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How a Mobile Payment Service Can Grow Your Online Business

Jennifer Lonoff Schiff | Jan. 30, 2013
As more and more smartphone and tablet users shop via their mobile devices, being able to accept mobile payments is becoming a more important element of ecommerce. But does it make sense for your business? Mobile payment service providers Square, PayAnywhere, PayPal and Bank of America discuss fees, security and which types of business would benefit the most.

Why should a midsized or larger business consider a mobile payments option?

Metzger: Mobile payments are not just for micro or small businesses. They are being utilized in all sized companies. The convenience to the consumer and ability to capture card data in a more simplified and inexpensive manner are driving these initiatives. Large service type business that have accepted credit cards manually for years can save anywhere from 1 to 3 percent of their processing costs by utilizing card reader mobile payment technologies.

But not all merchants' customers are consumers. Business-to-business merchants are also a good fit for mPOS systems. For example, a supplier to retailers such as a food and beverage distributor or office supply distributor can take orders and have them paid on the spot from their customers. Because so many companies are using credit cards for all their purchases, it makes sense for their vendors to be able to offer the most convenient way for them to place and pay for orders.

Nayar: As we saw in 2012 and especially during the recent holiday shopping season, consumers are increasingly making purchases via mobile. PayPal projected $10 billion in mobile payment volume in 2012 -- and that doesn't even include transactions made through mobile card readers. As the consumer demand for mobile continues to increase, all businesses should adapt and provide their consumers with convenient and secure mobile payment options.

Jennifer Lonoff Schiff is a contributor to CIO.com and runs a marketing communications firm focused on helping organizations better interact with their customers, employees and partners.

 

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