Businesses are moving more toward a mobile mindset for their
organizations and away from the traditional model. We are seeing this
specifically when it comes to payments. Traditional payment processing systems
require significant set up costs, installation and maintenance of expensive
payment terminals (cash registers), limitations on the store layout, and a heavy
reliance on third party providers to manage the system. Whereas mobile payment systems
allow businesses to accept payments using cloud based systems, operated on
mobile phones or tablets.
The first mobile payment systems started appearing in the
2000s, opening up the market to new providers and technologies. Existing
payment providers, like PayPal,
dominate the market, but the growing mobile payments industry has also provided
a solid ground for new processing options, like Square.
Mobile payment systems meet every requirement of payment
processing and put the control back in the hands of the business owner – all
they need is a mobile device. The set up is significantly lower than a
traditional system and the style of mobile payment processing is particularly
well suited for business owners such as private taxi drivers, personal
trainers, tradespeople and so on.
Consumers can use mobile payment applications to send and
transfer money. This gives them a quick and secure way to pay for goods and
services without carrying cards or cash. Smartphone ownership is on the rise
with consumers, which means they are using smartphones and tablets to access
financial information and make payments. With this in mind, its very important
to make sure your mobile payment systems have the most secure fraud prevention
solution available. Fraud risks can greatly increase with the transition
taking your business mobile.
Mobile
payment solutions are an evolving technology that holds massive potential for smaller businesses. Right now, its a race to
see who can develop the most efficient, effective, and secure platform one
which gives businesses and consumers exactly what they want in terms of
security, convenience and growth potential.
[Contributed by EVS Marketing]
