When it comes to Mobile card reader, the technology is still in its nascent stage and the adoption rate of mobile card readers by MSMEs is low.
From
the ability to convince potential users to use mobile
card readers, and educating them about the potential benefits of them, to security and convenience issues,
the challenges faced by the vendors are huge.
In fact, the main difference between mobile card
readers and traditional point-of-sale (PoS) solutions is the hardware used. Mobile card readers are smaller and can be attached to mobile devices such as smartphones or tablets, unlike other payment terminals that are connected to a computer. They are easy to use, portable, and require less setup time to start accepting card payments.
Earlier,
card issuers were liable for credit card fraud whereas retailers were mostly
exempt from it. In the US since
October 1, 2015, this liability shifted to retailers in case they fail to adopt
chip-and-pin technology. Payment networks implement this policy with EMV in
order to reduce fraud.
Small businesses are reluctant to accept cards because of the numerous banking procedures involved, multiple fees charged by banks, and complex transaction process involving multiple devices.
Small businesses are reluctant to accept cards because of the numerous banking procedures involved, multiple fees charged by banks, and complex transaction process involving multiple devices.
The availability of mobile card readers brings up low-cost alternative
to traditional PoS terminals.
According Research and
Markets, among Key
vendors we have: - Electronic Merchant Systems (ems+)
- eWAY
- EzeTap
- Ingenico
- Jusp
- LifePay
- Mswipe
- PayAnywhere
- Payleven
- PayPal
- Square
- SumUp
- Verifone.