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Mobile Credit Card Processing: A Rising Trend
by Edward Erikson Wed, 12/07/2011 - 18:39
Mobile card processing, a type of mobile payment transaction, is leading the new wave of technology dedicated to faster, easier and more secure credit card transactions. These types of payment transactions are also easier and more profitable for a small business owner. The more payment methods a business can accept, the larger potential customer base can be reached.
Mobile transactions are projected to grow faster than any other method of payment with expectations of 650 billion to 950 billion per year by 2015. As this trend continues upwards, more small businesses will have to adapt in order to ensure that credit card processing will continue to be a profitable venture for their business. The small business industry is as competitive as ever and customers are as technology driven as ever, so not being able to accept mobile payments could have a significant negative impact on a business. Now is the best time for a business to take advantage of the technology available to continue growing and expanding.
Whether small businesses visits trade shows, offers on-site sales, online sales or delivers a product, it is important not to lose sales to the competition because of an inability to accept credit card transactions. Just a few years ago, the only way to accept a credit card transaction was by using a manual swiper or an expensive wireless terminal. But, now with just a mobile device and a cost-effective credit card processing application or merchant account, a small business can accept credit or debit card payments regardless of location.
There are many advantages unique to mobile transactions. Some of which are low rates for merchant services provider accounts and competitive per-transaction fees and compatibility with many payment gateways and merchant accounts. There is also real-time validation, processing payments instantly and easy online integration and management with accounting software and features like e-mail or text receipts, GPS location reporting and signature capturing.
To find the best mobile transaction option for your small business, there are certain criteria to consider. There are many charges a small business should be aware of so they can determine the final cost. A small business owner must be aware of all hidden charges and fees in order to ensure they are not making a costly mistake. There are also equipment needs, security concerns and additional features to consider as well.
Processing a credit card through a cell phone is one of the most cost-effective means for accepting this type of payment. A small business also has the option to attach a credit card reader to their PDA or other compatible devices. This is an excellent option for merchants who want to use swipe processing for faster card processing but do not want to hassle with a dedicated wireless terminal.
Small businesses must adapt to new technological payment methods in order to stay competitive. Mobile processing allows for faster sales and less situations where a customer will have to be billed. It also increases the credibility of the small business and increases overall sales.