This blog has covered the use of mobile devices as a way to accept customer payments before, but it normally revolves around the retail sector. However, the increasing functionality of smartphones and tablets is making mobile a more attractive solution for a wide array of companies.
A recent article in USA Today examined how small businesses of all types are looking into these systems. The piece features an interview with Trippe Fried, an attorney in New York who answered the challenge of cash flow with mobile payment processing.
"I don't meet people in my office," Fried told the news source. "I'm in their office, meeting with their people. If it's time to pay a bill, I reach into my briefcase, pull out my iPhone and clients give me a credit card. I can process it right on the spot."
The benefits of a mobile payment option for retailers - improved customer experience, the ability to accept payments anywhere in the store, etc - work just as well for businesses where customers do not traditionally enter a brick and mortar location. Imagine any small business like a plumber, electrician, lawn service or food truck that can now pull out a smartphone or tablet and accept a credit card. It opens up an entirely new customer base and improves cash flow.
There are several options on the market and companies need to make sure they find the one that works best for them before investing. Purchasing blindly can hurt any business and will just cause more problems and investment needs.