You may think accepting electronic payments at your small business gives consumers plenty of payment options. And, until very recently, accepting debit cards, credit cards and good old-fashioned cash did meet the vast majority of consumers’ payment needs. But the times, they are a-changing.
While still a relatively small segment of the market, mobile payment – payments made using smartphone – is making serious headway. How serious? Consider this: In less than a year after Starbucks launched a mobile app complete with a payment option, the company reported more than 26 million mobile payments.
Smartphone use is on the rise and is playing a larger role in where people spend—especially in urban areas where users rely on apps like Yelp to read reviews of local hotspots before taking a gamble on a new businesses. Bumping up “accepting mobile payments” on your to-do list may be a wise move. (more…)