As smartphones and tablets become more and more prevalent in the market place, mobile payment methods are a more viable solution for small businesses and entrepreneurs to manage their money.
Square, a dongle based credit card swiper for the iPhone, was an advancement in technology that demonstrated the potential the smartphone had for small businesses and entrepreneurs. Since it’s introduction, some businesses have been able to get rid of cash registers entirely and shift their entire platform to tablets and mobile phones. Square is trying to remain on the cutting edge by getting rid of the hardware and enabling geofencing, making payment possible by proximity over rather than actual card swiping.
While security issues are still being sorted out, Square has remained on the cutting edge of mobile payment technology. Behind them, PayPal is attempting to pick up the slack and offer new ways to pay by phone, as well. PayPal here again offers a physical device to swipe the card with, but doesn’t have a dedicated app for iPhone or iPad.
Intuit GoPayment offers a similar device as Square. It plugs into your phone and requires swiping the card. One major benefit of using the Intuit method is that the transaction syncs automatically with your Quickbooks software.
Many different companies are offering ways to turn your mobile device into a cash register. Is the mobile wallet going to be the new trend? Several credit cards, banks, and cellular carriers got together to form Isis, a place where standards could be set for mobile payments.
The biggest concern that remains is security. All the information is flying through the air. How can we be sure no one will pick it up? Some researchers are even devoting their time to punching holes in any wall that Square builds.
While mobile payments are a great way to take your business with you anywhere, you need to make sure you are up to date on security issues. You need to protect yourself and your customers before going mobile.
What are some of your concerns? What would keep you from or encourage you into using mobile payment?