The retail-transaction market is constantly changing. Exciting new technology makes it simple to pay for purchases from virtually any where in the world with an Internet connection. Known as wireless or mobile credit card processing, the new money transfer modality has forever changed the way the world conducts business.
A leader in the development of Internet technology since its inception, Tej Kohli founded Grafix Softech, a privately held company in 1990 to offer turnkey solutions to E-Commerce challenges. Headquartered in San Jose, Costa Rica, Grafix Softech is known around the world for its cutting-edge technology and progressive payment gateway services.
Commenting on the rapidly developing technology of mobile money, Tej Kohli stated, “Developers of mobile telephony and payment applications are coming together to change the way world is shifting to mobile and in some of the developing countries there are people who are starting as smart mobile users instead of PC users. This creates a huge demand for companies to take business to mobile. New collaborative approaches are being launched in established markets in the U.S. that effectively turn phones into credit cards. This is real disruptive technology, changing the way that people think about established processes, and at the same time bringing a whole new group of customers and prospects into the market. The new ideas and demands that come with them will continue that process of disruption and change. What’s more is that collaboration is going to be global. Countries that used to be referred to as emerging markets have now arrived. Other developing economies are taking their place. Old certainties about who leads the world in innovation are about to be shattered. No-one can be sure where the next solution will come from, but developers in South Korea and Brazil are as likely to avail themselves of the opportunities as those in Silicon Valley.”
Over the past decade, many merchants have become increasingly mobile. Service providers such as home repair contractors, message therapists, limo drivers, delivery companies and vendors at concerts, craft fairs, roadside stands and trade shows readily accept payment using just their mobile phone and a portable instant swiping machine.
Prior to the advent of wireless credit card processing businesses were restricted to accepting payments either by cash or check. Cash isn’t always an option. Many consumers habitually of paying for all their purchases with a debit or credit card. For safety reasons, many people do not carry adequate cash to pay for an impulse purchase. Many merchants are hesitant to accept personal checks because of the high risk of fraud. Collecting a NSF check is time consuming and costly.
Experienced business owners know that their customers frequently purchase more when they have the option of using a debit or credit card. Wireless credit or debit card processing options are available for every type of businesses, large or small.
Plans offered by the majority of providers accommodate any type of merchant and are scalable to expand as the business prospers. Savvy small businessman can choose to select a plan that allows for accepting credit cards online without a long contract or expensive terminal fees.
Today, lacking the ability to process mobile credit card transactions, merchants risk a loss in business revenues. Business Daily News reports, “Accepting mobile payments —whether by accepting credit cards in the field or by letting users pay on-site with smartphones —is a must for businesses of all types.”