Did you know that your Smartphone or tablet can also double as a point of sale (POS) device? With today’s inexpensive and easy to use mobile card readers, any business owner can transform his mobile phone or tablet into a mobile POS device and expedite payments on the sales floor, tableside at a restaurant, or even in the middle of a flea market.
According to Dutch research firm Adyen, one in five global transactions are now made via a mobile device, and that number is expected to continue to climb. Clearly, customers are open to making payments through mobile devices, too.
Before we dive into the details on this topic, we suggest you check out Square, a free POS system that can manage inventory, process credit cards, and track sales by item. Visit Square to learn more.
Here’s the latest figure, released in February of 2014 and citing data as of December 2013:
As of December 2013, 19.5% of all global payment transactions were made via a mobile device. According to the report, Apple’s products remain the most popular devices for mobile payments, with 41% of mobile transactions from September through December made via an Apple iPad, and 31.6% through the iPhone. Industries with the highest transaction volume through mobile payments include travel and retail.
Mobile Payment Trends Take-Aways for SMEs
How can SMEs capitalize on this trend?
Consider whether equipping your team with mobile readers would speed up transactions or enable you to more closely monitor sales per employee.
Mobile card readers transform devices into individual, portable point of sale terminals; restaurants, cafes, and retail stores may all find these useful additions to their business systems.
Explore mobile card readers compatible with your technology. PayPal’s “Here” mobile reader and “Square”, another device, fit standard mobile technology and charge a simple per-transaction fee. Others may be compatible with your technology; explore the best option for your business. (Read the FitSmallBusiness Guide to Choosing A Mobile POS Service Here)
The Ayden report indicates 55% growth year over year from December 2012 to December 2013 in worldwide mobile payment usage. If you can capitalize on this growing trend, you may be able to set your business apart from the competition by offering faster, more convenient payment methods to your customers.