In fact, Square, the original mobile payment processor was started when Twitter co-founder Jack Dorsey heard a story about how one of his former bosses, a St. Louis glassblower, lost a $2000 sale because he wasn't able to accept credit cards. Dorsey knew there had to be a way to fix this problem, and Square was born! 

There are a lot of reasons that small business owners have avoided credit cards in the past. Most credit card companies charge a ton of fees, and you have to sign a long term contract. Add to that the need to purchase or rent a card reader, and the cost of adding an additional phone line just for credit card payments, and that adds up to a ton of reasons to avoid credit cards. But, not anymore. Mobile credit card processing is changing all of that.

Now, small business owners can accept payments directly through their smartphones, avoiding extra fees, and increasing business exponentially. The business owners who are taking advantage of mobile payment processing are vast and varied, from the food truck vendor, to the florist on the corner, to the tomato booth at the farmer's market.  Individuals can even get in on the mobile payment action if they want to accept credit cards at their yard sale, school bake sale, or kid's lemonade stand! Small companies and start up businesses are finally experiencing the same possibilities as larger companies, and this is leveling the business playing field! 

The market for mobile payment processing is definitely growing. According to investment bank Barclays Capital, U.S. mobile commerce sales--(purchases made on smartphones and tablets)--hit $5.3 billion in 2011, up 83 percent from the previous year. It's plain to see that the desire for mobile payment processing is there, and it benefits everyone. Customers are happy because they can get what they want, when they want it, without having to carry cash around. Business owners love the increase in sales, and the ability to give their customers what they want. It's obvious to see that mobile payment processing is the wave of the future. 

"It's a better way," says Mark Herrington, executive vice president of global product management and innovation at First Data, an Atlanta company that handles payment processing and verification for 4.1 million U.S. merchant locations and provides partner services for the Google Wallet mobile payment system. "At the beginning of 2011, we asked people how long it would take for phone transactions to surpass credit cards, and most said 10-plus years. Now it's three to five, because it's become clear that consumers, especially younger generations, are passionate about mobile phones and make shopping choices based on how they want to pay."

The options for mobile payment processing are growing as well. It started out with Square, the mobile payment processor for American Express.  Square was the original, with it's free card reader and app. However, now there are several options out there, depending on what your needs are. Intuit GoPay is another option, allowing merchants to accept American Express, Mastercard, Discover and even Visa.   PayAnywhere is another popular option with many extra features. These are only scratching the surface of the mobile payment processing world, and there are many more out there. If you aren't sure where to begin, you can read a great article comparing four of the most popular mobile payment processors here. It's obvious that mobile payment processing is the future, and the future is now, so we all better get onboard! 

However, while we are all ready to get aboard the mobile payment bandwagon and start shopping with only our mobile phones, it is important to remember safety and security when doing so.  There is a great article here that reminds all of us how to be informed and make sure that our mobile payment information is safe and that we are not putting our finances or our credit card info in danger. The possibilities of mobile payment processing are truly endless, and now, small businesses are finally able to experience the success that they have always dreamed of!