Should You Accept Digital Wallets?

Should You Accept Digital Wallets?

Jan 30, 2017

In order to determine whether accepting digital wallets is right for your business, you should consider a few elements that are likely to impact your business. First, you should consider the adoption rates for these wallets. Next, you should consider the benefits of doing so. Only then can you make an informed decision. Adoption Rates There’s an interesting back and forth at play when it comes to adoption rates of digital wallets. Some customers are apprehensive because merchants are apprehensive, and merchants are apprehensive because their customer base is as well. However, recent regulations have shifted the burden of fraud onto the merchant. This has changed the POS dramatically, and means more terminals are likely to accept digital wallets. That’s driving adoption of this technology in new ways. If you’re getting into business, or looking to upgrade, it’s likely you’re looking at terminals that accept these new payment forms. Benefits Mobile wallets take the burden of fraud prevention off the business owner’s shoulders, and some provide handy loyalty programs as well. The bottom line is that these wallets make it easier to spend money at a particular business, or on a particular product. Gamifying shopping will unlock coupons and exclusive deals for customers, and could be a major draw for big box retailers in the coming years. The bottom line is that accepting digital wallets goes beyond offering multiple forms of payment to your customer base. It helps build customer loyalty and can be part of a broader marketing strategy. Charge.com provides small businesses with industry-leading merchant services, affordable rates, and the most efficient method to process payments...