More and more people are paying for goods and services with their mobile devices. This trend is especially apparent among the younger generations, who are increasingly comfortable using their phones or other gadgets to make payments. The emergence of cryptocurrency has also made mobile payments more popular as a means of transaction.
Earnity’s Dan Schatt and Domenic Carosa on Businesses Accepting Mobile Payment Options
Dan Schatt and Domenic Carosa, co-founders of cryptocurrency investment firm Earnity, point out that business owners need to accept mobile payments to capitalize on this rising trend and drive growth. In addition, there are several benefits to receiving mobile payments or cryptocurrency.
One of these benefits is the ease of completing transactions with clients. Mobile payments are generally quicker than even credit cards. Of course, not all businesses will improve their daily operations with the increased checkout speeds. Still, it has a significant impact for those who deal with many young adults and tech-savvy customers, such as coffee shops. The flexibility of having a contactless payment option can increase a business’s customer base.
Added Layer of Protection
Another reason for businesses to accept mobile payments is the protection it provides. It does not take much for malicious individuals to steal the clients’ cash or clone credit cards. Meanwhile, mobile payment solutions and cryptocurrency platforms typically require biometric confirmation and improved security protocols to protect both the customer and businesses with whom they transact. Furthermore, because mobile payments are usually irreversible, it delivers additional protection for businesses. The risk of losing money due to chargebacks and fraudulent payment disputes is reduced if not eliminated.
Business Growth and Expansion
Accepting mobile payments can also allow businesses to expand their markets worldwide. It solves the geographic barrier issues that were otherwise in place due to the limitations of payment options. As Earnity co-founders Dan Schatt and Domenic Carosa have previously noted, businesses would be wise to explore adopting mobile payment options and accepting cryptocurrency or blockchain payments to boost their growth and profitability.