Are You Ready For Electronic Payments Using Digital Wallets? Get Geeky and Boost Profits.

Every business can accept credit cards, if they choose, thanks to the little credit card machines at most point of sale terminals. Online you can use a digital terminal provided by your bank or you can use something from Paypal.

What’s coming to surface again is the use of digital wallets as recently championed by Google – as reported by AllthingsD.

Eventually a digital wallet would replace and compete head to head with credit card companies and online payment options provided by Paypal by providing money on a chip in your cell phone. At this time Google’s Digital Wallet will store your physical plastic credit card information and be used at merchants who accept “tap and go” digital transactions.

Embedded on your smartphone, in a chip, is information related to your account information – how much money you have in your account and other information. By waving your smartphone in front of a reader, the person (or company) you want to give money to can debit the money from your account to their account.

Square, Intuit Go Payments and other vendors offer solutions to accept credit cards through smartphones as well. Expect these companies to compete with (or maybe partner with) Google for digital wallets.

If you accept credit cards in your business, especially if you are a retail store, you should keep up to date with digital wallets and other mobile payment solutions. Not today, but tomorrow you’ll have people walking into your store, wanting to use their smartphones as payment. Will you be ready?

Check out more about Google’s digital wallet here.

 

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About Ramon Ray

Ramon Ray, Marketing & Technology Evangelist, Smallbiztechnology.com & Infusionsoft. Full bio at http://www.ramonray.com . Check him out on Google Plus, Twitter or Facebook