Invest in mobile POS now to prepare for the near future
December 05, 2013
Mobile credit card processing technology will provide multiple advantages for small and medium-sized enterprises as changing consumer behaviors transform the way businesses operate.
Currently, firms in multiple sectors of the U.S. economy have been relatively slow to invest in tools that make it easier to accept credit card payments from mobile devices such as smartphones and tablets. In fact, a new report from Business Insider found only 2 percent of total credit and debit card transactions took place on remote mechanisms in 2013. However, the major growth in this area of business operations is likely to occur within the next couple of years.
"But that figure is going to grow explosively in the next few years, especially as mobile-enabled purchases at the point-of-sale begin to make a real dent in total transaction volume," the website explained. "Mobile payments, which we define as the use of a phone or a tablet to enable an in-store transaction, whether on the merchant or consumer side, are becoming more convenient every day."
In the U.S. specifically, the number of mobile transactions completed has grown 118 percent since 2008.
What are the benefits of a mobilized point of sale?
According to the online publication American Express Open Forum, technology that allows merchants to accept mobile payments can not only increase operational flexibility, but it can also create entirely new revenue channels. For example, businesses that process transactions in multiple locations often rely on cash and checks. However, the right tools allow these companies to include credit cards and debit card transactions into their daily income streams. This may even lead to an increase in sales, as customers who are averse to cash payments will suddenly be able to easily purchase goods and services from more merchants.