Accepting credit cards from consumers has often come with a large price tag, one that small businesses cant always swallow. New technology, though, is helping to eliminate those costs. Square is one of the many mobile payment technologies on the market, and it has helped companies like food trucks and those that frequent trade shows to accept plastic no matter where they might be.
Mobile payment technologies like these have two advantages over traditional credit card processing equipment. First, theyre often free or very low cost at the outset. The only equipment necessary to buy is a very small credit card reader that plugs into the headphone jack of a smartphone. Second, the per transaction fee is quite a bit less with technology like this. The fee with Square is just 2.75 percent.
While the level of interest in mobile payment technology remains high at present, bigger merchants arent likely to change their current style of doing business in the near future.