As smartphones and tablets push and change the marketplace, it can help create a lighter wallet for the consumer and it makes it easier for businesses to charge for their services and keep better track of their sales electronically. Plastic took over cash. It may be expected for mobile devices to being to take over credit cards.
Creating a mobile wallet was started with Google wallet and now has other mobile carriers like Verizon and AT&T partnering up with Isis to allow them to compete. Isis allows a consumer to add money or a credit card to your account to allow you to make purchases at locations that accept contactless cards. With programs like this, cash will become obsolete.
A company that allows other businesses to accept and simplifies the ability to take credit cards is Square. Square, which started in 2009 by Jack Dorset, the Twitterfounder. Square allows a little credit card reader to be attached to smartphones or tablets to allow small businesses to be able to accept credit cards. Square charges the vendor 2.75% per swipe and is another option for credit card processing. The traditional ones charge about 5% with possible other fees.
Companies like Square, Isis and Google Wallet allow consumers to lighten their wallet by not having to carry all forms of payments. Purchases on mobile devices are supposed to soar. It is expected that there will be $31 billion worth of purchases by 2015.
Another company that has sprung is Belly. Belly is a digital loyalty programs and offers perks to consumers based on the business. Users can use their card to earn points and redeem rewards. This will reduce the clutter in a person’s wallet just by becoming a part of this program.
Our Chicago corporate lawyers know business. Our legal counsel can provide the knowledge and experience your business needs to launch your new product or service locally, statewide, or nationally.