According to a report from comScore at the end of last year, there are more than 123 million smartphone users in the United States. With the increase in functionality of these devices, it is easy to see why executives in many industries have looked for ways to incorporate them into business operations. The payment industry has been no different.
The study also found that the use of mobile devices to shop is growing by double digits with no signs of slowing down. This can be seen by the sheer amount of peripherals on the market that turn a smartphone into a mobile cash register.
A recent CIO article features interviews with executives of several mobile payment providers to understand why companies should look into adopting mobile devices as a payment tool. One of the industry experts interviewed was Tracy Metzger, the CIO of PayAnywhere.
"Any business that performs a service or sells a good to people in locations other than retail stores should seriously look at mobile point of sale (mPOS) technologies like mobile credit card readers," said Metzger. "mPOS technologies bring the cash register directly to the location where commerce needs to be transacted so that a transaction can be conveniently completed where the customer is, and not handled later in a back office."
Metzger added that these solutions also make it possible for small businesses that have never accepted credit card payments do so in an affordable way.
Whether you are running a garage sale in your front yard or are the top seller of a Fortune 500, having access to a mobile payment solution can make the sales process easier.