NEW YORK ( TheStreet) -- The time has come for business owners to accept that mobile payment systems are gaining in acceptance and that if you're not already on board your business is in danger of being left behind.
Wednesday's announcement that Starbucks (SBUX - Get Report) is partnering with Square to provide mobile payment options within its 7,000 U.S. stores and investing $25 million in the company was a major market vote of confidence in the mobile payments provider and for the movement in general.
Up until now, Square had pitched its mobile payment system primarily to small merchants, but the Starbucks announcement means the company and the concept have arrived, says Stephen Burke, vice president of mobile at Resource Interactive.
"Square works. Its transaction costs are lower, it's secure and it's just going to get better as they raise additional capital and begin to build out
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