When Cloud99 Vapes co-owner Robert Testagrossa heard his point-of-sale system started accepting bitcoin, he set it up right away, knowing that customer demand for the alternative payment method was high.
When it comes to growing demand of payment methods such as LevelUp, Apple Pay and bitcoin, the Nanuet, NY-based vape shop is hardly alone.
Over the past year, we’ve witnessed what is likely the start of mobile payments’ slow move to the mainstream. Apple Pay, for example, now available on the ubiquitous iPhone 6, was launched. Oxford Dictionaries even added the word “bitcoin.”
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A recent study from Forrester indicates that consumers will increasingly rely on their phones as wallets, predicting that mobile payments will jump to $142 billion in 2019 — a $92 billion increase from 2014.
As a retailer, are you ready for this?
More Secure Way To Pay
EMV, commonly known as chip and PIN, which is coming to a credit card near you by year’s end, is a great advancement in the fight against hackers. That’s because it’s very hard to duplicate a chip and PIN.
But the real evolution in payment security is on your cellphone.
Apple Pay, for example, uses a one-time unique ID code instead of a consumer’s credit card number during transactions. Hackers have less of an opportunity to steal critical customer information, as the ID codes are generated at random.
Convenient For Customers
Aside from peace of mind, consumers are flocking to mobile payment options, in particular, because of their convenience.
It’s estimated that the average person checks his phone 150 times a day! Yes, it’s safe to say more people have their phones on hand than cash.
According to a recent survey by Wakefield Research, 53% of U.S. consumers view mobile payment acceptance as important and think it’s critical for more retailers to use POS solutions that are compatible.
While cash still technically rules the payment roost, it’s on the decline. ATM Marketplace says cash has seen a 3% drop in use every year for the past five years.
Leveraging mobile, retailers can provides consumers with more seamless ways to pay, help them keep tabs on spending, and give access to discounts via retailer loyalty programs.
Mobile Pay Can Grow Loyalty
Coupled with mobile payments, loyalty programs can be beneficial for consumers and retailers alike.
Kohls, for example, is leveraging mobile to expand its loyalty program and improve its checkout process for customers. Kohls shoppers can simply scan their phones at the register and instantly redeem their discounts.
Independently owned and operated businesses, like Philadelphia-based More Than Just Ice Cream, see the importance, too. It leverages LevelUp — the nation’s leading mobile loyalty and payment platform — to offer payment flexibility and instant rewards to customers as well.
Well, Are You Ready?
The reasons for accepting mobile payments are becoming more concrete.
The benefits are palpable. Consumers are growing more ready by the minute. And cloud POS systems such as NCR Silver are increasingly integrating these payments into the mix.
Everything is ready when you are.
Reggie Kimble is director of business development at NCR Small Business and NCR Silver, a complete cloud point-of-sale system for retail shops, cafes, service providers and food trucks.
