American shoppers are starting to think that traditional modes of payment processing are antiquated, according to a recent study, illustrating the need for managers and business owners everywhere to invest in innovative new payment technologies, like mobile credit card terminals.
More than 50 percent of Americans think that traditional cash register-based modes of payment processing will be “gone soon,” according to an article from Mobile Marketing Watch, citing a poll conducted by OnePoll for I Love Velvet. The study noted that 35 percent of respondents stated that they would shop at a store more often if it featured credit card mobile processing capabilities which improved the shopping experience.
Innovative payment options could lead to better word of mouth for retailers as well. The poll found that 17 percent of shoppers would share their positive mobile credit card processing experience on a social media outlet, while another 37 percent said they would recommend the retailers directly to specific friends.
This may be because shoppers are impressed by stores that offer innovative payment options. The report noted that 46 percent of shoppers would think a store with mobile point of sale technology would be “tech-savvy,” and another 56 percent thought the aforementioned technology would improve their shopping experience.
“Consumers are essentially telling retailers: ‘get with the times,'” said Pascale Juan, the COO of I Love Velvet, according to the news source. “As mobile point of sale has the ability to cut down long lines in-store and get staff out from behind the cash register, it’s clear that the businesses that recognize the benefits of mobile point of sale solutions will win not only more of the consumer dollar, but the perception competition as well.”
Consumers across the country adapting to mobile credit card processing terminals
Business owners everywhere are heeding their consumers requests and adapting, installing mobile point of sale terminals and other modes of mobile payment processing at fast rates. Medill Reports spoke to a number of business owners who had instituted these changes, in an attempt to better understand their motivations.
Tania Ruiz, owner and chef at Tomate Fresh Kitchen, told the news outlet that customers tend to fail to bring cash to most retailers and business nowadays – even at local farmer’s markets. Instead, she says they want to use credit cards and debit cards, and her inability to accept that form of payment led to lost profits.
“That’s what they mostly use instead of carrying cash,” Ruiz told the news source. “I wasn’t able to sell my goods to them. I lost that business and it was a large amount.”
Mobile point of sale processors can be moved easier than traditional cash registers, and offer increased customization from the business owners standpoint, according to Medill Reports. Robert Wolcott, the co-founder and director of the Kellogg Business School Innovation Network at Northwestern University, claimed that flexibility was the main factor driving the high adoption rates of mobile point of sale systems.
“The impact over time will be to vastly expand the number of ways people can pay each other,” Wolcott told the news source. “It also creates more choice regarding the technology platforms on which businesses and consumers can move money.”
At the end of the day, the main factor driving adoption of mobile technology is consumer demand. Tim Krick, owner of a booth at a local farmer’s market, explained to the news source that he may install such technology soon, if his consumers demand it – even though he personally doesn’t even own a smartphone that would be able to make payments.
“We’ve thought about it and we think once enough people start asking us if we take credit cards we will think about the reader,” Krick told the news source.Back To Blog