Why restaurants may lead mobile payment adoption
June 25, 2013

Companies often provide multiple transaction options for consumers. Using integrated payment systems, small- and medium-sized businesses allow customers to use their preferred purchasing method. From being able to accept checks to credit card processing, SMBs understand how vital it is to have numerous payment options, yet have been slow to adopt mobile payments. However, retailers may start to see consumers ask to use a mobile point of sale method as they become more aware of the purchasing method's benefits.

Customers will look for a MPOS
According to a recent report, the food service industry may be the first in the U.S. to widely adopt MPOS due to its ease of use for customers. In restaurants, mobile payments offer numerous possibilities for businesses as the purchasing method allows waiters to conduct transactions right at tables.

Consumers often feel uneasy allowing another person to handle their plastic and swipe it out of sight. Because mobile payments offer customers the ability to pay at the table, consumers may become more aware of the purchasing method's benefits after going to a restaurant with the option. In fact, the study cites data complied by the National Restaurant Association that found 54 percent of eatery owners plan to invest in the technology by the end of 2013.

With consumers continually reaching for plastic, a MPOS also provides restaurants with the opportunity to accept credit card payments while on the road, such as in a food truck or at an outdoor venue. As customers begin to feel more comfortable using the purchasing method, SMBs in other consumer industries may see consumers ask to swipe their cards through a credit card attachment on a smartphone or tablet. 

In a recent interview, Lorena Harris, vice president of corporate marketing at Vantiv, said confusion over the transaction solution is what's stopping mobile payments from truly taking off in the U.S. However, daily use will help customers adopt the purchasing method.

"Mobile payments are coming," Harris said. "Sixty-six percent of consumers surveyed expect mobile payments to be common in 5 years and 39 percent of consumers see themselves using such payment methods in that timeframe. Brands and retailers must lead consumers to understand how these innovations can enhance their daily lives."

SMBs should continue to seek out ways to encourage customers to use the company's mobile credit card processing technology. With more awareness, consumers are set to swipe their plastic through portable card readers in the near future.

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