Entrepreneurs and small business owners may have a number of reasons that they would like to be able to do mobile payment processing. Now that smartphones are so advanced and applications are available to do just about anything, it is increasingly possible to accept mobile payments via your cell phone. This allows people to make sales of their products and services no matter where they are without having to go through a lot of the hassle of figuring out remote payment systems. This is ideal for individuals who don’t want to carry a lot of junk around with them but who do want to accept credit card payment while they’re on the go.

Who Can Use Mobile Payment Processing?

Anyone with an interest in accepting credit card payments on their mobile phones can do so but there are some people who are more likely to benefit from this service than others. Examples of people who could really make use of the ability to accept credit card payments by mobile phone include:

- Individual on-site service providers such as massage therapists, house cleaners or pet sitters. People who are going to the location where they are providing a service will find it particularly useful to be able to accept credit card payments on mobile phones. They can just show up, perform the work and accept payment via their phone before leaving.

- Larger businesses that send contractors to sites. Any business that sends people to a site to complete the work there may find that it makes sense to use mobile payment processing on site as soon as the work is completed.

- Small business owners who sell products at conventions or festivals. There are a lot of artists, fashion designers and farmers who sell products at street fairs, markets and festivals. There are also many small businesses that set up at annual conventions and make sales there. This can be done with a credit card scanning system but it might be more cost-effective and efficient to accept payment via the mobile phone.

- Any businesses that are currently cash-only. Even a business that has a single physical storefront location may benefit from the use of this type of service if it is currently a cash-only business. It is a really easy way to begin accepting credit cards which is something that can easily increase sales (and profits) for this type of business.

Accepting Credit Card Payments on your Mobile Phone

So how do you go about accepting credit card payments on your mobile phone? The best option is to get a smartphone and to add in an application that allows you to accept mobile phone credit card payments. The iPhone is particularly a good smartphone for applications like these but with ap stores growing for all smartphones it is also possible to use a BlackBerry or an Android Phone to accept mobile credit card payments. The newest services are available to anyone with a mobile web connection.

Some of the top services out there for accepting credit card payments on a smartphone are:

- Intuit GoPayment. Intuit has just announced the release of GoPayment which seems to be one of the easiest-to-use systems available to date. The service can be used as an application on some phones (including certain BlackBerry and Motorola models) but it can also be accessed online by anyone with a phone that has a mobile web connection. The customer uses your phone to enter basic credit card information, the payment is processed and you can issue an email or text receipt for the transaction. What really seems great about this new service is that it offers more options for people who will be making frequent transactions. It is possible to get a credit card scanner and a receipt printer for use with the service. Many people won’t want these added extras since they defeat the purpose of the ease of using just a mobile phone to accept credit card payments. That’s fine; they aren’t necessary. However they’re available to people who do want them. This service is particularly good for people who are already using Intuit’s Quickbooks software because it can integrate with that to keep transaction accounting organized.

- Squirrel. This product is a new business venture from Twitter co-founder Jack Dorsey. The details are limited because it’s not available yet but rumors indicate that it’s a method of accepting mobile credit card payments on the iPhone. It can be used as an iPhone application or as a stand-alone device added to the iPhone. What’s neat about the add-on device is that it attaches to the iPhone and relies on the swiping of a credit card for power so no additional power is taken from the phone to accept payments.

- Credit Card Terminal from Inner Fence. This is one of the most well-known iPhone apps available for processing credit card transactions on the phone. You simple access the app on the phone using your Wi-Fi or 3G connection and then enter basic credit card information from the customer. There is the option to add additional information for your own records as desired. The payment is processed immediately and the transaction is complete.

One More Step in Mobile Banking

The new ability to easily accept credit card payments on mobile phones is just one more step in the industry of mobile banking. This is an area of business that has been growing rapidly in the past year or so. Entrepreneurship and small business ownership are also continuing to grow. Being able to accept credit card payments via the mobile phone helps these business people in the area of mobile banking and assists them in expanding their businesses. People want to be able to make payments easily no matter where they are and mobile banking is exactly what is making that happen.