The evolution of Ecommerce solutions, and payment processing as a whole, has made it easier and easier for consumers to make payments. Decades ago, just being able to accept debit and credit cards became essential for businesses who wanted to stay competitive, and now, online payment processing solutions are vital for those who want to utilize the massive and rapidly expanding digital marketplace. Now, consumers are paying bills and making purchases, so mobile payment processing has become the essential new feature. Without it, businesses could miss out on potential customers and, consequently, struggle to achieve success in the long run.
According to statistics from Gartner, mobile payment volume jumped nearly a whopping 62% to $171.5 billion from 2011 to 2012. If current trends continue, that number will continue to increase, especially since an IDC Financial Insights Consumer Payments survey found that more than a third of American consumers alone had already made at least one mobile payment in 2012. Simply making it possible for customers to make payments from their PC or laptop is no enough, and smartphones and tablets are becoming the more preferred shopping tool. So business owners and managers need to invest in mobile payment processing systems that make mobile devices easy to use.
The World Payments Report of 2013 indicated that some 15% of all credit card transactions would be mobile. But in the next decade or so, that number is expected to explode to more than half. Not that long ago, similar patterns emerged with online shopping and bill payments. Companies that failed to build a web presence then likely failed or, at least, never saw the success of those who were able to capitalize on the shift initially. Today, those who are unable or unwilling to install mobile payment programs might also get left behind.
The Yankee Group predicts that, by 2015, mobile spending will top the trillion dollar mark, which means it presents plenty of opportunities for growing businesses. However, those who do not have mobile payment processing systems in place will fail to keep up with changing times. Adapting to the current business environment is vital for every company, especially in today’s ultra-competitive marketplace. Not only do business administrators need to keep an eye on changing trends, but they also need to act quickly to adjust and take advantage of them. Good references here.