Millennials — consumers between the ages of 18 and 34 — are keen on mobile technology and, not surprisingly, more likely to use a smartphone to purchase goods or services than older adults.
If your small business appeals to the younger crowd, accepting mobile payments could boost your bottom line. Here are five types of businesses that may readily benefit:
1. Coffee shops —
They’re already spending $4 for a double latte. Let them pay with a mobile device — and encourage them to spend more, come back tomorrow, and tell their friends. Word of mouth that you’re forward-thinking may draw attention and new business.
2. Nightclubs — No one wants to wait in line to get into a club or pay for drinks. Equip your staff — the host or hostess, the bouncer(s), the bartender(s), and others — with mobile devices so that everyone can process payments, from cover charges to bar tabs. The convenience will earn you points with your guests.
3. Bars — If you run frequent drink promotions, or if your establishment has ample square footage, consider setting up a remote bar (such as a beer stand or margarita counter) to drive sales. Mobile-payment devices can facilitate the endeavor, because you won’t need to install or maintain additional cash registers.
4. Vintage resellers — Retro gear and thrift-store apparel always seem to be in fashion, and the Millennials who buy these items often do so at vintage shops, craft fairs, or flea markets. Accepting mobile payments can help you entice buyers who aren’t carrying much cash.
5. Dine-in movie theaters — Young adults who want to enjoy dinner and a movie can do both at a dine-in theater. When servers need to close out checks during the film, mobile-payment devices let them do so quickly and unobtrusively.