5 Reasons why Small Businesses should go Cashless

At FOMO Pay, we often receive queries from businesses on why they should adopt mobile payments and join the cashless society. As a mobile payments company, we have the necessary experience and expertise on the ins and outs of the industry. Even then, we together with other payment companies sometimes find it difficult to persuade some businesses, especially SMEs, to adopt mobile payments. The reasons for this are varied. For some, it is the technological hurdle that business owners have to overcome. For others, they believe that mobile payments currently do not enjoy much traction anyway. To assuage existing doubts on the future of mobile payments, we will be discussing the top five reasons why small businesses should go cashless.

Increasing Speed of Service and Checkout

With a simple and quick scan of a QR code, mobile payments are indisputably faster than traditional payment modes such as credit cards or cash. This speeds up the entire checkout process for customers, which helps to enhance user experience. As customers discover the joy of mobile payments, they are encouraged to return to the same outlet and spend more, translating into greater profitability for the business.

Cashless lifestyle has become popular amongst Millennials

As millennials enter the workforce and become increasingly integrated into the global economy, many businesses have found it imperative to target this group. Unlike previous generations, millennials grew up accustomed to technology and with the advent of smartphones, many have found it impossible to leave home without their smartphones. In fact, almost 80% of millennials currently own smartphones and spend more time on them than any other age group. Predictably, the number of people using mobile payments is also on the rise.

Ubiquity of QR codes

The trend of the mobile payments industry in China is being replicated, and has even taken a life of its own in Singapore. The recent drive to transform Singapore into a Smart Nation has a heavy focus on the mobile payments industry. With a large number of mobile payment companies such as NETS Pay, mVisa, and most recently, Grab Pay joining the fray, the government has identified that a common SG Quick Response Code is required to address the fragmented industry. In time to come, it is expected that the roll-out of a common code will make mobile payments easily accessible to the masses. Businesses that do not hop on the bandwagon will only find themselves on the losing end.

Cost-effective mode of payment

As compared to credit card companies, mobile payment platforms charge a lesser fee per transaction. Any SME would find funding difficult to come by, and cost savings from transactions over time would go a long way in helping the company better manage its finances.

Easier Financial Management and Understanding Customer Behaviour

Tracking customer expenditure to maintain a healthy inventory of products is a challenging task for many SMEs. Mobile payment platforms such as FOMO Pay are able to deploy automated services to help track user behaviour, thus allowing companies to accurately chart customer demand patterns. The result is not only better service for customers, but optimising the backend capabilities of the business.

As can be seen, the reasons for SMEs to adopt mobile payments are aplenty. With the rapid transition of Singapore into a Smart Nation, businesses that fail to adapt to changing times will find themselves increasingly alienated. On this note, FOMO Pay is well-positioned to help businesses take on mobile payment methods through our expertise and vast network in the industry. If you wish to learn more about our services, please contact us here.

About FOMO Pay

FOMO Pay provides one-stop QRCode Payment Solution which enables merchants to accept a full suite of new payment methods including WeChat Pay, NETSPay, mVISA, Grab Pay, Baidu Wallet, Best Pay, etc. Launched in 2016 with more than 1000 merchants acquired within a year, FOMO Pay is trusted by major companies including SPH, Marina Bay Sands, StarHub, JUMBO, Club 21, CHANEL, etc. With FOMO Pay, merchants can unlock true business potential by giving customers the payment options they prefer and adopt cashless payment easily. FOMO Pay is also sitting in MAS SGQR Taskforce to promote QR code payment and make Singapore a cashless society.