In the natural evolution of payment processing, mobile payments look to some like a final frontier. However, adoption will be slower than the media hype over mobile payment platforms over the next several years.

Satisfaction with payment cards will wane over time. Most businesses have had long and fruitful experiences with traditional payment platforms. Since estimates of mobile payment usership are low, many entrepreneurs are taking a wait and see approach to adopting new mobile payments by monitoring their own customer base and inquiries which they understand are unique to them and their market.

Yet, as these same businesses look to adopt EMV standards in face-to-face payment environments, adding the ability to accept mobile will certainly be top of mind. 

For card-not-present ecommerce merchants, mobile payment adoption will look completely different.  Paying on a mobile device can be a real challenge yet merchants who implement in-app payment processes are finding their conversion rates spike up with a simple touch of a fingerprint that eliminates the need to enter credit card information during checkout. While ecommerce companies have development expenses ahead of adoption of in-app payments, the benefits of closing more sales will continue to persuade more investments in this area. 

Cost of compatibility will drop over time. Since standard payment platforms aren't equipped to process mobile transactions, companies seeking to adopt them need to buy new hardware. Beyond the financial dimension for business leaders to consider is procedural changes at the point of purchase, staff training, error handling, customer confusion and questions. Yet these issue too will continue to become less relevant over time. 

At Vantage, our expertise can help businesses deploy and maintain the payment platforms that are most appropriate for their operations. Contact us today to learn more about our suite of payment technologies and merchant services.