Facebook recently gave users the ability to send a payment using Facebook Messenger. Rollout was limited to accounts in the United States, and limited only to Android and iPhone users. It is estimated that within a few months, all users on Facebook will be able to send a payment as easily as one would send a message.
More retailers are accepting payments by credit card, or systems like payments systems offered by companies like Samsung and Apple. This convenient, secure method of payment is just one of the reasons why fewer people are writing checks. The other reason is because few retailers will accept checks anymore.
From a consumer standpoint, this is great. No longer will people have to wait in the express lane of the grocery store and groan when someone pulls out their checkbook. Retailers also benefit as they don’t have to worry about bounced checks, and receive a verified payment in minutes.
Of course your company could just accept credit card payments. They’re also fast, easy for customers to use, and can be tied to an account. However, credit cards also have their downside. Businesses have to pay monthly statement fees, gateway fees, and up to 5% of the value of a purchase per transaction.
Consumers love companies that have flexible options with regard to how they’ll accept payment. One of those options should be paying by phone.
Last year, The Federal Reserve Board concluded their 2014 report on Consumers and Mobile Financial Services. The research study reported how people use mobile devices with regards to mobile banking, making mobile payments, and with regards to how consumers felt about the security of these payments. Only 17% of mobile phone users reported that they had made a mobile payment in the last 12 months, up 2% from 2012. This was months before mobile services like Apple Pay and Samsung Pay were announced. This was a year before people were able to send a payment in Facebook Messenger. With that number sure to go up, pay by phone is a sound investment for your business.
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