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Small businesses adopting smartphone credit card processing strategies

Jan 30, 2013 Walt Wojciechowski

Small businesses adopting smartphone credit card processing strategies

Shopping is becoming easier these days because of different online and mobile payment methods. As a result, many small businesses are implementing these strategies, such as purchasing smartphone credit card processors, to try to increase consumer spending.

Better Business Bureau recently released several suggestions that smaller companies should follow before adopting mobile credit card readers, including:

- Research: Begin by asking banks and credit card services which devices and software have the best reputation.

- The right combination: There is a vast variety of available applications, so companies should identify which one meets their needs. In addition, because shoppers have come to expect customer service online and via their mobile devices, these apps should include service capabilities.

- Fraud prevention: With customers leaning more heavily on the internet and mobile devices to shop, hackers have made these platforms a focus area. For example, a recent study by Europol revealed that cyber criminals in Europe made more than $2 billion off credit transactions last year, about 60 percent of which resulted from fraudulent online purchases.

Therefore, small businesses should only implement applications with strong security capabilities, while employing top-notch fraud prevention measures.