International Door & Operator Industry

MAR-APR 2013

Garage door industry magazine for garage door dealers, garage door manufacturers, garage door distributors, garage door installers, loading docks, garage door operators and openers, gates, and tools for the door industry.

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SALES&MARKETING; Mobile Payments: Beyond Early Adopters By Erica N. Baker Mobile Payment Tre Paymen Trends nt A s with most new payment technology, some business owners are apprehensive about security. You may recall a time when people were just as concerned with e-commerce. Businesses and consumers alike worried about the protection of their credit card data. Current estimates vary, but in the next ���ve years, global e-commerce is expected to account for over $1 trillion in trade, with a global growth rate of around 12 to 14 percent. Despite the perceived risk, consumers are choosing to purchase more and more items online. Apprehension can quickly turn to adoption when a payment method presents a distinct advantage. With conservative estimates of mobile payments reaching $225 billion by 2015, it���s time to start taking mobile payments seriously. I gi Imagine t Imagine if twenty years ago, someone ty y yea ago, years g , had told you that you would s soon carry a micro computer in your pock With micro computer micro computer in your pocket. ock thi this computer, this computer, you could check your t ld chec h email email, browse the Internet, and use Internet simple, fast programs for anything from playing games to banking. You might have dismissed this person as hyperimaginative, to say the least. Remember, it was twenty years ago that the term ���web-sur���ng��� was coined. At that time, it was something only ���geeks��� did. It was not until 19 years ago that the White House launched its website, and it wasn���t until 15 years ago that Google opened its doors. You are probably wondering what this trip down memory lane has to do with your business. Simply put, if Google can progress from two computers in a garage to such a unanimously known company that the Merriam Webster Collegiate Dictionary and the Oxford English Dictionary include the word ���google��� as a verb for searching something online, what could mobile payment acceptance mean? Recall that the ���rst e-commerce merchants seemed like risk takers just a few years ago. Now, buying goods online is embraced as a convenient and smart practice for businesses and consumers alike. Mobile payments have made big news lately, and they are becoming more widespread each year. Within a few years, we will probably see the popularity of mobile payments skyrocket. What that means for your V O L U M E business is that those ���rst few risky years are over. The mobile payment industry has worked out the kinks, and it���s time to embrace change. Advantages of Going Mobile with your Payments Traditional retailers are ���nding use for mobile payments by creating programs that are like loyalty programs, and by adding a level of convenience. Charitable organizations are even taking donation by credit card on the go, but the businesses that stand to gain the most from accepting mobile payments are contractors and suppliers of all kinds. Now payment can be accepted right on the spot when goods and services are delivered. That means no more invoicing and collecting. You can improve your cash ���ow and have customers who appreciate convenience. Granted, there are other wireless options for collecting credit card payments. You could carry a large terminal that is exclusively used for credit card acceptance. These terminals can be convenient, but comparatively speaking, you will generally pay just as much for a wireless terminal as you would for a mobile card reader and a device of your choice. Each option has advantages. You should assess what works best for your business. Your credit card processing company should be ready and willing to discuss the details with you. Continued on page 61 4 6 I S S U E 2 2 0 1 3 59

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