Small Businesses Assess Mobile Payments

NEW YORK (TheStreet) -- Mobile payments technology is a hot area these days, with everyone from Visa (V) to Google (GOOG) to small firms such as Square jockeying for position on the mobile-offering bandwagon.

While the jury is still out on dominant players or best practices, small-business owners need to start educating themselves on mobile strategy -- if they haven't done so already.

"There are tons of tangible benefits already and we're just at the beginning of the benefits," says Chris Battles, head of product management for Intuit's (INTU) Payments Solutions.

Intuit offers small businesses its GoPayment system, basically a credit card reader that attaches to a smartphone. The transaction can be downloaded into Intuit's QuickBooks financial software for businesses.

"The value of the small business is going to continue to increase as the power of these devices are deployed ... to help them with customer management, loyalty programs and making the rest of their business processes more efficient," Battles notes.

According to a November report by Aite Group, mobile payments (which includes bill payments) will account for $214 billion in gross dollar volume by 2015, up from $16 billion last year.

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