A few years ago, ecommerce sites’ main challenge was getting a merchant account to accept credit card payments. Today, almost all ecommerce websites can easily acquire a merchant account for the purpose. Credit card payments are the norm, which means sites that don’t accept them will have a lot of dropped carts and unfinished transactions.
According to studies by Rutgers Online and its AACSB online MBA department, today’s focus is no longer credit card payments, but mobile payments. More customers are shopping using their smartphones and mobile devices, which means the entire shopping experience must be just as fluid and enjoyable on smaller screens. On top of that, the demand for mobile payment options is on the rise, especially with EMV-enabled cards and mobile wallets now more popular than ever.
To learn more about the rise of mobile payments, read the full infographic: Credit Cards and Mobile Payments: What Your Business Needs to Know for Now and the Near Future by Rutgers Online.