Companies needed a flexible payment solution to make transactions easier for customers, and the advancement in technology has brought smartphones to the forefront of many businesses and consumers. Gone are the days when you had to carry money around in your pockets and physically go to a bank to receive or send funds. Today, payment solutions go well beyond just writing checks or swiping credit cards. Have you ever thought about using an online check writing software on your phone to do payment transactions via ACH payments, Direct deposits, RTP, Printable checks, or e-Checks? You heard it right! With the constant evolution in technology, businesses can now choose various methods, tools, and platforms for accepting payments through their mobile devices.
The unfathomable success of mobile payment platforms like Google Pay, Apple Pay, Samsung Pay and the emergence of payment solutions like the Online Check Writer app are evidence of this ongoing banking evolution. While each one of these platforms works differently, they all serve one sole purpose: to enable quicker, seamless, cashless payments. Thanks to the global COVID pandemic, customers who prefer contactless payments, vendors who prefer online invoices, and competitors who are moving all of their payment processing to the cloud have grown at a humungous rate.
But which mobile payment solution is best for your small business? In this article, we’ll discuss about the rapid growth and the future of mobile payments.
What to Look for in a Mobile Payment App
First and foremost, it's crucial to distinguish a mobile payment app that suits consumers and fits businesses alike. You'll often see Apple Pay, Google Pay, Venmo, Cash App, and more listed as top payment apps. Although it's possible to use any of these apps for payment transactions, the truth is that these are actually designed for consumers. Therefore, it's important to do your research when looking for the right payment app for your small business.
According to studies and reports, businesses that accept online payment apps have tended to fare better than those that don't. As of now, the online payment market has become extremely crowded. While platforms like QuickBooks and Online Check Writer are reinventing the possibilities of the technology, most of the companies are blindly racing towards a cashless society by offering rather mediocre software outings. Their growing popularity reflects the shifting customer expectations as well as new ways that businesses are evolving every day.
Mobile payment apps provide businesses especially the retail sector, an opportunity to accept payments from customers with increased flexibility. In short, if you’re not using a mobile payment app currently to accept, process, or monitor payments, you are missing out a lot, and you’ll want to consider how these platforms can benefit your business.
Why Should You Use Mobile Payment Apps?
It is clear that you can benefit in more ways than one when you accept mobile payments. What started as a way to pay a friend back for lunch shared on the previous day has flourished into a colossal industry behemoth and according to a recent report by Accenture; digital payments are now expected to reach a whopping $7 trillion by the year 2023. Let’s see some of the advantages of using mobile payment apps.
Convenience
Customers expect convenient payment options, and it is one of the main factors that influence businesses to adopt a mobile payment system. Encouraging greater engagement with your services and products will directly translate to outstanding sales and ultimately a significantly larger revenue for your business. After all, it is common knowledge that the more complicated it is to make a payment, the more likely customers are to abandon their plan to purchase. Furthermore, cash flow is a significant aspect of running a small business. So, the sooner you get the money, the better.
Speed
Nowadays, business owners can make payments directly from smartphones without using any traditional transaction method. Mobile payment apps streamline the checkout process and make it quicker and easier for customers to purchase something. Also, studies have found that customer satisfaction is directly associated with faster checkout process, and customers are more likely to return to the same establishment for future purchases. Moreover, mobile payments help you get paid faster, cut down significantly on hectic paperwork, and maintain a favorable cash flow.
Security
Payment systems can only be successful if the customers can wholly rely on its security structure. In addition to standard safety and security, most mobile payment apps nowadays come with state-of-the-art military-grade security features, adding an extra layer of protection to your online transactions. Credit cards, checks, and cash leave consumers more vulnerable to theft and fraudulent activities than mobile payments. In fact, a transaction made with this payment method is much safer for the consumer than paying with cash or a physical credit card. However, before you choose a mobile payment app for your business, you need to consider both the good and the bad aspects. Even though these apps are easy to use and convenient, they aren't void of the risk factor.
Bottom Line
Mobile payment apps are no longer just a trend anymore. They have become an integral part of people's day-to-day money transactions. Ultimately, the best payment app depends on your requirements and preferences. For example, if you are a small-scale or medium-scale business, you may want to gravitate toward Online Check Writer for its additional accounting features. Plus, if you're unsure any of these payment apps are right for you, you can test them out for yourself to get a better understanding.
With all of the mobile payment apps available on the market today, it can be a bit overwhelming to sort through the list and find the perfect solution for your business. No matter which payment processing software you choose, the most important part is making it easy for the customer to pay.
