About a decade ago, businesses that were out traveling were fairly limited in how they could accept payments from customers. Unless they were able to wire a credit card machine or set up an eCommerce solution on a laptop (complete with ethernet cable plugged in), there probably weren’t as many options to accept credit cards and debit cards on the go. As a result, most business owners had to turn customers to the nearest ATM and say, “Sorry, cash or check only.”
But the state of the mobile payments world is different today as more payment processing companies allow for in-person and virtual payment solutions. With the advent of WiFi and the proliferation of tablets and smartphones on the market, there are a number of resources businesses can rely on to accept multiple transaction types from customers. Current mobile payment devices are made to clip to a tablet or smartphone to allow for easy card swiping, and all they require to process payments over their encrypted, PCI compliant connections is a WiFi or cellular data signal.
In fact, most payment processing companies allow businesses to accept mobile payments worldwide, meaning that they can travel anywhere and still have the convenience of a standard terminal. This is good news for businesses that do most of their business without operating from a central location, such as traveling sales.
However, it’s not only traveling businesses that could benefit from mobile payments solutions. Restaurants are able to let diners pay right at their tables, and retail businesses can open more checkout lanes during peak hours. Even allowing mobile phone payments, in which smartphone users pay with information stored on their phones, can help speed up transactions in busy retail establishments. In short, the mobile payments world broadens the possibilities for consumers and businesses themselves.
What do you think is next in the mobile payments industry? Tell us in the comments.
