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In the past decade, businesses have become highly mobile. Mobile merchants such as message therapists, limo drivers, home service companies and vendors at craft fairs, roadside stands, festivals and trade shows are now able to accept payment instantly via their mobile phone and a portable instant swiping machine. Previous, mobile merchants were restricted to accepting payments either by cash or check. Cash isn’t always convenient. Many consumers are in the habit of paying for purchases with a debit or credit card and often do not carry sufficient cash to pay for an impulse purchase. Savvy merchants know that customers always purchase more when they have the option of using a credit card. Without the ability to accept credit cards, merchants lose sales. Business owners are often hesitant to accept personal checks due to the high risk of fraud. Now mobile merchants have another option: wireless credit card processing. Wireless credit card processing removes the boundaries from business. No matter, if you are at a trade fair, festival, flea market, art show, job site or luncheon with a client, the advent of mobile technology means your are always ready to make a sale, turning any situation into a revenue making opportunity. Wireless credit card processing is portable and a simple to use, freeing business owners of the limitations of cash transactions or the risk of accepting a check. With mobile credit card processing, merchants can sell their merchandise anywhere: no longer dependent on a landline to process credit or debit card transactions. Online payment options are available for all types of businesses, large and small. The small businessman can opt for a plan that allows for accepting credit cards online without a long contract or excessive terminal fee. Plans offered by the majority of providers accommodate any type of business and are scalable to expand as the business prospers. Flagship Merchants Services offers no risk, no contract and competitive transaction fees and a free mobile reader. Best Mobile Credit Card Processing offers no monthly fees, 2.69 percent swipe rate and no PCI fee or set-up fee. Intuit, a leader in credit card processing, states “Never miss a sale with easy credit card processing your way. Accept Visa, MasterCard, Discover and American Express: free mobile card reader and low rates.” Intuit offers no contract or cancellation fees and allows clients to try the service risk free. Square Inc. provides businesses of all sizes a simple, fixed price for mobile credit card processing: 2.75 percent per swipe or a fixed fee of $275 per month. Businesses know exactly what they are paying for with no hidden fees. Magic Pay offers business owners a rate of 2.70 percent per swipe, a free card reader, no risk and no contract. In addition, Magic Pay offers processing for merchants with offshore accounts. Given the task of choosing the best company to process their sales, merchants are presented with a diverse array of options. Previous players and a host of new contenders are entering the credit card processing market presenting a broad assortment of plans, fees, options, perks and innovative services. In the market place, increased completion is a good thing. As new financial service companies enter the mobile credit card processing market, marketing research studies indicate an increase in services and a reduction in fees. A leader in the development of Internet technology since its inception, Tej Kohli founded Grafix Software, a privately held company in 1990 to offer turnkey solutions to E-Commerce challenges. Headquartered in San Jose, Costa Rica, Grafix Software is known around the world for its technology and payment gateway services. Commenting on the rapidly developing technology of mobile money, Tej Kohli stated, “Developers of mobile telephony and payment applications are coming together to change the way world is shifting to mobile and in some of the developing countries there are people who are starting as smart mobile users instead of PC users. This creates a huge demand for companies to take business to mobile. New collaborative approaches are being launched in established markets in the U.S. that effectively turn phones into credit cards. This is real disruptive technology, changing the way that people think about established processes, and at the same time bringing a whole new group of customers and prospects into the market. The new ideas and demands that come with them will continue that process of disruption and change. What’s more is that collaboration is going to be global. Countries that used to be referred to as emerging markets have now arrived. Other developing economies are taking their place. Old certainties about who leads the world in innovation are about to be shattered. No-one can be sure where the next solution will come from, but developers in South Korea and Brazil are as likely to avail themselves of the opportunities as those in Silicon Valley.”
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