Using mobile technology to compete
December 31, 2012
Small and medium-sized businesses (SMBs) have a variety of new opportunities to become more competitive with their larger counterparts. With the advent and subsequent popularity of the mobile device, firms can now take advantage of a variety of new opportunities to drive customer experience, loyalty and revenues, all the while dropping equipment and operational expenditures.

SMBs that accept debit card payments through a variety of platforms will be in better positions to capture the highest number of sales in the coming years. Further, integrated payment systems can help establish the most optimal, efficient and convenient strategy that includes loyalty and gift card programs as well as payment processing.

Mobile in 2013
Mobile Payments Today recently reported that a new forecast predicts SMBs that do not accept credit card payments through mobile devices will likely be at a competitive disadvantage in the coming year. According to the news provider, analysts at Forbes believe mobile payments will be especially important for players in the restaurant industry, and that there is still a lot of room for growth in this industry.

The source asserted that only 10 percent of SMBs in the restaurant industry have mobile payment capabilities, yet the majority of Millennials desire such capabilities.

"We've already seen from this holiday season that well over 20 percent of sales are going to be from a mobile source, and that is expected to rise," one analyst told Mobile Payments Today. "For our small business merchants, getting a mobile payment system in your store front is going to be crucial to be able to continue to compete."

Driving force behind mobile payments
The recent explosion of smartphone and tablet purchases is the defining factor behind the growth of mobile payments in the merchant industry, among others. Now, a new report shows that smartphone activation is continuing to rise at a breakneck speed, peaking in the past month.

According to Flurry Analytics, the highest number of smatphones and tablets activated on a single day in history was this past Christmas. The rise of mobile device use has been the subject of many studies in recent months, and some experts believe that this growth will continue on until nearly all phone owners are using smartphones as their primary devices.

SMBs that begin to accept mobile payments now will be a step ahead of the competition, and can further drive loyalty going into the new year.
Nexus: G-WEBCD6