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You Take Phones?

Guest post by: Michael Dykstra

Article Overview: How cellphones may be taking place of your credit cards soon.

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You Take Phones?

Storefront windows and doors will often have the Visa and MasterCard sticker logos on display. This allows them to conveniently communicate to prospective customers that they do in fact accept these particular credit cards. Speaking from personal experience, I often look for these stickers before I enter a store. Businesses that aren’t able to accept credit and debit card transactions are missing out on potential customers.

Cash transactions are sparse these days as consumers prefer to buy with plastic. Carrying around a bunch of cash can be a burden for some and the convenience of debit and credit mean merchants don’t necessarily see their money right away. Through credit card processing companies, businesses eventually recoup their revenue. Merchant services typically require businesses to pay a small percentage fee to the credit card companies. This is a symbiotic relationship as both the merchants and credit card companies depend on one another for healthy commerce.

In other countries buying products with one’s cell phone is not such a foreign practice. But in the U.S., there are only a handful of ways this is done and the gadgetry has not really caught on yet with customers and businesses. According to a recent Bloomberg report, “Verizon and AT&T plan to launch a program with Discover Financial Solutions, letting consumers pay for transactions by ‘swiping’ their mobile phones rather than scanning their credit cards.”

Whether or not this program successfully takes off or not remains to be seen. The popularity of the iPad and other mobile technology devices will likely accelerate this endeavor. But it’s clear that at least for now, being able to accept credit cards is a must for any business. The jury’s still out on the importance of being able to accept phones.

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Article Tags: credit card processing companies, merchant services

About the Author: Michael Dykstra
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Michael Dykstra is an expert writer on credit card processing companies based in San Diego, California. He writes extensively for an online resource that provides expert advice on purchasing and outsourcing decisions for small business owners and entrepreneurs such as merchant services at Resource Nation.

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