Fewer people seem to carry cash with them today, and this penchant for purchasing with plastic has posed challenges for some small businesses. Mobile credit card processing technologies may be one way that these companies can continue to do engage in best practices, all while catering to consumers’ preferences.
According to the Times Free Press, smaller merchants are reaping the benefits of mobile credit card processing techniques like Square to take credit and debit cards when, previously, they had been limited to accepting cash and checks. Josh Lattimer, a car care business owner, told the paper that he had lost sales in the past due to his inability to accept digital payments, and that, since getting Square, 90 percent of his customers now pay with cards.
Tom Litchford, vice president of retail technology with the National Retail Federation, told the Times Free Press that, while some consumers do not yet see mobile payments as something to get excited about, this is likely to change as companies improve their incentive programs.
Recently, experts have been predicting that the mobile credit card processing industry is on the verge of a boom, with IDG News Service reporting estimates that the industry will be worth $1 trillion by 2015.Back To Blog