Credit card payments replacing cash
January 31, 2013

In recent years, there has been a major shift toward cashless transactions, largely fueled by the proliferation and rapid adoption of smartphones and tablets among consumers. Small and medium-sized businesses (SMBs) need to consider adopting integrated payment systems to accept credit card transactions through a variety of platforms to capture the most revenues.

Mobile Payments Today recently reported that the future of merchant services will be cashless, as several transaction methods continue to become more popular with retailers and consumers alike. New reports indicate that roughly 28 percent of adults living in the United States are considered unbanked or underbanked, and these households are driving further mobile payment adoption.

According to the news provider, no one segment of the mobile payments industry will take over as the only preferred method among consumers. Rather, the various segments of the market will continue to experience exponential growth, as more merchants begin to see the cost-effectiveness of adopting the necessary technology to accept a broad range of payment methods.

Mobile Payments Today added that these types of payments have been especially successful in emerging markets. 

The source asserted that smartphones and tablets will continue to penetrate new demographics and markets in the coming year, further expanding the pool of mobile payments users. Reports suggest that more than half of all adults in the United States already have a smartphone, while more affordable products are increasing adoption rates across the globe.

With integrated payment systems, merchants can expect to see stronger financial performances stemming from decreased expenditures and higher sales figures. SMBs should consider using Sage Mobile Payments for their transaction processing needs, as this product is tailored to fit the needs of small businesses. Sage Mobile Payments is compatible with all major smartphones and tablets, including the iPhone, iPad and Android-powered devices. 

Nexus: G-WEBCD3