If you're operating a small firm with a handful of employees, odds are you aren't letting customers pay with a credit card. The card readers are expensive, there are fixed monthly fees and the required credit check is onerous for start-ups. But did you know your smartphone can serve as a mobile credit card portal? The mobile payment industry is growing at a rapid clip with two service providers, Square and Intuit, leading the charge (see more at www.square.com or www.intuit.com). With either service, a customer gives you a credit card-they both accept all major cards-you swipe it, and the service provider charges a fee of about 2.7 percent of the amount that changes hands. There are no monthly fees, and each service works with popular mobile devices like the iPhone or iPad, as well as Android phones and tablets-they even give you the card reader. According to The Economist, about a million people use Square today, while Intuit increased its user count by 1,200% last year. If demand for these two services is any indication, your customers want you to have this payment option available.
