Payment processing has become a standard part of owning and operating a business today. As accepting credit cards has become more of a necessity, consumers are no longer swayed merely by the ability to pay by card, but by the ease at which they can do so. Convenience factor is a key element of all business today, with the rise of on-demand ordering and elevated retail experiences become the norm. It’s not surprising, then, that convenience has become a necessary component of payment processing, no matter the business.

The Amazon Effect

As we’ve mentioned before, 2017 has been the year of on-demand and order-ahead growth. More and more companies, particularly in the food-service industry, have caught on to the value of allowing customers to skip the line by placing an order in-app and going straight to the pickup counter.

This ease of ordering has spread into countless industries. Amazon is often the easiest example to point to, with customers being able to reorder staple items through the app being Amazon’s most “complex” option. Amazon’s dash-buttons allow for an instant refill at the push of a button for hundreds of home, health, food, and beauty products. Their digital assistant devices also allow for reordering by simply telling Alexa what you want or need.

This rise in on-demand commerce means that having the most streamlined payment options possible is crucial. Customers want to be able to place an order within seconds of realizing they want or need something. This presents a challenge to retailers, but also offers up amazing opportunities. It’s estimated that consumers spend between 12-18% more when they pay with card vs. cash. That study only examined physical, in-store purchasing where consumers still have time to reconsider their purchase as they walk around the store and wait in line to check out. Consider how much more that spending increases when purchases are being made in minutes, if not seconds.

Impulse buying skyrockets as the ease of doing so increases. Being able to decide that you want something, find the item, and complete the order for it within a matter of minutes means little time is given to reconsider how much you really needed it. Amazon’s dash buttons, high-speed “1-click” purchases, and digital-assistant purchasing are the ultimate examples of capitalizing on this high-speed ordering opportunity.

Mobile Pay

Mobile payment is a topic we touch on in the majority of our posts. And for good reason! Mobile pay is growing at break-neck speed and expanding across all brands in the mobile and payments markets. Because of this rapid proliferation, mobile payment is being adopted by more and more consumers who enjoy the convenience and safety of being able to leave their wallet at home and only carry their mobile device. This growing adoption means that business owners need to ensure their point-of-sale systems are equipped to process mobile payments along with cards.

Providing consumers with the option to pay on their phone also ties back into the on-demand trend, particularly for food-service businesses. Starbucks has perfected this art. Customers have a variety of options for using their device to pay. Starbucks’ point-of-sale devices are equipped to accept mobile payments from the likes of Apple Pay and Samsung Pay. Customers can also add their Starbucks gift card to the Starbucks app, which can then be used to pay in the same manner you would with any other mobile payment app. Gift cards can be reloaded at the tap of a button in the app or even set up for regular reloads, depending on customer preference. Finally, for the super rushed, Starbucks’ app allows consumers to place their order ahead of time, selecting the store and items they want, paying via in-app gift card, and skipping the line entirely.

This increasingly mobile focus brings us to the final key convenience component of any business…

Point-of-Sale

Point-of-sale is another crucial area to focus on convenience-factor. Since the adoption of the EMV-Chip readers, paying by card has gone from a simple swipe to a frustrating series of questions in many retail settings. Often stores have not installed newer technology, leaving consumers swiping or inserting their chip cards seemingly at random between retailers.

Not only is this a major security risk for both parties, but this small detail can make a huge difference in how a customer perceives their entire experience at a store. If they end the experience feeling frustrated, those final moments are the memory that will stick. Investing in the proper technology for your POS system is crucial for your customer’s experience and safety.

This applies even if your business is not B2C. No matter how infrequently you accept payments, your business depends on doing so quickly and efficiently. With the ability to send and receive money at your fingertips through apps like Venmo or Apple Pay’s iMessage plugin, more and more people have come to expect quick digital payment options as a standard part of life. Having payment solutions that allow easy digital payment between businesses, no matter the size, is a vital part of today’s market. Which is why finding a processor with completely customizable options is key to your success!