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Taking the Leap into Mobile Payments

April 30, 2012

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…)