Disruption and restructuring seem normal now. Businesses are struggling to stay afloat through traditional means, so digital infrastructures like mobile payments may be more important than ever. However, there are plenty of mistakes to avoid when it comes to such cashless transactions.
What are mobile payments?
Mobile payments can be best described as a compilation of digitally-driven processes that aim to initiate, confirm, authorise and complete financial transactions through a mobile device.
Before the COVID-19 pandemic, the general consensus was that mobile payments were important to set up because they were the way of the future. Digital shoppers included younger generations, and so digital payments were necessary to help capture the younger crowd and to help secure a brand’s longevity.
This notion has changed. Health and safety have been brought to the forefront, and the entire market sentiment leans towards cashless and contactless payments through phones or devices. For this reason, SMEs have been scurrying to set up mobile payment capabilities and in their hassle, may have neglected some fundamentals that can make or break their business.
Neglecting the consumer’s experience
So you have implemented a mobile payment solution for your business. That is great, but it is not enough to simply set up a mobile platform for your business model. Maximising value by considering the way customers enter, interact and complete purchases on your platform is also important. It is the same concept as walking into a store; great shopping experience is a big aspect that might be overlooked.
User experience involves elements like speed, convenience and simplicity with regard to transactions. Make sure your mobile platform has all these features.
Overlooking data and insights
One of the most powerful advantages of mobile payments is the ability for merchants to collect and utilise data based on consumer behaviour. Many merchants often fail to take advantage of data. It can help businesses keep track of information like contact details, purchase history and other important statistics such as favourite products.
With such information, merchants can evaluate how and why customers do what they do. Purchasing habits become clearer, and merchants can design deals, promotions and offers that better cater to the wants and needs of customers. Of course, it is important to note that data collection must be carried out with privacy rights in mind.
Not emphasising security assurance
As mobile and digital payments become more prominent, so too does the demand for more secure transactions. It is important that merchants do not just implement security features for safer payments, but that they clearly assure their customers with regard to their protection.
Independent merchants must reinforce their mobile payments with features like two-factor authentication measures, or even biometric authentication like fingerprint or facial verification. Communicate clearly about the importance of such security measures.
Dishing out forgettable customer service
Once you think you have a solid mobile payment solution, it is time to consider investing in a great customer service process. As a business owner, it is important to support and guide your users every step of the way. You should learn about the ins and outs of the mechanics involved in your spanking new platform and help your users who are less tech-savvy.
Consider fun tutorial videos that excite. Have customer service representatives who are well trained and engage with users vibrantly. Consumers appreciate great customer service and this can do wonders for your brand.
In desperate times like this, many businesses are jumping headlong into digitising their platforms without building a solid foundation. Always remember that starting a mobile platform is only the beginning. Keep your digital journey simple, prioritise your users and mind the pitfalls.