The convenient applications that allow these new mobile systems to work may be quick and easy but they do not come without their fair share of liability for the consumer and the vendor.
Despite the risks, may companies have already jumped on the bandwagon of mobile payment options.
Mobile Payment Systems There are four primary systems that have emerged that allow the consumers to use their mobile phone to pay for goods and services.
While these transactions can be made through a mobile device that allows for the use of the systems, the transactions are still operated and regulated under the traditional financial regulations that apply to other more customary methods of payments.
Reports indicate that by 2013 the market for mobile payment systems is expected to expand beyond $600B worldwide.
Merchants who want to compete in the global market and keep up with technology will eventually have to consider getting on board with this new technology.
The Pros Mobil payment systems are becoming more popular across the globe.
The use of mobile phones and the new technology that allows speedy access to various payment methods is quickly becoming the wave of the future.
Vendors who do get on board with accepting mobile credit card payments sooner rather than later may have an edge up on the competition.
Not only does it allow ease of payment but it allows small businesses to quickly expand their market.
Depending on the system that a merchant chooses to accept mobile payments, the cost can be quite affordable, even more so than traditional merchant account processing systems.
Some systems, such as Square, offer hardware and service for free and charge for transaction processing only.
The cost of the hardware and upkeep for many of these new mobile systems are very affordable which is a major bonus for small businesses could not keep up with the costs of traditional credit card processing systems until now.
In addition to the benefits of offering cutting edge payment options, some mobile systems offer an added bonus of advertising their goods, services and payment methods via social networking sites.
Combining technology with free marketing can do wonders to promote a business.
The Cons Liability and risk are always a concern when it comes to dealing in business.
It is a risk anytime a merchant accepts a payment other than cash from a customer.
On the flip side, customers also take risks when they make purchase online and share sensitive information through on-line transitions.
Mobile systems do have security systems in place that protect both parties such as buyer and seller protection options.
These protection systems are still new and as with any new technology there are bound to be growing pains associated with this new and improved way of buying and selling, however it seems that most businesses will need to take these risks if they want to survive.
Despite the risks, may companies have already jumped on the bandwagon of mobile payment options.
Mobile Payment Systems There are four primary systems that have emerged that allow the consumers to use their mobile phone to pay for goods and services.
While these transactions can be made through a mobile device that allows for the use of the systems, the transactions are still operated and regulated under the traditional financial regulations that apply to other more customary methods of payments.
Reports indicate that by 2013 the market for mobile payment systems is expected to expand beyond $600B worldwide.
Merchants who want to compete in the global market and keep up with technology will eventually have to consider getting on board with this new technology.
The Pros Mobil payment systems are becoming more popular across the globe.
The use of mobile phones and the new technology that allows speedy access to various payment methods is quickly becoming the wave of the future.
Vendors who do get on board with accepting mobile credit card payments sooner rather than later may have an edge up on the competition.
Not only does it allow ease of payment but it allows small businesses to quickly expand their market.
Depending on the system that a merchant chooses to accept mobile payments, the cost can be quite affordable, even more so than traditional merchant account processing systems.
Some systems, such as Square, offer hardware and service for free and charge for transaction processing only.
The cost of the hardware and upkeep for many of these new mobile systems are very affordable which is a major bonus for small businesses could not keep up with the costs of traditional credit card processing systems until now.
In addition to the benefits of offering cutting edge payment options, some mobile systems offer an added bonus of advertising their goods, services and payment methods via social networking sites.
Combining technology with free marketing can do wonders to promote a business.
The Cons Liability and risk are always a concern when it comes to dealing in business.
It is a risk anytime a merchant accepts a payment other than cash from a customer.
On the flip side, customers also take risks when they make purchase online and share sensitive information through on-line transitions.
Mobile systems do have security systems in place that protect both parties such as buyer and seller protection options.
These protection systems are still new and as with any new technology there are bound to be growing pains associated with this new and improved way of buying and selling, however it seems that most businesses will need to take these risks if they want to survive.