The mobile wallet is a very heated topic in China, with roughly half the country’s internet users utilizing mobile payment options like WeChat Pay. Offline stores are now proactively looking for a perfect solution for mobile wallet since online payment is an important part in the O2O (online to offline) commerce. The WeChat Pay solution may be one of the best options available at the moment, as it allows a merchant to connect and integrate their smartphone’s WeChat Pay account to a POS terminal and receipt printer via an external supporting hardware known as “Magic Cube.” Presented below are some main advantages of how the WeChat Pay solution can help streamline and boost your business’s payment efficiency in the age of O2O.
- Establish Membership Schemes
In today’s O2O world, group strategy can effectively help retailers to establish their customer database, increasing customer retention rate and boosting consumption frequency. WeChat Pay can assist merchants in this area by automatically detecting high-spending customers during the payment process and classifying them as VIP members. By launching membership programs via WeChat, it exposes loyal customers to more discounts and allows merchants to build a tighter bond with their members, which will help boost sales over time.
Moreover, this significant data-driven tool is ideal for behavioral analytics and can assist merchants in making the most optimal business and marketing decisions. Membership schemes via WeChat Pay can help companies obtain valuable information such as spending power and purchase patterns, allowing merchants to more precisely make strategic decisions such as “What type of vouchers to send out?”, moreover, “When should the vouchers be sent out?”.
- Provide Voucher Redemption
Giving out discount coupons is a widespread business practice even for offline merchants as it is an efficient and immediate sales and marketing strategy. However, conventionally printed tickets may be hard to tally-up at the end of the marketing campaign, which could lead to problems such as a miscalculation of ROIs. With WeChat Pay, coupons can now be automatically distributed to customers via sending it to their WeChat account. The Magic Cube can automatically detect and recognize the discount vouchers during the payment process and allow the customer to redeem their discount if they wish. Ideally, coupon redemption can be highly beneficial to both consumers and businesses, especially in the age of O2O where discount vouchers can effectively boost a merchant’s online sales.
- Mobile Payments Made Easier
Since WeChat Pay are so popular in China right now, why are some merchants still hesitant to upgrade to this solution? This is because not everyone is willing to bear the time and financial costs with improving their current POS system.
WeChat Pay’s Magic Cube can be the perfect solution in regards to this aspect. WeChat Pay’s Magic Cube is a supportive device with a QR code scanner and display made in the shape of a small cube. The Magic Cube allows merchants to easily and immediately bridge-up a smartphone with their current POS computer and receipt printer at a very cost-friendly rate.
The core of the WeChat Pay solution is the use of QR Code, and it is incredibly easy and straightforward to implement. Once set up, customers can execute the payment of their in-store purchases with their smartphone. The customer can just scan the QR code that is generated on the Magic Cube’s display and confirm their payment in their WeChat Pay account by tapping on the payment confirmation button on the payment details page. The Magic Cube can also be worked the other way around, scanning the QR code that is generated by the customer’s smartphone and confirming the payment automatically. WeChat Pay QR Code is truly an incredible innovation that helps streamline the payment process for both the customer and the merchant.
- Backed by Remote Payment
WeChat Pay can even be implemented in a remote manner, which is perfect for retailers like coffee-shops and restaurants where the bills are usually brought to the customer’s table by a server. It is incredibly easy to utilize WeChat Pay’s remote payment solution. The staff at the cashier can just generate and print out a physical receipt that contains a specific QR code. The receipt can then be brought to the customer’s table by a server, allowing the customer to scan the QR code by using their smartphone to confirm and execute the payment.
WeChat Pay’s remote payment solution is indeed useful in streamlining payment procedures even for brick-and-motor businesses. This solution can even be used for businesses like food delivery and courier services.
WeChat Pay QR Code is truly an incredible innovation for businesses of all types. The sooner you and your business adapt to this payment solution, the sooner your business can start reaping the benefits of the China market. Get started by contacting a trusted WeChat Pay solution provider to learn more about this effective payment strategy.