Aug 09, 2013 Dave King
Small businesses don't have the same luxuries as larger corporations, which is why owners of these companies need to get creative to help fuel growth. Two of the technologies small firms are turning to help improve operational facilities and promotion are mobile payments and social media, according to eWEEK.
"Mobile continues to make impressive inroads into the SMB market, as both a marketing vehicle and as an element of the business infrastructure," said Steve Marshal, director of research at BIA/Kelsey. "Together, mobile and social tools are transforming the way SMBs acquire and retain customers. With the heavy use of social media, SMB marketing is quickly becoming a two-way engagement rather than a one-way promotion."
Many experts believe that small businesses will be the driving force behind mobile payment adoption. While credit cards remain king, numerous systems, such as near-field communication (NFC) technology, is helping retailers and other small businesses make the shift from traditional forms of payment to mobile systems.
Part of the reason that small businesses could push mobile payment adoption is the fact that they are charged higher fees using other payment processors.
"The cost of payments is too high for most merchants," Sean Harper, director of product management for Groupon Payments, told InfoWorld. "It's really not fair, in my opinion."
Mobile payment systems can also help small businesses better prepare for the millions of consumers who now have smartphones. When NFC technology infiltrates the mobile phone market, customers will be able to use their devices for payments. Without the ability to take payments via this method, small businesses could fall behind the competition.