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.
It’s been nearly a year since the EMV liability shift took place last October, and while it seems more consumers are actively using their chip-embedded payment cards, it appears that the EMV standards are actively backfiring with small businesses. The CAN Capital Small Business Health Index shows that small retailers are turning away from EMV at increasing numbers, and are increasing their acceptance of mobile payments systems for customer payments.