Payments in 2010: What Business Owners Should Know

This is a guest post by Stella Fayman of FeeFighters.

It’s hard to believe 2010 has come to a close, but looking back, this was a great year for consumers and business owners alike when it came to payment innovations. Here’s what happened:

Payments Startups– Awesome startups like inDinero and WePay launched, addressing direct payments issues and making life easier for business owners and consumers alike. Even established payments companies like PayPal released many new innovative features, including integration with many different partners such as Verifone for mobile payments, and a platform for microfinance.

Interchange Discussions
– This was a big year for interchange (the fee that banks get per credit card transaction, and which is set by Visa/MasterCard). With the Dodd-Frank Wall Street Reform Act of 2010 going into effect, merchants benefit from a proposed rule lowering debit interchange fees. Hang on though, the rule will be negotiated until February, and other fees may rise to make up for the lost revenue to banks.

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Flexibility– Merchants saw the rise of mobile payments solutions this year, especially with the debut of the iPad and Square. More options exist now than ever for merchants to use their mobile devices securely to accept payments. A business owner can start accepting payments quickly without the hassle of getting a merchant account with some providers such as Square.

FeeFighters.com is the comparison shopping site for credit card processors. FeeFighters lets business owners compare top quality processors on an apples-to-apples basis, similar to using Priceline for travel. If you have any questions, feel free to email Stella at stella (AT) feefighters (DOT) com.