Mobile payment systems essential for small businesses

When beginning a small business, there will be many challenges, so owners need to do what they can to put themselves at an advantage.

One of the best ways small business owners can set themselves up for success is by embracing mobile technologies. With alternative methods such as ACH cards and mobile payment systems becoming more popular with consumers, it would be wise to adopt these technologies.

"If you don't have a mobile strategy, you don't have a future strategy," Eric Schmidt, Google chairman, told Mobile Marketing Watch.

Mobile payment systems are beneficial for small businesses because they allow these companies to accept purchases from nearly anywhere. From retailers to delivery service professionals, most businesses can benefit from this technology.

The next five to 10 years are expected to be huge for mobile payments, with eMarketer projecting an estimated $58 billion by 2017. Growth in the market is slower than expected, as the 2013 forecast was slashed in half to slightly more than $1 billion, but as soon as the technology begins to penetrate the market at a faster pace it is likely to take off.