In a day and age when mobile phones seem to be attached to the masses at large, we are beginning to view our cell phones as extensions of ourselves in several ways—including financially. With mobile payment options continuing to evolve, it’s clear that technology will soon be the law of the land, and our wallets show no sign of being excused from that.
It’s Growing in Popularity
In 2014, 25% of mobile users had utilized some form of mobile pay, and in 2015, that number was up to 39%, according to the Federal Reserve. While mobile pay is growing in popularity, it’s important to note that stores which utilize this new form of payment are viewed by consumers as being ‘ahead of the curve’, and could potentially draw in additional business based on that information alone.
It goes without saying that attracting more customers into your store has the potential to increase revenue, which is the goal of any retail business. Due to its increasing popularity, especially within the C-store industry, it’s clear that consumers are leading us to believe that they will naturally be drawn to businesses that allow for it.
What’s In It for Convenience Stores?
By using mobile pay, C-stores may find that their books are more accurate, as all the information gathered from mobile payments can be stored in their chosen cloud software, taking the guess work out of accounting and balancing the books.
Additionally, tracking your inventory and identifying sales trends in your store is now easier than ever. CStorePro software can easily be linked with your company’s existing point of sales system, creating a seamless transition into the world of accepting mobile pay.
Another perk? Credit card fees may possibly become obsolete. Many mobile payment companies require that the consumer pay a small service fee for utilizing the service, rather than the retailer. Does this mean you can trash your “$5 minimum charge” sign? Probably not, but for now it benefits the C-store more than the customer.
Mobile Pay is the Way of the Future
According to reports, mobile wallets are expected to become the dominant payment method by 2019. That’s not far away. And if the projected $647 billion in sales is to be believed, it isn’t a train you want to miss. Retail giant, Target, isn’t planning on missing out, as they recently announced the launch of their own mobile payment system.
As the trend continues, C-stores would be wise to invest early in the technology. It is becoming clear that the next generation of customers will prefer c-stores that offer a variety of payment options.