Industries That Mobile Payments Have Impacted the Most

Mobile Payments Industry

Thanks to Point-of-Sale (POS) technology going mobile, many more businesses are able to take debit and credit cards as a method of payment. This is making it more convenient for individuals who deal mostly in plastic, thanks to its convenience.

What Mobile POS Technology Does for Customers and Businesses:

Best Selling Points for Mobile POS

  • Makes doing business faster and easier.
  • 
It is easy to use and install
.
  • It is less space consuming and cheaper than a legacy system.
  • It drives sales thanks to its convenience and usability.
  • It can substitute for your inventory and sales software.

Industries that have Been Impacted the Most From Mobile Payments:

Restaurants and Bars

Restaurants and bars are some of the best places to use mobile point of sale technology, largely because we have all experienced the frustration in waiting for our server to bring our check. In some restaurants, such as Bocktime Beer and Grill in Pittsburgh, PA, you can follow your tab right from your phone, close and then pay the bill at any time you want. Forget waiting for a busy server to show up with a piece of paper only to disappear again with a card.

Local Farmers Markets

We all understand that buying locally grown produce is better for the environment and your community than buying at a typical market or grocery store. With the help of Mobile POS, local farmers markets are becoming more marketable and accessible. According to one produce stand worker in New York, sales have gone up by as much as 30 percent since they began offering point of sale transactions. With most busy modern consumers carrying only plastic in their day-to-day lives, this option has provided farmer’s markets with newly gained revenue.

Food Trucks

Mobile food vendors are no longer having to turn away customers that did not have the cash in their pockets. Whether it is a hot dog, a Panini or an ice cream, customers are buying them from food trucks with their debit and credit cards. According to FOX news, the food trucks have expanded their fleets and their customers, there are now 15 percent more food trucks than there were five years ago. That is 37 percent of a 1.4 billion-dollar industry.

Events

Sports and music venues are now accepting debit and credit cards from the farthest corners inside the stadiums to selling merchandise just outside of the stadium and from their cars. Some stadiums, include the Angels Stadium in Anaheim, are ahead of the game, having taken debit and credit from customers right in their seats during the game for years. Instead of cash, they just need to bring their phones.

Boutiques

Some boutiques are going mobile thanks to mobile point of sale applications. The first city to let this happen was Boston when it gave out licenses to clothing boutiques in trucks. This is a great idea in a city with thriving tourism.

Non-Profits/ Charities

Mobile point of sale technology has made collecting money for charities much easier. In what has been a brilliant move for those of us who are always disappointed to see Girl Scouts when we do not have cash, Girl Scouts of America has started taking mobile debit and credit payments for their delicious cookies. Believe it or not, even churches are taking tithes and donations via mobile point of sales.

Online Businesses

Online businesses that want to take their products to the streets can do so without alienating their usual shopping base, which clearly uses electronic payments, thanks to mobile point of sale. It used to be that companies would start online shops once they had established a following offline, but it is actually better to do it the other way around and the convenience of credit card use that mobile POS brings is one of the reasons why. A good example of a site going physical is Etsy, which opened up its first street store in 2012. It was a holiday store, so not long running, but it proved that stores could take online business and turn it into business out on the street.

Previous post:

Next post: