Mobile payment technology continues to evolve
February 20, 2013

Many economists believe that the global marketplace is moving rapidly toward a more cashless outlook, where credit card, debit card and mobile transactions will become the most used methods of payment. Reports support these assertions, as electronic payment growth continues to outpace that of cash-based transactions, and none seem to be as unstoppable as mobile payments.

Merchants should consider adopting integrated payment systems to acclimate to the demands of the new consumer, as customers continue to prefer advanced processing options for their purchases. These solutions can create the most streamlined and efficient way to accept credit card payments through a variety of platforms, such as smartphones, credit cards and more.

Only just begun
Forbes recently reported that the evolution of the point of sale terminal has been rapid in recent years, with many retailers already beginning to accept debit card payments through mobile platforms in-store and online. The source explained that merchants are not the only ones cashing in on the benefits of mobile payment processing platforms.

According to the news provider, fundraisers such as the Girl Scouts now accept mobile payments, as well as credit card transactions, in an effort to drive sales. Local and federal governments have adopted the associated systems, some of which offer the services for commuters at train stations or even parking meters.

Forbes added that taxis in several cities have adopted mobile payment processing systems, while smaller restaurants and formerly cash-only coffee shops have also jumped on the bandwagon. Still, retailers of all sizes have been among the fastest adopters of mobile payment systems, as they often have the most to gain from offering the services to customers. 

Small business, big benefit
The Guardian recently reported that small and medium-sized businesses, especially those in retail, are capitalizing on new payment processing technology to maximize profits. According to the source, the associated systems are often less costly than traditional point of sale terminals, and can be far more manageable over a long period of time.

The source explained that many SMBs have experienced improved customer experience and loyalty following adoption of integrated payment systems, as these solutions give the consumer more flexibility regarding their transaction choices. Further, The Guardian added that mobile payment processing systems streamline the invoicing process substantially, reducing both operational and equipment expenditures. 

By taking a proactive and comprehensive approach to payment processing, SMB owners can improve customer relationships and increase revenues in an efficient fashion. 

Nexus: G-WEBCD2