You probably know that fraud liability shifted on October 1 from credit card issuers to merchants who still used old, magstripe (magnetic stripe) card scanners vs. the new EMV card readers.. This shift may have left you wondering whether it’s finally time to make the switch to mobile payments with EMV capabilities, and get rid of that old POS system.
What can a switch to mobile payments and new EMV technology do for your small business and how complicated is it to get going?
Here are a few answers:
Research shows that 75 percent of all retailers see payments as part of their broader business strategy. And as older payment methods become more expensive, less secure, and less capable of introducing new options for customers, mobile payments hold the potential to transform the way we do business.
After all, mobile payments speed up transactions, deepen customer loyalty, and create new engagement mechanisms.
Forrester Research predicts that, by the end of 2017, U.S. mobile users will spend 48 percent more via mobile payments than they did in 2012.
The right mobile payment partner can make a big difference in your business. GoCanvas has partnered with PayPal, which has 162 million users. On average, businesses using PayPal see:
- A 20% increase in total customers
- A 16% increase in total spending
- 1.8x more transactions per customer
- 2x more spending per customer
Want to grow your business by accepting mobile payments (and even EMV cards)?
Our new eBook, How Accepting Mobile Payments Will Transform Your Small Business, can give you more detail, with information on ways that accepting mobile payments can speed-up transactions, deepen customer loyalty, and transform your business operations.
What else is in this eBook?
- Tips for choosing the right mobile payments partner
- Insights into how to learn more about your customers and their buying behaviors, as well as how this data can help you plan for seasonal inventory shifts and more
- Testimonies from other small business owners about how accepting mobile payments helped change their business model and make them more money
Want to learn more about how accepting mobile payments has transformed businesses across industries? Check out: