5 Ways QR Codes Can Enable Financial Growth for Your Business 

For business owners, there is a never-ending search for ways to increase their business’s financial growth and prosperity. And even though there is no quick-fire formula for the financial success of a business, there are proven methods that are sure to give you the desired results. QR Codes are one such.

A study predicted that the number of US mobile device users scanning a QR Code will increase from 83.4 million in 2022 to 99.5 million by 2025. Hence, businesses that adopt QR Code technology for financial transactions and more will significantly increase their customer base and revenue.

There is enough evidence to prove that QR Code technology is gaining traction. This upward growth is primarily because of increasing mobile-device penetration, demand for contactless processes, and ease of use—all of which apply to QR Codes. Hence, QR Codes might just be what your business needs for a financial thrust. 

Table of contents

1. How do QR Codes enable financial growth?
2. Ways to use QR Codes for the financial growth of your business
3. Frequently asked questions

How QR Codes can financially empower your business 

As a forward-thinking business, staying on top of the latest trends in this increasingly cashless society is essential. 

QR Code payment is currently one of the fastest-growing payment methods today. A Radiant study found that “Over 80% of consumers used contactless payments between May 2020 and May 2021.” And as QR Codes gain popularity, more and more businesses are starting to accept them as a form of payment.

Here are a few reasons to consider accepting QR Codes payments for your business:

Customers have more options to pay; hence more sales

Sometimes customers forget their wallets and cards, and that’s okay. With QR Codes, you don’t have to worry about being unable to close a sale because of your clients’ forgotten or misplaced cards.

QR Code payments enable customers to make purchases using their smartphones, eliminating the need for physical cards or cash. This not only enhances convenience for the customers but also ensures that you don’t miss out on potential sales opportunities due to payment hurdles.

With QR Codes, you open up a seamless and hassle-free avenue for customers to complete transactions, thereby expanding your potential customer base and increasing sales figures.

“Payments using QR Codes only take a few seconds. All the customer has to do is take out their mobile device, open the QR Code scan app, scan the code,  and then confirm the payment. In addition to that, QR Codes also allow you to process payments from multiple customers at the same time.”

– Anthony Martin, Founder and CEO of Choice Mutual

Lower fees for processing payment than cards; hence savings

As a business, giving your customers opportunities to save money with convenience is always a green flag for them. And as QR Code payments are at their peak of convenience without any hassle, providing QR Code payment options can increase the likelihood of purchases. Plus, they come with lower fees than card-based transactions, making them even more favorable for customers. 

The payment gateway is easy to set up; quicker deployment 

A QR Code payment system is easy to set up and does not require a card swiper, POS hardware, or other payment hardware. As a business owner, all you need is a printed or digital QR Code display that is scannable by a camera-enabled mobile device. 

Wait times are reduced at dine-in restaurants; hence, a better experience

With QR Codes, customers won’t need to wait for restaurant staff to hand in the menus. They can scan the QR Codes using mobile phones, making the ordering process contactless. This not only minimizes the time customers spend waiting but also enhances the overall dining experience.

How?

By allowing customers to browse the menu at their own pace and place orders without any unnecessary delays. This way, diners can enjoy their meals more promptly and comfortably, contributing to higher satisfaction levels and encouraging them to return in the future.

Customers are more loyal; hence, more repeat transactions

What happens when your customers can shop using their preferred payment method? It gives them a better experience, and they will most likely return for your services. 

If you don’t offer their preferred payment method, there are chances that they will look for someone else who does.

Another vital advantage of QR Code payments is security.

QR Code payments often utilize encryption and two-factor authentication, enhancing the security of financial transactions and providing customers with a sense of trust and confidence in their dealings. This added layer of protection can further solidify customer loyalty by assuring them that their financial information is being safeguarded during the payment process.

