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Small businesses realizing benefits of mobile payments technology

April 17, 2012

The growing popularity of smartphones and other mobile devices has forced many retailers to adjust their business models.

The growing popularity of smartphones and other mobile devices has forced many retailers to adjust their business models. They are adopting new retail technology to meet the needs of customers who are accustomed to convenient online credit card payment processing and instant access to product information, price comparison and reviews.

To keep customers coming back to brick-and-mortar locations, small business owners are developing multichannel strategies, according to QR Code Press. These include mobile optimized websites through which shoppers can view products and make online payments on smaller screens. Some sites even help guide customers to physical stores with contact information, maps and GPS-locating technology.

Other small businesses are installing new mobile credit card processing technology such as smartphones and tablets with attached mag-stripe readers, according to the Pittsburgh Post-Gazette. The mobile options are convenient for small business owners because they are mobile and also allow companies to save on paper costs. Customers get receipts by text or email.

Large companies are also testing the devices in stores. Macy’s and American Eagle Outfitters are using a mobile wallet platform, while Home Depot is accepting online payment accounts through in-store point-of-sale terminals, the source reports. Even though major credit card companies such as Visa and MasterCard are involved in some projects, it’s still unclear which technology will be adopted on a large scale and revolutionize the way U.S. consumers pay. 

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