Small Business Payments - 2013 and Beyond
by Jo Shaer, on May 24, 2013
The FSB Conference sponsor, Visa, gave some clues as to the possible future on small business payments.
Life will remain tough for SMEs as recession becomes the new normal.
However, business owners will become more comfortable about being online and using the internet to run their business through their tablets or mobiles - but cashflow will be a massive issue.
The ability to take mobile payments online through credit card readers and pdq machines will be key.
Visa expect to see contactless transaction volumes quadruple in 2013 with more than 150,000 contactless terminals now in place. Commercial applications will revolutionise the way that the British do business.
With V.me cards by Visa, you register your selected payment cards through one of the digital 'wallet' providing banks. Then, you can make a secure online payment without revealing the full card details to the merchant. A bit like PayPal but using a card system rather than an online account.
The internet will become seen as a safe place as the public starts to understand that the real risk of fraud is substantially overstated. Visa say that it is currently at a historic low of 4p per £100 spent online.
Most importantly of all, the more effective methods of payment will mean the end of the traditional queues at checkouts. These will be replaced by self-service checkouts or sales advisors with mobile payment terminals.
It was interesting to read about the fraud figures - a programme on Radio 5 Live recently talked about the amount of online fraud that goes unreported because they felt that the police did not take such crime seriously and did not have the resources to deal with it.