Mobile payments are quickly becoming a popular choice for businesses around the world. These systems provide merchants with the ability to accept credit cards anywhere without being tethered to a power source. They can transmit data securely, authenticate transactions quickly, and even send e-receipts to customers.
Another benefit of mobile payments: They can save you and your customers time whenever they make a purchase something. Just how much time could be saved? Let’s consider a couple of possible (and hypothetical) scenarios.
Scenario 1: Field Sales
Let’s say that your business sells pre-made refreshments at festivals, fairs, trade shows, and other temporary locations. We’ll pretend that your business averages 20 transactions per hour without mobile payments technology.
Now let’s imagine that utilizing mobile payments can add as many as five transactions per hour because of the elimination of counting out change, waiting for the customer to fish for bills and/or coins in a wallet or purse, etc. Given the shorter amount of time it takes to process mobile payments transactions, your business could potentially handle 40 more transactions in an eight-hour day than you would without mobile payments. If your average transaction amount is eight dollars, that’s an extra $320 your business is earning. That’s not chump change.
Scenario 2: In-Store Sales
Now let’s say you sell gifts at a brick-and-mortar store. Assume that with two checkout counters, you can process 30 transactions per hour on an average day. But with mobile payments speeding up the process, we’ll pretend that you can bump up that hourly average by eight transactions.
Given this information, a store with operating hours from 9am to 7pm would process an average of 80 additional transactions in a business day. If your average purchase amount is $12, the extra transactions would gross you $960 more in revenue per day — or $5,760 more in a six-day week.
Again, these figures are mostly conjecture. But you should take the time to see how much more efficient your business would be if you implemented mobile payments. After all, time saved by the customer translates to more transactions for the merchant … and a healthier bottom line as well.