A recent survey commissioned by Samsung Electronics America revealed that while small businesses may not always have the most up-to-date technology, most of their customers are on board when it comes to mobile payments. The survey, which was conducted by Greenberg Quinlan Rosner Research, found that the customers of most of the small businesses polled want to pay with their smartphones, and they expect the use of mobile payments to grow. However, a Pew Charitable Trusts study indicated that banks and mobile payment providers must do a better job of explaining the safety and security of mobile payment apps if they want more customers to use it.
Numerous studies show that while an increasing number of consumers are giving mobile payments a try, few are using the technology on a continual basis, for two main reasons: they forget to use it and they are not sure what merchants accept mobile payments. Both issues can be attributed to a lack of value added services (VAS), a theory that many experts believe could be the driving force to mass market adoption of mobile payments. Despite this apparent setback, mobile payments and mobile wallets have, for the most part, been developing as expected, becoming the dominant marketing channel for a variety of companies, particularly those who want to reach out to new customers with simplicity, speed and scale.
If you’re a small business owner, you likely know a thing or two about chargebacks, and those things are probably not all that pleasant. Not only do these customer requests to reverse transaction charges present bookkeeping challenges, but reports show that about 86 percent of chargebacks are fraudulent.
As a former competitive swimmer, Sean Ryan dreamed of operating a swimming and sports apparel store. After getting the blessing from his parents to chase his dreams, he dove into the entrepreneurial world and started Making Waves.
Thanks to our smartphones and the mobile internet, we live in a world that is more connected than ever before. Not a day goes by when we don’t check our messages or connect with someone via our devices. With the introduction of mobile payments, our smartphones are becoming more than just devices to communicate with each other. Mobile payments not only allows customers to pay for various goods and services with the payment system of choice, but it also enables merchants to accept these new methods of payments, and even allows merchants to take their business to their customers, no longer tied down to a brick and mortar location, or a central wrap stand.