Mobile Payments are Exploding: What You Need to Know as a Retailer

Accepting payments via mobile device is becoming more and more mainstream. Right now, we are in the midst of a growth spurt that will see mobile payments in the U.S. hit $90 billion by 2017, according to a Forrester Research report released earlier this year. That’s up from $12.8 billion spent in 2012, the report states.

It’s also easier than ever to join the party, and retailers have an almost overwhelming number of options. There are several companies that cater to each type of mobile payment. Some companies (like Square) you are likely familiar with, but there are new faces popping up all the time.

It pays to check with your bank or merchant service provider to see what they have to offer. Organizations, like Community Merchants USA, also have resources on mobile payments and acceptance in order to help businesses understand this growing and rapidly changing method of payment.