SMBs invest in mobile payments
June 13, 2013

Mobile payments are on the rise among small- and medium-sized businesses. A recent survey found SMBs are ready to adopt the payment platform and plan to optimize their websites to accept contactless payments. Businesses are increasing their use of virtual terminal credit card processing and integrating their purchasing channels to offer customers more benefits.

Merchants adopt e-commerce
The study, "Small Merchants and Mobile Payments: 2013 Survey on Technology Awareness and Adoption," by ControlScan and TransFirst, found 49 percent of merchants do not have mobile-friendly websites. Eight-two percent didn't even know whether their website was optimized for smartphones and tablets. By not knowing, approximately two out of three SMBs may unintentionally alienate consumers.

The study asked 1,650 merchants in numerous industries from mid-March to mid-April about their mobile payment processing strategy and if they planned to adopt the purchasing platform. While many had yet to optimize their websites, the study found the number of SMBs that have integrated mobile payments into their transaction software has increased. Last year, only 10 percent of SMBs utilized the purchasing platform while 17 percent reported they do this year.

Craig Tieken, director of product at TransFirst, said SMBs need to get onboard with the mobile revolution or they will lose business.

"The mobile consumer is knocking at the small merchant's door," Tieken said. "Business owners who aren't already up to speed with mobile payment acceptance need to have a viable plan of action to get there."

Embracing the newest payment innovations should be part of SMBs' sales strategy. Companies that accept mobile credit card payments can speed up the point-of-sale process for customers. The transaction platform allows employees to accept plastic away from the traditional checkout, offering consumers an alternative to standing in line at the register. Effectively adopting the payment channel can help SMBs continue growing their business well into the future. 

Companies should consider integrating a mobile-specific sales strategy into their marketing and payment processing solutions to make sure they do not miss valuable opportunities to generate revenue. The strategy can include purchasing software, marketing and optimizing the website to be mobile friendly. With consumers constantly reaching for their smartphone or tablet throughout the day, connecting with them on these devices can significantly affect sales and customer satisfaction.

Nexus: G-WEBCD4