Small businesses have begun to quickly adopt mobile payment processing. According to ControlScan Inc.’s recent survey, out of 6,186 small businesses 21% had adopted mobile payments at the point of sale (POS). This is up 4% from 2013. Another 4% of the sampled businesses said they were in the process of converting to mobile POS. When asked why they preferred to integrate mobile POS into their daily transactions, the businesses stated they found that customers enjoyed the convenience and speed of mobile payment processing. However, is every small business ready for the power of mobile POS?
With the success of startups like Square Inc., ISOs, big merchant acquirers, and tech specialists, businesses have their pick of the litter for mobile payment processors. But along with ease of processing for merchants and convenience for their customers, mobile POS has brought a lack of concern for security. Out of the same group of respondents that identified themselves as mobile POS users, 63% reported not being concerned about security. 27% said they were somewhat concerned, and only10% were very concerned.
Another horrific statistic that the ControlScan Inc. survey revealed is that 40% of the businesses that institute mobile POS, allow employees to use their own personal devices to process transactions, while only 60% of employers provide mobile POS devices. The PCI Security Standards Council, an organization that institutes mobile data-security standards, notes that many off-the-shelf mobile devices don’t meet generally accepted information-security standards. This means that as many as 63% or more of consumers who frequent businesses that use mobile POS could be in danger of having their data stolen.
If you have a high risk merchant account, chances are you are looking for a credible payment processor who will not charge you excessive fees to handle your account. In addition, you will also need an experienced team that can ensure the safety of your customer’s data if you choose to institute mobile payment processing. Contact eMerchantBroker.com to learn more about our secure payment processing for your high risk merchant account.