The latest mobile point of sale (POS) payment solutions allow retail merchants to accept credit card or debit card payments directly via their smartphone or tablet. These services enable small business owners and individuals to process card payments without buying expensive additional hardware.
Here is how those mobile POS services work: At the time of a purchase, the customer’s credit card is swiped by a small reader that is attached to the mobile device of the merchant. The signature is collected directly on the screen of the mobile device.
There are several companies fighting for the mobile POS – most recently online payment veteran PayPal presented its own mobile POS solution PayPal Here.
The table below provides a brief overview on the existing mobile POS solutions: