by Ty Hardison

Study: Mobile payments growing in popularity

As innovative payment solutions continue to make their way into standard business operations, those tasked with buying products for their respective companies are speaking up and voicing their opinion.

The rise of mCommerce has been slow but steady. While eCommerce has only just begun to establish itself in the B2B realm, mobile payments may soon take its place. After all, B2B transactions only moved from a primarily consumer operation to the business space after its enormous success in the former division. Mobile is following suit.

A recent mobile commerce study has revealed that 29 percent of consumers would rather pay via their smartphones or tablets instead of credit cards or cash. While this usually means paying at a brick-and-mortar retailer by scanning a mobile device, as online capabilities continue to improve on these gadgets, it has also grown to include the procurement of goods via various shopping apps and business mobile websites.

It's no surprise that this preference is beginning to shift to the B2B realm. However, if procurement specialists are going to use their phones to make B2B payments, vendors must equip themselves with appropriate solutions to not only provide a good buying experience, but also streamline the transaction process, protect customer information and ensure that they receive the highest possible value from each sale.

Obtaining a payment gateway optimized for the mobile experience is a step in the right direction and will allow vendors to cater to new needs, but companies must look after themselves as well. This gateway will have to contain payment solutions that allow them to process Level 3 data with line item detail. This lets vendors pay the lowest possible interchange rate. 

by Ty Hardison

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