Bitcoin. Apple Pay. SquareWallet. Card.io. Jumio. DigitalWallet. Venmo. Dwolla. If you are not familiar with this new lingo of cashless payments and their related verification systems, you had better get up to speed.
The times … they are changing. Or should we say, there is no more change, or cash for that matter. There are just mobile forms of payment that could make life a lot less complicated for both the seller and the buyer.
This is such a new and rapidly changing landscape that the ways in which we pay for things and which businesses then account for those payments are still working out the kinks.
While they may appear to be seamless and broad-based, cashless payments are actually somewhat limited at the present. For example, SoftCard developed by Verizon, AT&T and T-Mobile, only works with American Express, Chase and Wells Fargo. And LoopPay, which works with a magnetic swipe, requires that the consumer buys a separate phone case with a special transmitter.
These are all relatively minor issues when you view mobile payments as the transaction of the future. Is your delivery person using a credit card reader attached to his phone to process payments? If so, you are on track to take full advantage of the new technology.
Mobile payment processes are but another in a growing list of electronic and digital methods to make the restaurant owner’s life (and his customer’s) easier. Online ordering, for instance, has helped pave the way towards streamlined menu fulfillment, back-of-the-house efficiency and improved customer relations and accounting.
Here is a quick view of some of the mobile payment systems now on the market:
Like anything worthwhile in the digital world we live in, mobile payments are, to “coin” a phrase, “a dime a dozen”. So, it pays to be aware of this fast changing world and to be prepared to take advantage of them as they arise.
What’s more, this may end up being a customer relations nightmare down the line. Will you have the right system in place to accept the most popular digital forms of payment? How will you know which mobile payment form works best?
It may be a while until we are living the cashless life. But millions of mobile subscribers are already paying for purchases with their smartphones. And the industry will be worth a purported trillion dollars by the end of 2015.