Is your business providing mobile payment processing services? If you fail to provide this option, you could be losing out on hundreds of thousands of dollars. There are several programs available, making it easy to integrate mobile payments into your business. By offering mobile payment processing, you are able to expand your customer base, generate more cash, and keep your money secure. Here are some of the other benefits you can expect from mobile payment process.

Promoting Economic Growth

Mobile payment processing helps to drive revenue and has a drastic impact on the economic landscape. In fact, 32% of consumers made at lease one mobile purchase in 2016. The entire year saw over $75 billion in mobile payments and experts predict $503 billion by 2020. Smartphones allow customers to have instant results at hand. The wait time has decreased drastically and we are able to capture a sale much easier on a mobile device than from traditional computers and even in-person shopping.

Easier Access to Cash

Mobile payment processing is beneficial for individuals in emergency situations. Using mobile apps can provide consumers with an alternative payment source for emergency rooms needs, car repairs, and more.

Secured Funds

Using mobile payment processing enhances security on credit cards, bank accounts, and more. Cyber security breaches have exposed a number of weaknesses in the way finances have been managed and protected. The databases of the banks were hacked, not the databases of the payment providers. What this means is the industry is secure and many people are able to simply delete the data from the server if they do not want it stored. Overall, mobile payment processing is more secure from other options. The service provider will replenish funds that are compromised, even if the process is slow.

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