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09/03/2011 -
Although new payment processing technology, ranging from mobile to near field communication payments, have generated a lot of buzz and interest, there will still be consumers who will want to hold onto their credit cards.Just as many thought the advent of online banking was long overdue, another group continues to distrust the service and prefer to see a teller in person instead, notes ComputerWorld. This same phenomenon applies to the payment industry.
For those who have long awaited more convenient methods of payment, the following is an overview of some of the key players in the market of new technology.
Mobile payment capabilities have been a boon for small businesses with several companies including Square, Swipe It, Innerfence, Intuit and VeriFone targeting certain capabilities to small to mid-sized businesses. These features can help self-employed providers such as carpenters and part-time retailers like flea market sellers to start accepting credit, many for the first time.
Mobile payment services may also result in lower transaction fees for retailers. The majority of services require a hardware fee, monthly service fee and credit card authorization fees.
