Mobile payment transactions have become so popular that mobile is projected to bring in $171.5 billion worldwide in 2012. This is a 62% increase from $105.9 billion in 2011. The payment systems range from pieces of equipment that attach to smartphones and tablets, to downloadable apps. Are you thinking it may be time to say farewell to your cash registers? Here’s a look at four mobile payment options that can transform the way you do business.
Ever wondered what those small four-sided gadgets are that attach to to iPads and phones? Those are actually Square payment terminals. Approximately 2 million businesses use Square and it has processed $6 billion in transactions since it was founded in 2010. After Hello Bicycles, a Seattle-based bike shop, began using Square, its earnings tripled in one year. The retailer also loves Square because it compliments the company’s eco-friendly paperless philosophy. In 2011, 800,000 merchants accepted $2 billion in payments using Square.
Intuit GoPayment is an option for mobile payment transactions with the added bonus of providing customer follow-up services. The program enables retailers to send a text or email receipt to their customer, complete with your company logo. Intuit GoPayment syncs directly with QuickBooks software for business management. Vendors pay as little as 2.7% per swipe without a monthly fee requirement.
Google Wallet is a new tool in which the consumer’s credit and debit cards are stored on highly secure Google servers. Consumers can use the app to keep the information stored on their smartphone or computer and pay in stores by tapping the back of the phone to an NFC point of sale terminal at checkout. Google Wallet lets people shop with the ease of leaving their actual credit cards at home and without the need for an actual wallet.
This mobile payment system not only processes payments, it focuses on a points redemption system for customers. Consumers store their credit card information on LevelUp’s mobile app. A unique QR (Quick Response) code is issued, which is scanned at the time of purchase. Customers who spend $50 receive a $5 credit. This is a great way for merchants to build customer appreciation programs into an already-existing payment methodology.
It’s likely more and more retail stores and vendors will use mobile payments as time progresses. With a commitment to going green and the user-friendly aspect of these apps, those costly cash registers and credit card terminals will likely go the way of the typewriter.