5 Reasons Why You Should Upgrade Your Taxi Business’s Payment System
Updated: Mar 8
With the growing acceptance of smartphones and the world going digital, contactless payment methods have witnessed a rapid uptick in adoption worldwide with COVID-19 reinforcing the trend. From buying groceries to booking movie tickets and from paying utility bills to booking a cab, everything is now being popularly done online with the use of digital wallets. It is close to crossing over $220 billion in transaction value in the United States by 2023.
Today, more than three-quarters of Americans use digital payments like browser-based and in-app online purchases, in-store checkout using a mobile phone and/or QR code, and person-to-person payments. They also have the luxury of deciding from a growing number of mobile payment systems and solutions like PayPal, Venmo, Google Pay, Apple Pay, etc. With 70 million users in 2020 and more than half of US consumers reporting a shift to online payments since the onset of the pandemic, this is a powerful indicator that payments behaviors prompted by COVID-19 are likely to persist for the long term.
However, despite growing awareness and adoption, nearly half the traditional businesses have still not aligned themselves with digital integrations due to perceptions of value, security, and availability & thus posing a massive impediment to their survival.
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In today’s day and age if you want to stay ahead of the curve, keep your customers and grow your taxi business, integrating payment gateways and adapting to the changing landscape is the only way forward.
What makes the matter more hard pressing is that the American taxi users have been accustomed to the likes of using Uber and Lyft which have been offering such payment convenience since the very start. Thus, for any taxi business to compete and thrive, matching the competition is the most preliminary step.
Here are our top 5 reasons how integrating digital payments can boost your taxi business:-
By integrating a payment gateway in your taxi app, you give your customers the freedom and luxury of going cashless while choosing from an array of options like a credit card, debit card, in-app wallets, payment platforms, etc. Bundling this up with the convenience of in-app bookings, doorstep pickups, and tendering the exact change, prompts your clients to choose you over the traditional players within the taxi industry.
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2. Secured transactions
Despite some reservations regarding the safety of online payments, each digital transaction is end-to-end encrypted and protected with fingertip sensors or special codes for authorization. The money gets directly transferred to the service provider’s bank account sparing no room for intermediaries or commission and mitigates the risk of fraudulent activities.
3.Ride fare automation
Payment gateways allow you to automate the bill generation process for your customers by computing the exact bill amount depending upon the distance traveled or time taken. This ensures customers complete transparency into the ride fares and avoids any last-minute negotiations, making your taxi service a more reliable and trusted option as against conventional whimsical pricing such as surge pricing, an option that helps taxi businesses remain more competitive.
By providing in-app wallet promotions such as cashback offers and discount codes you can fetch your taxi business more business opportunities. You can also give referral bonuses to your existing customers to increase your customer base and boost your brand value.
Digitization offers your business a channel to streamline your operations and manage your cash flows in unity. It allows you to record transactions, quickly process payroll and remunerate your driver-partners with the same payment gateways. The freedom of moving away from your traditional paperwork, reducing clerical dependency, and getting the work done more systematically and efficiently lowers your business overheads and boosts the bottom line of your taxi business.
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