People born between 1980 and 2000 are the generation known as millennials. Millennials are the first demographic to have had access to the Internet in their developmental years and have been extensively exposed to technology. With their smart devices, almost anything is possible: news can be read, shopping completed, Facebook status posted, video calls conducted and airtime paid for. In terms of banking, millennials have embraced mobile payments and digital banking channels, which include conducting transactions online and paying for goods and services via mobile money wallets. In order to optimise your business potential with this generational section, here’s what you need to know about alternative payment options.
Millennials are connected, which sees them make mobile payments on the daily.
This article from Y&R, one of SA’s leading advertising agencies, asserts that almost half of South African millennials use a cellphone or smartphone and a PC, desktop or laptop on a daily basis. 55% percent of these millennials check a social media site, browse the web, use an app, and make a call or text on their phone more than 20 times a day.
Without a virtual shop, you stand to lose big business.
Y&R also reports that millennials prefer brands with an online presence, as this enables them to shop anywhere, at any time. This means that companies can no longer limit themselves to their brick and mortar store. In order to cash in on millennials and their proclivity for shopping online, a multi-channel approach is crucial. Millennials need to be able to pay for goods and services via social media, a mobile app, or an ecommerce portal. In other words, they favor an option of platforms to make payments.
Make sure you’re able to receive mobile payments.
Businesses should offer numerous alternate payment options to keep their Generation Y customers happy. In-store, cash as well as credit and debit cards should be accepted. For the “we want it all and we want it now” millennials, if you only accept cash, you may lose a valuable customer. Thus, millennials should have the opportunity to pay in a variety of ways - cash, mobile point of sale and payment apps.
Consider turning your smart device into a point of sale device.
If you want to keep millennials pleased, you could consider turning your smart phone into a mobile point of sale device. For example, ZipZap, allows business owners to receive credit and debit card payments wherever they do business. ZipZap has the benefit of being the only mobile app to work across all smartphone platforms. Merchants simply download the app, receive a card reader which pairs with smartphones and voila! – you’re ready to accept mobile payments on the go.
Guarantee that your consumers’ sensitive card information is safe.
Like the rest of your regulars, millennials want to know that their sensitive information is safe and secure. Millennials are acutely aware of being hacked and of cybercrime. Luckily, evolving technology means that credit and debit cards are safer than ever. These cards are equipped with a chip and PIN code so that customers’ information can’t be easily replicated or stolen.
If you have an online store, make sure you’re using a protected online payments gateway.
Partner with a reputable payments solutions service provider to build a secure payment gateway suitable for your business. Make sure this provider is compliant with the Payment Card Industry Data Security Standard (PCI DSS). For extra security measures, the payments solution provider should be able to have a system whereby sensitive data (for example, your address and credit card details) is replaced with a unique ID.