Should Your Small Business Accept Mobile Payments?

Business News Daily – In the past few years, you may have noticed a new kind of credit card terminal at cash registers, one that customers wave their smartphones over. These new mobile payment systems that use NFC technology have been cropping up everywhere, with companies like Apple, Samsung and Google hoping to make their mobile phones a new replacement for your credit cards.

Since going online in 2014, Apple Pay has been available to the roughly 90 million U.S. iPhone owners, with alternatives made available to Samsung, LG and other Android smartphones. However, most smartphone owners have not been using these virtual wallets.

While using your smartphone to pay for groceries, gas and other goods hasn’t become as synonymous as using your debit card, consumers are still interested in the convenience of carrying their cards with them virtually in their phone. According to a Boston Retail Partners study, Apple Pay, the most popular mobile wallet is currently accepted by 37 percent retailers, with 40 percent planning on accepting it in the near future. Apple’s competitors aren’t far behind either.

The more retailers offer the option for contactless, mobile payments, the more consumers will realize that it’s a viable option for payment, and vice-versa – as confidence builds that their private information will be kept secure, consumers will drive demand for more vendors to provide NFC contactless readers at the register.

Read full article: Should Your Small Business Accept Mobile Payments?

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