Mobile credit card processing is all the rage these days. It is one of the hottest topics of discussion for small business owners, and for the right reason. After a long time traditional credit card processors, such as Visa and Master Card, have found their business model undergoing dramatic change. Many companies have introduced mobile credit card processors aimed at helping small business owners. Small businesses have plenty of choices to satisfy the growing demand for mobile credit card processing services, which can make choosing the best mobile credit card processing company a daunting task.
There are several statistics that highlight how consumers are beginning to embrace the concept of making payments through smart phones and tablets. A recent survey from Market Live showed that nearly 20 percent of consumers plan on using a smart phone or tablet for most of their shopping this holiday season, an increase from 15 percent from just one year ago. There is little doubt that new mobile and mobile payment technology is changing consumer purchasing habits.
With the new mobile technology, consumers do not even need to have their credit card on hand. With certain mobile technologies, such as the Square, now widely used by Starbucks, merchants can have their customer’s photo show up on their tablet or smart phones when they come into the store. When it comes time for payment, customers and merchants alike simply press a few buttons to complete the transaction. Small businesses can even use this solution from anywhere and on the go.
With so much convenience, it is little wonder mobile credit card processing services are becoming increasingly popular, and all signs point to them being the preferred method of payment in the future. Any business that is not utilizing this mobile payment technology is neglecting a certain percentage of its customer base and will be left out of future growth. Credit card processing companies such as SkyBank Financial are making it possible for companies to integrate this technology in their payment systems.
Square may be taking all of the headlines from their recent deal an as exclusive merchant services provider of Starbucks, and their commercials can be seen all over the television, but there are now over 100 eWallets and mobile payment technology services to choose from. Any business can talk to their merchant processor to receive number of choices for selecting the best mobile credit card processing technology for their business needs.
The number of available mobile credit card processing technologies and services means that businesses and consumers alike will spend their money on choosing a technology that they like the best. Many in the industry are predicting that the next top mobile payment processor will include coupons and other solutions to increase customer loyalty and delivering additional value to customers rather than being just another form of making a payment.
Unfortunately, with the current pace of mobile payment technology, no one knows which technology will rise above the others and become the favorite of customers and small business owners. Only one thing is for certain – whichever technology prevails it will change credit card processing business forever.
While it’s exiting to witness the convergence of mobile with the payments industry, it can also create a lot of confusion, both for merchant level salespeople and the businesses they serve. After all, there are many different solutions in the marketplace and it’s hard to tell which one is best.
Martin – I agree. That’s why it is important to educate yourself and ensure you don’t get stuck with a wrong choice.
Thanks for sharing this post on BizSugar.
As small businesses and organizations educate themselves and try the different services they can quickly judge the quality of product and level of customer service that each company offers and decide for themselves.
Because each company is different and does not appeal to everyone.