Small business owners know that staying on top of customer trends and demands is crucial to being successful in an ever-changing market. Staying ahead not only meets the needs of current customers, but increases your business’ chance to attract new customers.
But how is it done? Giving a convenient payment option to consumers who are used to being on smartphones could be the cutting edge difference that your business needs. Here’s where Curacubby can help: our school-minded software allows for your business to collect bank transfers and credit cards and parents can pay from any mobile device!
Let’s face it, people are accustomed to being on their phones. Pew Research Center has found that over 90% of 18- to 29-year-olds own a smartphone. This high percentage of smartphone ownership, especially amongst the younger generation, is making a big impact. A study by The Federal Reserve confirmed that mobile phones are changing how consumers make payments.
So how does your business benefit? With Curacubby’s automated invoicing, reminder emails, and mobile payment options you not only make it easier for customers to pay, but also make it easier for customers to pay instantly. The Federal Reserve has shown that of consumers who make payments on their phones, the most common activity was for paying bills. So, if your customers are already making digital payments for all of their other bills, including their child’s tuition payment should be a no-brainer.
What about enticing new customers? Allowing parents to pay online using smartphones can also help your school appeal to a wider range of populations. The Federal Reserve has found that more buyers with a history of limited access to financial services have a great potential to become empowered consumers due to the higher percentage of smartphones amongst these groups. The bottom line? Diversified payment options makes your business accessible to a greater clientele.
So, why is going digital so important? The global trend of online payments is not going away. Entrepreneur wrote that digitization of payments will become more prevalent due to convenience, reduction in fees, and millennial influences. In the coming years mobile banking is expected to grow exponentially. Curacubby software is here to help your school stay on top of the trend offering less fees and faster settlement times!