Small Business Issues With Mobile Payments

It's pretty amazing how far technology takes us. Any business owner who keeps up with the trends can attest that tasks are made simpler by various web apps and other innovative applications. One such trend being looked into is the emergence of mobile payments. Everyone seems glued to their mobile phones these days and with the temptation of its convenience, most business owners feel that this is worth it.
There are several issues however which needs to be dealt with before entrepreneurs can fully be converted believers in whether mobile payments could prove to be necessary or not.
According to Saji K.B., corresponding author of Mobile Payments: Six Issues, those six issues are: Current Payment Relationships, Payment Scenarios, Suitability, Ubiquity, Regulatory and Security Concerns and Market Segmentation. The most worrisome issues in my opinion are Suitability and Regulatory/Security Concerns.

Some say that mobile payments are more secure because the transactions would not be stored in any POS (point-of-sale) system which means that consumer information are not going to be divulged to others because there's no information given. There are also some entrepreneurs who feel that there would be less fraud if mobile payments for the same reason as I have previously stated: no information about the customer is given.

While most are still wary whether mobile payments can actually be a necessity rather than a trend, the two most important questions an entrepreneur should ask before being sold on using mobile payments is: What percentage of my target market is actually using mobile payments and what would it take for them to use it in my business? After getting a definitive answer to that, then it's time for you to either embrace change (plastics out, mobile's in) or continue with your current payment method.

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