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Mobile payments level playing field for small businesses

January 5, 2012

One of the most popular ways for small business owners to compete with larger competition is by implementing mobile credit card terminals.

One of the most popular ways for small business owners to compete with larger competition is by implementing mobile credit card terminals. More and more stores are plugging in these readers into smartphone devices and are able to accept card payments without having to pay for traditional readers.

Among the products that some businesses have found useful has been Square, first introduced in 2010. Entrepreneurs such as Greg Kefalas, founder of New York Holiday Singers, says that the mobile merchant services system has benefited his company greatly, allowing clients to use credit cards when need be.

“People often want to make down payments or pay us at the events, and that is where it becomes most useful,” Kefalas told Crains New York. “If they don’t have a check or cash, they will ask if we accept a credit card, so it is great to be at the event and to get paid the remainder of the balance. We have also used it to sell tickets.”

Larger businesses have been using similar NFC technology from other service providers. CSP reports that Google Wallet will be implemented in 600 Chevron-owned gas stations.

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