Welcome back to our series on mobile and contactless payments in your laundromat. In our previous post, we discussed the use of contactless and mobile payments across various consumer industries. As NFC technology is integrated into phones, fitness trackers, and other devices, consumers have less reason to carry cash and have begun to rely on these mobile payment devices. As with any new technology, there are pros and cons to integrating it into your business. Careful considerations of all factors must be taken before opting into the mobile and contactless payment trend.
These are the things to consider before you begin to accept these types of payments in your laundromat. If you need to buy coin laundry equipment in Greensboro, NC, call T & L! You'll love the savings.
Pros:
- Better Cashflow - Your customers are more likely to have credit or debit cards on hand than cash. Mobile and contactless payments are even making those obsolete. The benefit to you as a business owner? Faster cash flow. Many payment processing companies transfer money to your business account in less than three days.
- Customer Preference - Make transactions easier and faster for your customers. Integrating with an app or technology to allow your customers to pay online or with their phone or other devices lets you interact with them in a new way. Loyalty programs that tie to their mobile device increase the likelihood of continued use of your business. No extra cards to keep track of or coupons to print out.
- Track Customer Habits - Use mobile data to find out how often customers use your laundromat, how much they spend on an average visit, and how long they are in your facility. All of this information allows you to target marketing and promotions based on your customers' habits and spending.
- Reduce Business Costs - Many mobile payment platforms operate without an expensive point of sale system. Save on equipment by opting for a simple card reader that hooks to a mobile device in your business and rack up the savings on paper and ink by offering email or text receipts.
Cons:
- Old School Customers - Those who aren't on board with the new payment trends may be turned off if these are the only ways to pay for services in your establishment.
- Apple or Android - Both platforms are similar in how they work for mobile and tap payments. They do, however, each utilize different security systems so ensuring that your platform accepts both iOS and Android is key.
- Increased Security Need - When choosing a provider to host your mobile payments, proper security measures are a must. Secure internet connections and encryption are just the beginning of creating a network that is safe to use for mobile payments.
Before making the switch to mobile and contactless payments do your research. Choose reputable companies with high ratings for security, reliability, and ease of use. Integrating these payment options into your business should make your customers' lives easier, not create a hassle. As the demand for these features increases, offering your customers the option to pay on their cell phone can be a marketing tool for your business.
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