How an effective mobile money solution increases revenue and customer satisfaction
Imagine being able to process a customer’s payment without cash exchange, or without even having to swipe their credit card or insert it for the chip reader. You could process payments at the checkout in a fraction of the time it takes to get change for a $50 or wait for an EMC chip reader to process a debit card’s information, and this is all possible with mobile money.
What is mobile money?
So what is mobile money? It sounds like money on the go, and in a way, it is, because it’s a form of payment operated under financial regulation, but instead of checks, car or credit cards, the customer can use their phone or mobile device in order to pay for numerous services, both digital and actual goods. It’s an important part of enabling customers, even the unbanked and underbanked, to take a modern approach to transactions. If you haven’t heard of mobile money, it’s because the technology necessary to support it has become widely adopted just yet.
Now that your customers can pay for services either online or in stores using their mobile devices, it’s like their phone has become a physical credit card. A mobile money wallet is exactly as it sounds: a wallet you can keep in your mobile device instead of your back pocket. You might be asking yourself, why would you want to turn your phone into a wallet? Well for starters, it provides more functionality than storage as your wallet does, it provides management. From your smart device, you can manage all of your credit cards, reward cards, and even your loyalty club memberships. Mobile wallets can even help reduce fraud because they are typically harder to steal or copy than the physical credit cards and cash.
What are mobile wallet money solutions?
As a business, one way to increase revenue and boost customer satisfaction is to make sure you’re up to date on the latest payment trends, such as Mobile Money. Telepin Mobile Money Solution, for instance, is a great provider of services to your subscriber and merchant customers with secure solutions that plug right into your existing infrastructure in order to leverage investments you have made to change systems and value-added service delivery platforms. Telepin can provide you with a core Mobile Money solution that allows you to provide the following services to your customers; cash-in deposits, cash-out withdrawals, person-to-person transfers, bill pay, person-to-merchant-payments, online payments, business-to-business payments, and business-to-person and group-to-person bulk disbursements.
Another component of mobile money is money transfers. They allow customers to send money to other people, making sending and receiving money to/from other users a snap. It works quite simply; to send or receive money, the other party must register with a money transfer service, set up an account, and then make a deposit. From there, mobile money transfers can occur seamlessly. Often, this can be significantly easier than money transfers using a traditional bank account.
When you hear of this technology and think of shoppers, you probably think it’s all happening here in America only, but the impact is international thanks to the innovation of companies like Telepin who work with companies around the world to assess platforms, customize workflows, and execute revenue goals in order to build up their business. Having access to a secure and robust mobile money system matters across the globe. Take John Santos for example, a 21-year-old millennial from the Philippines who regularly sends money through an app called Dash that is supported by Telepin’s innovative platform for Singtel. Dash allows John to connect his savings account with his mobile cash account effortlessly, so he is free to manage his transfer to the Philippines on his schedule.
John Santos’ management of his transfers from abroad is a prime example of the flexibility and efficient capabilities of mobile money for business owners. Now, let’s say you’ve developed a great product and business designed to give your customers security, flexibility, comfort, and convenience. You’ve marketed the product successfully and chosen a great location to sell it. Then a customer walks in, shops at their leisure and moves on to the checkout counter. After making that sale, you should continue to present the same feeling of convenience and flexibility for all your customers, and nothing should hinder you from maintaining a respectable business model and reaping the benefits associated with your work ethic. After a customer has had a timely and positive experience checking out at your business, they will likely remember and give you repeat business, not to mention, likely bring along friends and family on their next shopping trip. However, these same walk-in customers might not always carry cash so, in order to win those customers over, it’s in your best interest to accept those mobile money payments. If you can’t, then say goodbye to a potential repeat customer.
Increasing revenue with a mobile money solution
If you want customers to keep coming back and boost customer loyalty, especially in retail, you need to make it as easy for your customers to carry out transactions by using mobile money. A mobile payment solution does just that. More paying customers local to your business means increased revenue and it’s especially pivotal if your business is targeting a younger customer base because the younger the customers, the more inclined they will be to opt in for a faster and more time-saving payment method.
Consumers have high expectations and all manners of distractions can keep customers from coming back, be it the competition or simply the customer’s tastes changing on a whim. So to ensure long-term success, you must take advantage of the endless possibilities technology can offer in order to build a sturdy, sustainable relationship with your clientele. That might be easier said than done but staying up to date on the ever-evolving benefits technology provides will keep you and your business ahead of the curve, and your competition.
An efficient way to connect your users more deeply with what you’re selling is loyalty programs. Typically, customers will keep coming back if the services they purchase make their lives more enjoyable and convenient, but it doesn’t hurt to cement an already great customer service with rewards that encourage more loyalty and also invite new customers to your brand. It’s one of the smartest tactics in order to increase customer lifetime value.
Tying into loyalty programs, a mobile coupon can be part of an advantageous strategy to rein existing customers back in, or lure new ones. Mobile money services that offer mobile coupons add an additional layer of value for customers. A mobile coupon is as it sounds; an electronic coupon sent to a mobile phone that can be exchanged for a financial discount or rebate when purchasing goods or services. They’re commonly used in retail stores as part of sales promotions, and some businesses will even annually send coupons out to customers for complimentary goods on their birthday. It’s a sure way to show your customer you care about where they take their business.
Mobile apps are applications downloaded and installed in your mobile device where customers can access goods to purchase online. There are many apps designed for a plethora of business needs, ranging from general productivity, time tracking, project management and team communication.
Branding is an important subset of mobile apps. That can include an option for user-centric app design (how your app looks can affect usage and time spent surfing it), the app’s user experience (is it easy to navigate?) a catchy and clever name, and finally the icon. These components all establish whether customers will be attracted to downloading your business app and actually devote their personal time to using it for or against your profit depending on how good the branding might be. However, simply establishing a great brand isn’t the end of it. Maintaining consistency to keeps your brand thriving and enabling users to refer and share the app are equally as important for the longevity.
Mobile money enables secure transactions
Who needs a bank when you have a phone? Wherever people live, they need a secure way to save money and pay for everyday goods and services, send and receive money in real time wherever and whenever. If you’re interested in connecting you directly to customers’ mobile wallets, Telepin would love to hear from you.