5 unexpected benefits of mobile wallet for businesses

People used to dismiss the concept of a digital wallet as doomed to fail. 
 

No one wanted to put their money in the hands of this entirely unfamiliar concept, especially when you could just as easily pay with your credit card.

Smartphones, on the other hand, have altered the way we interact, do business, and communicate. 

Did you know that in 2020, mobile wallets were the most popular POS payment method all across the world? 

The COVID-19 epidemic, as well as consumer anxiety about viral transmission through paper banknotes, contributed to this surge. 

While these solutions have clear benefits for consumers, they may also be extremely beneficial to a company's day-to-day operations.

So, if you're a company owner who doesn't use e-wallets, you're missing out on a lot of opportunities. This article explains all the benefits of e-wallet for business! You would want to change your mind after this.

#1 Benefit of mobile wallet: Quicker checkout

The first benefit of using an e-wallet for business is that: Online payment apps are often faster than cash or a credit card, especially when using the contactless payment option. 

Whether or not the increased pace will affect your business's daily operations depends on a number of circumstances. But it can have a significant influence on enterprises that cater to big groups of young adults, such as coffee shops.

Read more: 5 reasons that make beacon technology beneficial for businesses

#2 Benefit of mobile wallet: Increase the size of your business

Businesses may extend their reach well beyond a physical checkout counter using the technologies underpinning mobile wallet acceptance. 

Customers today expect to be able to pay with a debit card, a credit card, or a digital wallet on their smartphone, regardless of where they make a purchase. 

You can take your business to new places like farmer's markets, festivals, and trade events with the help of mobile wallet acceptance technologies. Another huge benefit of e-wallet for businesses that you can’t just ignore!

Accepting online payments is simple. Simply connect a card reader to your smartphone or tablet, and you're ready to collect payments wherever your business takes you.

#3 Benefit of mobile wallet: Improve client satisfaction

Customer satisfaction! This is what every single business aims for. And this is also the most important benefit of an e-wallet for business.

Accepting mobile wallets in-store improves customer service and cuts down on wait times. By providing your salespeople with mobile acceptance equipment, they will be able to service more clients, faster, and wherever the need is most.

Accepting online payment apps through a mobile device at the table can dramatically reduce the time it takes for waiters to receive payments in restaurants. 

In a retail business, your sales team may meet the consumer where they are, on the sales floor, to receive payment through tablet without risking the transaction being lost due to extended wait periods. 

Read more: The super power of Super Apps for enterprises

When your staff can connect with clients during the buying process, they can assist them in making the best decision possible while also giving appropriate upsells.

#4 Benefit of mobile wallet: Increase your revenue

You don't have to turn consumers away because they don't use your chosen payment method, such as cash or check, if you accept mobile wallet. 

People are more likely to say "yes" to your products and services when using mobile payments. 

Furthermore, a simple and convenient mobile wallet experience leaves a great impression on customers, encouraging them to conduct more business with you. 

NEWPRO Home Improvement Solutions, for example, experienced their most successful year in over 70 years of company after using an online payment application.

#5 Benefit of mobile wallet: Build a larger client database

Fintechs, banks, and businesses in a variety of other industries can use a online payment app to swiftly reach new clients. 

Companies may be viewed as credible, trustworthy partners if they have a well-designed eWallet solution with features, such as the one Tremend produced for First Bank. Is this benefit of e-wallet for business convincing enough?

Clients all around the world will be enthralled by the new features of a contactless online payment app and will move to the main corporation, leaving the competitors behind.

Read more: mCommerce - the next trend of eCommerce industry in 2022!

If companies allowed mobile wallet payments, 39 percent of consumers indicated they would do so. You can get ahead of the curve and attract the 39 percent we indicated by accepting mobile wallet payments.

It's simple, quick, and safe to accept mobile wallet. That is why, in order to better serve their consumers, millions of businesses all around the world have turned to online payment apps. 

The benefits of e-wallet for business outweigh the relatively low expenses, all while assisting your company in positioning itself for the future.

Want a online payment app for your own business to harvest all of these benefits at the most affordable price? Our Golden Owl developers are here ready to take an extra mile to make it beyond your expectations! Leave us a message if you have any questions at any time!