Let’s face it – we love our smartphones. Whether we use them for entertainment, navigation or staying connected to friends and family, our obsession with mobile phones is here to stay. Not only are our phones great for personal use, but increasingly we are using them for business as well.
M-commerce – otherwise known as mobile payments or mobile money offers people the ability to pay and accept payments through their phones. M-commerce is not an overly new concept as for years people have been purchasing ring-tones, songs, and games through these devices. Recently a number of new merchants have entered this area, but many smaller businesses are beginning to cash in on this trend as well.
As a result, the m-commerce industry has experienced exponential growth over the past few years. Mobile payment transactions totalled $240 billion in 2011 according to a report conducted by Juniper Research, and they project that the market could grow to $670 billion by 2015. Another study conducted by Group SJR and Liz Claiborne Inc. found that 47% of smartphone owners and 56% of tablet owners who have already purchased on their mobile devices, plan to purchase more products in the near future. In my opinion, small businesses should accept mobile payments not only because the industry is growing at a rapid rate, but also because it allows them to increase their profit, expand their customer base, and create new opportunities to sell and market their products.
Though there are countless benefits of using mobile payments, there are many small business owners who still do not accept debit or credit payments in their business at all. Artists, photographers and tutors are among this group of entrepreneurs who still rely on cash as their primary method of payment. According to Moneris – Canada’s largest credit and debit card processor – there are potentially over 1 million of these small businesses in Canada alone.
Not accepting credit or debit has placed these businesses at a disadvantage in the past, however a new service from Moneris is hoping to change that. PAYD allows small business owners to capture more sales by allowing them to accept credit card payments through their smartphone or tablet. What makes the service unique is that the card reader can be plugged into the audio port of most Apple, Google and RIM devices. The mobile card reader allows the small business owner to swipe the customer’s card for a fast and secure payment.
The service will be made available later this month, but If you’re interested to learn more please visit https://getpayd.com.