to find out more.
If you have an online store, you can set up a payment gateway that allows you to accept digital payments like Apple Pay and Samsung Pay.
On the payment page, your customer will simply choose their digital wallet as the payment method (the same as they would choose card payments) and then complete the purchase using their chosen mobile wallet.
These are secure payment methods that require the customer to either enter a PIN on their phone or will use biometric data on the phone to confirm it’s them.
The transaction only goes through if they have the funds so you don’t need to worry about dispatching an item only to find out the payment hasn’t gone through.
You’ll get a notification through your payment system that the transaction is authorised and complete.
Mobile payments work much the same way as a contactless card transaction works. The customer puts their smart device with the eWallet over the card machine, which sends a signal between the two to complete the purchase.
The customer doesn’t need to present their actual debit or credit card for the transactions because the details are stored and sent via their device.
There are two common types of digital payments:
- Digital wallet
- Mobile wallet
A Digital wallet works by storing the customer’s card details on their physical device, which can be used to make purchases online.
A Mobile wallet works by storing the card details on a dedicated app on their phone, which they can use to purchase items in store using contactless or over the internet.
The most common are Apple Pay and Samsung Pay and new card machines are compatible with all these new digital wallets so you’ll be able to accept them with no issues.
The fact is that customers have become increasingly familiar with using new payment methods and now expect businesses to meet their needs.
The last year in particular, with customers urged to use contactless payments to avoid the transmission of diseases like COVID-19, has seen more shoppers abandon cash and even Chip and PIN payments in favour of contactless.
Many customers who had been hesitant about using contactless before 2020 now say it’s their primary way of paying for items, and most aren’t going to go back.
Plus, while older shoppers are now taking up contactless debit card payment, younger shoppers are moving even beyond that.
They’re all about speed and convenience when paying for anything.
And that means using their smartphone or payment app on a wearable smart device.
If your business isn’t yet taking card payments or you want to see if you can get a better deal with Handepay, click here to find out more and start earning more and saving money for your business.