Mashable recently posted an article on 9 technologies to watch in 2016, and it included a few things that probably won’t surprise you, like artificial intelligence, robotics, virtual reality, and drones. But the list also included mobile payments, which says something important.
Although most businesses have been fine without using a mobile payment system, it’s going to get more and more popular, and this could be the year that it really takes off and becomes commonplace. eMarketer reported that nearly 20% of consumers in the US will use their smartphone to pay for something, indicating an increasing trust of and reliance on mobile phone-based payment systems.
It’s not just the US that’s likely to see this shift, though. Mobile card readers will likely start showing up in the hands of more small businesses in the UK, and taking debit and credit card payments directly from your mobile phone will become increasingly necessary to stay competitive. Of course, you could stick with your old system, where you send paper invoices through the post and wait for checks to clear, but if one of your competitors offers instant payment on the job site, you could be at a competitive disadvantage in 2016.
Sticking with what you know is definitely easier than trying something new, but if other small businesses in your area are outpacing you on something as simple as offering convenient ways to pay, you could find yourself losing business. As consumers come to expect more and more options for how and when they pay their bills, taking credit and debit card payments from your phone becomes a no-brainer.
Start the year off on the right foot by using SmartTrade to take card payments from your phone without a mobile card reader to lug around. No extra hardware, no contracts, and some of the lowest fees in the business. You have nothing to lose—except maybe some customers, if you don’t act soon. 2016 is likely to be the year of mobile payments. Don’t get left behind!