Mobile Payments are Ready for Business

by Nana Murugesan 0

For today’s consumers, a phone is more than just a communications device. It’s a photo album, and a movie theater, and even a wallet. Consumers are increasingly interested in using mobile payment services at checkout, but what do businesses think of the technology? Are they as enthusiastic about mobile payments as consumers are?

Samsung recently commissioned a survey to learn more about the perception of mobile payments at small businesses. We learned that small business owners understand that mobile payments will become – and already are – an essential part of their daily lives. According to the survey, nine in ten respondents saw mobile payments as a competitive advantage that they could offer customers. Just as many said that they expected customers to use mobile payment services in the future.

But many businesses are slow to adopt mobile payments within their stores. First, they assume that mobile payments require Near Field Communications (NFC) readers. And for the forty percent of businesses that do not have NFC readers, it can be difficult, time-consuming, and expensive to install the new equipment. Eight in ten worry about the cost of upgrading their systems to support mobile payments.

With Samsung, small business owners don’t need to install any new equipment. As the first and only mobile payment system that supports both NFC and Magnetic Secure Transmission (MST) readers, Samsung Pay can help any business support mobile payments. In the process, Samsung Pay creates a faster and more convenient shopping experience for customers. It makes it easier for businesses to process transactions. And it helps businesses attract new customers through special offers.

With Samsung Pay, customers never need to search for their wallet and find the right card. All they have to do is pull out their phone, hold it up to the register, and authorize the transaction with their fingerprint. Once they make the purchase, they receive a notification on their phone that they can see later in their purchase history.

This process also allows businesses to process transactions quickly and easily, giving them more time to focus on customer service. And because of security features like tokenization, small businesses never receive their customer’s credit card information, so they don’t have to worry about any potential security vulnerability.

No wonder 93% of respondents found that Samsung Pay completed transactions quickly, and 96% agreed that Samsung Pay made transactions easy.

And Samsung Pay isn’t just helping businesses to create a smoother, more seamless shopping experience. It also encourages and supports small business. Through Samsung Pay Deals, businesses can offer in-app coupons and discounts to nearby customers, creating countless opportunities for small businesses to market themselves and expand their customer base.

And with Samsung Rewards, small businesses don’t need to take any additional action to participate in an exciting, innovative rewards program. By using Samsung Pay at checkout, customers automatically earn points that they can redeem for products, gift cards, and even vacation getaways – all while supporting their favorite small business. At the same time, businesses can partner with Samsung to provide exclusive, retailer-specific bonus offers. It’s one more way that Samsung Pay is helping businesses to simultaneously thank their existing customers and attract new ones. The Rewards program is so popular that daily usage of the Samsung Pay service has doubled since the program launched.

When it comes to business, time is money. Small businesses and consumers alike are turning to Samsung Pay to help them save time, earn money, and create a simpler, more satisfying payment experience.