Payment systems – a marketing opportunity

by admin on April 17, 2020

A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes institutions, people, instruments, procedures and technologies used to make its transfer possible. So, what does this have to do with marketing?

Your payment system can play a major role in growing your business. Not only because of its convenience to your customers, but for the marketing opportunities it provides.
“Remember when you actually had to go into your purse or wallet and pull out a $20 to pay for something?” is what we’ll say someday when reflecting on the “good ole days.” Electronic payments like credit cards have been around for some time. But with the advance of technology, ewallets have become increasingly popular. According to Urban Airship, 54% of consumers have used the mobile wallets embedded in apps such as Apple Wallet or Samsung Pay.1

Although a cash business has its advantages, it doesn’t provide the marketing opportunity that electronic payment systems provide. For example, partnerships with complimentary merchants/products can push notices after a purchase is made. A restaurant might send a coupon to someone who just bought admission to the museum around the corner, encouraging them to enjoy dinner after the museum. Or a loyalty card could be combined with the ewallet so to send reminders about an upcoming sale, or perhaps encourage point usage.

Let’s not forget about all the data that can be collected to learn about spending habits and purchasing combinations that can influence future marketing to that customer.
Ewallets are here to stay, use them to your advantage. Learn how we can help: Email us or call 302.234.4901 to schedule a free consultation.

1″New Survey Finds Mobile Wallets at Tipping Point for Consumer Adoption,” Urban Airship, airship.com.
“Mobile Wallets: The future of Loyalty & Marketing” by Maeve McKenna Duska, forbes.com

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