Mobile payments are a win-win for merchants and customers.

For merchants, accepting them -- directly from their smartphone or tablet via a mobile payment card options like Square, PayPal Here or Chase Paymentech -- frees them up to sell anyplace, anytime. It also helps them more quickly clinch impulse buys, better control their payment processing fees, streamline sales tracking and reporting, and the list of benefits goes on. The biggest advantage is the ability to satisfy their customers faster.

For customers, swiping their cards on a merchants’ mobile device lets them pay for products and services on the go in an easy, more customized-to-them way. They can sign for purchases and tip directly from your handheld gadget. Paying via mobile also gives customers more choice in less time, enhancing engagement and increasing the chances of a positive checkout experience. Do they want their receipt via email, text message or printed receipt? With a mobile payment system, it’s up to them in seconds flat.

In this video, Brent Reinhard, general manager of Ink from Chase, says you won’t want to miss out on accepting mobile payments because the process enhances how you interact with your customers. And happy customers often equal repeat business, which leads to higher profits.

“So even if you’re an established retail store,” he says, “if you can get people away from the traditional checkout counter experience as being the last experience they have with your store, and you can interact with them in a very close and personal way, mobile payments acceptance allows you to do that.”

It’s not just brick-and-mortar retail businesses that can benefit from embracing mobile payments. Accepting them is a boon for any small- to mid-sized enterprise, Reinhard says, service-based operations included.

“[Mobile payments] have given business who in the past were traditional cash-only businesses the opportunity to expand their market.” For instance, an increasing number of hair stylists, food truck purveyors and farmer’s market sellers are hopping on the trend, which is only getting hotter.

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