Author: TJ McCue / Source: Forbes
Mobile credit card payment processing is not a niche phenomenon , but an entire movement that mirrors mobile phone usage and growth. According to the Mercator Advisory Group, on their site Payments Journal, In-Store mobile payments are expected to overtake credit cards and grow from a current $75 billion to $503 billion in 2020 . There will be almost 28 million mPOS devices (aka mobile credit card readers) in use by 2021.
There were only 3.2 million in 2014.That is a lot of growth in mobile payment processing. Last month, I wrote a post about the rise of digital wallets — meaning no plastic credit card, just a mobile phone app. Digital wallets make buying things for customers easier (in theory) than ever. Witness the Starbucks app which has been wildly successful for the company. While I’ve never bought anything with Apple Pay or Android Pay or Samsung Pay, on a recent trip I was impressed with the aircraft boarding pass appearing on my iPhone X – it was a pleasant and practical experience.
Mobile technology has certainly impacted the consumer side of the business, but it is also upending the way that things are sold and merchants are enjoying higher levels of customer service when they make it easier for those customers to purchase. Most high-tech modes of payment are similar to the credit card terminals at the local supermarket, with the fake pens (a stylus, actually) that you use to scrawl out an illegible signature. In many retail stores, you will find newer systems, often plugged into an iPad or Android tablet for sellers to process your payment. These systems are called the mPOS, or mobile point of sale, but if you are searching to buy a device for your store, type in: “Mobile Credit Card Reader” or “Credit Card Reader for Phone.
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Square Credit Card Reader
Square is the most ubiquitous method, primarily because they were the first mover, of this new age of digital transactions. And there’s a good reason for that — most other services used to charge a percentage, a flat fee for every transaction, and a monthly fee. Square only requires 2.75 percent of transactions. Plus, they do a whole range of things to help you reach and nurture customer relationships, but I won’t go into all that here (at an additional fee).
Square makes it easy and cost-effective — the mag…
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