Monday, January 23, 2012
In tough economic conditions, businesses must utilize every available cost-cutting technology, and many retailers are adopting mobile credit card processing to reduce transaction fees.
According to a Minneapolis Star Tribune report, mobile card readers are becoming a popular device for businesses, enabling them to accept credit card payments from any location. Mobile card readers like Square plug directly into a smartphone, negating the start-up and equipment costs associated with traditional credit card processing machines.
"They're extending the existing system to potentially millions of very small merchants - piano teachers, plumbers, electricians … somebody who in the past would take cash or check," payments expert Eric Grover told the source.
The report said using mobile card readers can significantly decrease transaction fees for retailers, as one coffee shop owner told the source his business is saving about $400 per month.
A recent Reuters article examined the recent rise of mobile card processing, citing Square and Intuit's GoPayment Card Reader as two devices that many companies are implementing.
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