These days, paying with cash is very rare. Even resolving bills with a check or credit card occurs less often than it did in the past. That’s because today’s customers, always in possession of their smartphones and wearable devices, are choosing to leave their physical cards and wallets behind in lieu of virtual ones.
Understanding the concepts of a contactless card reader and digital wallets as a whole can help you recognize the benefits that this innovative way to pay can bring to your bustling bakery.
What are mobile wallet payments?
These cardless solutions harness the power of software applications to provide convenience and speed without sacrificing security.
Think of mobile wallet transactions as credit or debit card payments minus the card. Instead, they take place thanks to software apps that are downloaded onto customers’ smartphones. Onto these wallet apps are loaded the consumer’s payment data, which is then stored securely in preparation for later use.
As soon as the user opens their digital wallet and verifies their identity, they can place their phone or wearable device near the merchant’s NFC-equipped smart terminal, at which time the details are safely communicated and transmitted to the various parties in the payment process for screening, verification, and confirmation.
Consumer benefits of mobile wallet payments.
Your customers will quickly realize the many benefits of mobile wallet payments. These include convenience, speed, and security.
Whether they are just picking up a loaf of your delicious bread, or completing a complex cake order, your clients have busy lives. The last thing they want to do is to stand in a long line. When they and the people in front of them can use their digital wallet-equipped phones and wearables to complete their purchase in just a few seconds with minimal fuss, the frustration levels lower exponentially.
Along with convenience also comes an emphasis on security. Your POS for quick service restaurants and bakeries is brimming with safety and anti-fraud features that help to screen for problems before they happen, allowing you and your staff to investigate further in real time.
Additionally, details of the purchase can be instantly emailed to the customer and stored by you in your bakery’s POS, should you ever need to retrieve the information.
There are times when buyers might not have extra dollars on hand to make that impulse pastry purchase, or to increase the quantities in their large order. However, mobile wallets make it possible for customers to tap into the funds stored in their linked accounts for that purpose.
As a result, they get the extra items they want while your sales increase.
Merchant benefits of mobile wallet payments.
Merchants enjoy several advantages when they implement mobile wallet payments. These include optimized efficiency and convenience, better record-keeping, and increased safety from crime.
From your point of view, mobile payments are also a big win. With mobile wallet technology, your checkout lines are faster and shorter, and patrons can also submit their payments at other locations in your store, further reducing counter congestion.
Instead of relying on paper receipts that turn record-keeping into a nightmare, proof of purchase is texted or emailed to the client and stored in your systems, making for seamless tax preparation and better record-keeping overall.
The more your bakery relies on cash, the more vulnerable you are to criminals. With every payment that happens via a virtual wallet, you need to keep fewer coins and bills on hand. In the end, that significantly lowers your risk of becoming the next robbery victim.
Finally, security capabilities shield both buyers and sellers from digital thieves. Although digital wallet payments are fast and simple, they are bolstered by a robust set of features such as encryption, tokenization, and anti-fraud algorithms and measures that encode and mask data and work to detect suspicious behaviors or fraud.
These techniques combine to ensure that merchant systems and the consumer data they hold are as immune as possible from data breaches and identity theft.
More than just your scrumptious products, the patrons of your bakery value a buying experience that is second to none. With their added efficiency, convenience, and tech-forward approach, mobile wallet payments can represent a game-changer for both you and your valued customers.
If you are interested in implementing them, talk to your payment service provider today about configuring or upgrading your current systems as necessary. The added profits you bring in will be icing on the cake.
