As mobile payment processing gains more and more of a toe hold in the market, and as smartphone usage continues to increase, more and more businesses are scrambling to accept mobile payments. Now, mobile payments are different from the idea of using an Internet banking service like PayPal via your smartphone, and they’re also different from accessories that allow you to create an iPhone credit card reader; rather mobile payment gives you the ability to read a customer’s smartphone and use it as a form of payment. And while there are systems ranging from Square to Google’s platform that are trying to get into the market, many businesses are still holding off and watching.
The benefits of iPhone credit card readers are directly proportional to smartphone usage among your potential customers. If you’re a broader merchant and you want to offer all of the potential payment options you can to your customers, then mobile payment processing with a service like Intuit might be just the thing to give you a leg up on the competition. On the other hand if your customers by and large don’t have smartphones, or they’ve indicated that using mobile payment processing wouldn’t be considered advantageous, then investing in the up and coming technology might not be such a wise business maneuver.
So how do you know if it’s time to jump on the mobile payment processing bandwagon? As a business you need to investigate which system you’d prefer to use, and what benefits that system will convey to you and to your customers. As iPhone credit card readers like Square gain more momentum, there will be different programs that different manufacturers will put out, which provides you as the business owner with a plethora of options. If you find a mobile payment processing system that you think will work, conduct a survey among your customers and client base to see what they think of the idea. If you have support from your customers, then you need to contact a service provider and set up your reader and any necessary sundry accounts that come with it.