Jul 03, 2013 Dave King
A new technology emerges, consumers will increasingly choose businesses that offer convenient payment methods, such as ACH cards and mobile payments.
Organizations that fail to offer these types of options likely will fall behind the competition in the marketplace. By 2017, consumers are expected to adopt mobile payments at a high rate, with expenditures via the technology hitting $90 billion in the U.S., according to Business Solutions Magazine.
Additionally, 80 percent of consumers currently use their smartphone to shop, and the same percentage access retail content on their phone.
In addition to potentially drawing in more customers by offering mobile payments, businesses can also use this technology for gift and loyalty products to help turn the point of sale into a marketing engine, the source noted.
In the past couple of years, mobile payments have surged in popularity. Two years ago, the total value of goods, services and utility bills made through mobile devices hit $81.3 billion worldwide. In 2012, that figure jumped 148 percent to reach $202 billion, a figure that is expected to hit $410 billion this year.
To keep up with the competition, businesses would be wise to offer payments via ACH cards and smartphones.