Quick, whose face is on a $5 bill?
Who cares? Cash is, like, so last week. So is your cash register, for that matter. Thanks to a range of new and emerging technologies, small businesses no longer need to be tied to their usual methods of accepting payments.
Mobile commerce is the coming wave, especially for retailers whose business takes them outside the usual four walls. Get paid anywhere: A simple but powerful premise. Why wait for the money to come to you, when you can go to where the money is?
This is real. The volume of all types of mobile payments will reach $200 billion by 2015, up from $16 billion in 2010, according to research firm Aite Group. Mobile card acceptance by small businesses and individual merchants already stands at about $4 billion.
Who benefits? Plumbers and artisans, cab drivers and handymen, anyone with a business on-the-go, a mobile enterprise that meets its customers on the street or on their feet.
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