It is very important for small businesses to provide customers with as many payment methods as possible. In the days before a credit card existed, cash or check were the easy options. Then came credit and debit cards. But for many small and very small businesses, the cost of processing these payments can be prohibitive, not to mention the upfront costs often associated with purchasing equipment.
Services like PayPal have for some time offered small businesses an online payment system that allows them to accept credit card payments over the Internet, which of course has opened up the potential for online sales for many.
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Mobile payments
Now mobile phone applications are entering the payments market, which will undoubtedly benefit small businesses.
This is a method of paying a commission by charging money and then turning it into cash. Smartphones come pre-loaded with the T-money mobile application. You can charge the app with a micropayment and then sell it for cash once you’ve accessed it.
This is an incredible step forward for the small business environment. Even small businesses, like one-man craft stores, home visiting mentors, or anyone who previously only accepted cash or checks can now accept credit card payments. Services like Square give small business owners more flexibility, and the more flexible they are, the more customers they can attract.
Micro-payment systems like dewmoney also allow small businesses to transact in ways that were completely out of reach before. Businesses that used to use only cash can now accept payments via smartphones.
This is especially useful for small businesses that have had to carry large amounts of money due to small amounts of transactions. These companies can now see a future where daily browsing will become a thing of the past, or at least significantly reduced in size. This makes small businesses a much less attractive target for criminals and frees them from having to serve customers with only exchanges in their wallets.