Does the idea of falling victim to fraud make you reluctant to accept mobile payments in your business? If so, it’s time to reconsider, or you could lose customers to competitors who do accept mobile payments.
Mobile payment processor Square estimates that mobile payment volume will hit $75 billion by the end of 2017, and projects mobile payments to hit $503 billion by 2020. Customers like the convenience of using their smartphones to make purchases, and mobile payments have become more widely accepted among businesses.
If your small business accepts mobile payments in-store — or online through an app or website — there are a few things you need to know. Learn what mobile payments are, why you should accept them, and six specific ways to reduce the chances of becoming a victim of mobile payment fraud.