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Guide: Mobile Payments for Startups and Small Businesses
Innovating the payment process may be a great idea, but any entrepreneur looking to enter the innovative payment processing market should be aware of the following guidelines:
Don’t attempt to fix what is not broken. If your idea 
causes merchants or consumers to take extra steps to complete a process, are you really selling something that will be worth their effort? Will your customers have to invest in expensive new technology? Will transactions actually take more time than they currently do?
Don’t attempt to solve the problems of the customers. Customers really aren’t looking for new and exciting ways to pay for goods. There are lots of merchants and fewer customers, so gravitate toward the area you can help most expediently.
It’s not about your company. Consumers really don’t care who their payment processor is. Although credit and debit cards aren’t as smart as phones, they do work, so don’t think that flashy technology hardware with your company’s name embossed is the answer.
Go for startups. Big challenges, plus small aggregate numbers equals to big opportunities. Try for lots of small business victories that will eventually add up.
Watch out for standalone wallets.We all know that Square has been successful, but there is little room for digital standalone wallets. Don’t be fooled by one company’s lucky experience.
Don’t build a business on QR codes. Only Japan has seen success with these and even there, scanning phone numbers is becoming a more preferred method.
Stay away from NFC. Those who think NFC is the next best thing may very well be disappointed. NFC checkouts can take longer than credit cards.
Social media is not your savior. No one wants to stream purchase data and platform risk can be a big issue.
Banks are worried about becoming commodities. If you can somehow help them to retain their indispensability, you’ll be a winner.
As in any business, services and service reign supreme. This business is no different. If you want your company to gain customer loyalty, customer service needs to be your main concern.
Watch for Amazon, Google and Starbucks to totally reshape this payment industry. Pay attention to the above guidelines and you can go along for the ride.
About Jim Jacques
Jim Jacques is the President of United Virtual Office, a leading provider of virtual offices for entrepreneurs and small businesses. They entail a prestigious business address in cities across the US, a Virtual Phone Services for answering and forwarding your business calls, courier services and more. Google +
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Top 10 Mobile Apps for Startups and Entrepreneurs
The recent rise in technology has whipped entrepreneurs into a smartphone frenzy. With most smart devices giving users access to a concoction of applications, it is no surprise that over 88 percent of entrepreneurs rely on applications like the following to help them manage business.
Rock The Post
This app is powerful for new entrepreneurs. Simply upload posts relating to planned projects, reach out to networks interested in swapping resources, and get your idea endowed.
Mail Chimp
Entrepreneurs have been relying on Mail Chimp to connect with their target audience since 2001. Extensive newsletter lists can be controlled and tracking data makes monitoring campaigns easy.
Hoot Suite
Hoot Suite boasts over three million users and allows for business maintenance when on the move. Use the integrated analytics to stay updated with social media presence.
Square
E-commerce business owners can accept credit card payments out of office with Square. This app was created by Jack Tors, the co-founder of Twitter, and it can really help boost profits.
Legal Zoom
When you need to examine legal documents use Legal Zoom and avoid business disruptions, because this app enables you to gain access without lawyers.
Expensify
More convenient than calculating transactions with standard methods, Expensify synchronizes purchases to credit cards so that expense reports can be generated.
Open Table
Save time organizing trade shows and meetings with Open Table and reserve tables through your device in 150,000 worldwide restaurants.
Glympse
Phone communications can be tedious but with Glympse, you can inform business associates of your location using Google Maps, with date and time of arrival included.
Tood leDo
ToodleDo enables you to clean up your schedule in central locations by categorizing priorities, targets, task duration and to-dos.
Docstoc
Docstoc introduces various templates for documents, which can then be transferred to devices and accessed instantly.
About the Author
Jim Jacques is the President of United Virtual Office, which provides business owners with virtual office services to help them save money and grow their business. Virtual Offices include a prestigious business address in myriad U.S. cities, Virtual Phone Services, courier services and more.
About Jim Jacques
Jim Jacques is the President of United Virtual Office, a leading nationwide provider of virtual offices for entrepreneurs, startups and small businesses. A virtual office includes an address at a prestigious business location in the US, live virtual receptionist, courier services and more. Google +