5 ways to use QR Codes for the financial growth of your business

When you strategically use QR Codes in your day-to-day operations, you do multiple things at once that increase the likelihood of financial growth. These are some ways to incorporate QR Codes into your business: 

1. For mobile payments and digital wallets

Integrate QR Codes into your payment system to enable customers to make quick and convenient payments using their smartphones or digital wallets. By accepting mobile payments through QR Codes, you can attract tech-savvy customers, reduce transaction costs, and speed up the checkout process, leading to increased sales and customer satisfaction.

2. For loyalty programs and discounts

Loyalty programs based on QR Codes are a fantastic way to show appreciation to your loyal customers. You can create QR Code-based loyalty programs that reward customers for their repeated purchases. Customers can simply scan QR Codes at the point of sale to earn points or discounts, which can be redeemed for future purchases. This approach encourages customer retention, boosts repeat business, and helps you build a loyal customer base.

3. For product information and reviews

Boost your customers’ shopping experience by strategically placing QR Codes on product packaging or in-store displays. This way, you can lead customers to detailed product information, user reviews, and ratings. By providing easy access to essential product details, you can influence purchasing decisions positively, build trust, and potentially increase sales.

4. For marketing and promotions

Using QR Codes in marketing materials isn’t a new trick, but it still has some outstanding benefits. Using QR Codes, you can drive traffic to your website, landing pages, or promotional campaigns. You can even offer exclusive discounts, special offers, or engaging content to entice customers to scan the codes. This can help increase your online visibility, attract new customers, and generate more sales.

5. For interactive advertising and content

Utilizing QR codes in your marketing materials, brochures, or signage can add an exciting interactive dimension to your customers’ experience. For example, scanning a QR Code could lead customers to watch a product demonstration video, participate in a contest, or access exclusive content. Interactive QR Code campaigns can capture customer interest, strengthen brand engagement, and ultimately contribute to increased revenue.

It’s essential to keep a close eye on how your QR code campaigns are performing and analyze their effectiveness. This way, you can fine-tune your strategies to achieve better results. Also, make sure that the landing pages or content connected to the QR codes are mobile-friendly, providing a smooth and enjoyable user experience.

By strategically using QR codes in this manner, you can significantly contribute to the financial growth of your business, all the while meeting the preferences of tech-savvy consumers. Keeping track of your efforts and making necessary improvements will lead to more satisfied customers and increased revenue.

Key takeaway

Transform your business by incorporating QR Codes today! With this cutting-edge technology, you’ll gain the competitive edge to stay ahead. QR Codes are user-friendly and highly effective in delivering the desired results when utilized correctly. Don’t wait any longer; take advantage of the benefits of QR Codes today and witness your business’s finances soar to new heights!

Frequently asked questions

1. What is the use of QR Codes in financial services?

QR Codes are used in financial services for convenient payment methods, fund transfers, and account access. They streamline transactions by allowing users to scan codes using their mobile devices, delivering a positive customer experience and security in digital banking.

2. How do QR Codes work in banks?

In banks, QR Codes facilitate quick transactions by encoding payment details or account information. Customers scan the code using a mobile app to initiate transfers, bill payments, or ATM withdrawals. This expedites processes, reduces errors, and simplifies customer interactions.

3. How to create a QR Code for a finance app?

To create a QR Code for a finance app, you can:

1. Log in or sign-up to the Uniqode dashboard.
2.  Choose “Get App” as the campaign type
3.  Add the Play Store/App Store URL
4.  Check the box for ‘deep link‘ if you want to deep link to pages within the app.
5. Customize the QR Code with the colors of your choice, patterns, CTA, background, and so on.
6.  Download the QR Code coupon in the format you prefer (PNG, JPEG, SVG, PDF, etc.)

• Author Details

Author Details

Catherine Schwartz

Catherine is a marketing & e-commerce specialist who helps brands grow their revenue and move their businesses to the next level. Passionate about financial literacy and considers it one of the most important life skills.

http://www.crediful.com

catherine@crediful.com