The current way of accepting merchant payments is comfortable. Little has changed over the past years, and because of this, new changes are scary. Threats of mass hackings can leave a merchant scared to change even the slightest thing about their merchant processing. Even though change is hard, you need to adapt to the newest forms of mobile payment systems.

More and more customers are embracing mobile payment apps, and without the ability to accept these payments, you are losing customers. The process is not hard, and the technology is as secure – if not more – than the traditional method of accepting plastic card payments. The newest round of mobile technology is also great for those who do not have room for a big, bulky terminal, as well as those who have food carts and portable businesses.

The infographic designed by eMerchantBroker.com shows a variety of ways that the mobile payment systems have changed over the years. While texting seems new, way back in 1997 Coca Cola was the first company to allow payments via text to some of their vending machines. This was also the same years that ExxonMobile introduced SpeedPass, which allowed users to attach their debit or credit card info to their account, and all they did was simply scan their plastic keychain pass at any ExxonMobile station. It was quick, easy, and many motorists took to the idea quickly.

Today’s mobile payment systems are not much different. From QR scanning codes to app-based plastic card scanners, there are many ways to accept payments with a smart phone or tablet. Most payment apps are free, and customers love “free”. The security behind these new mobile payment systems is also great, and some, such as Square, do not store any customer data on the smart phone or tablet. Security is key, and this is a great way to up your business. You need to make sure that your merchant account provider is behind these new changes, and if not, switch to one who is, like eMerchantBroker.com.

mobile_payments

By Kar

Dr. Kar works in the interface of digital transformation and data science. Professionally a professor in one of the top B-Schools of Asia and an alumni of XLRI, he has extensive experience in teaching, training, consultancy and research in reputed institutes. He is a regular contributor of Business Fundas and a frequent author in research platforms. He is widely cited as a researcher. Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.

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