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What You Need to Know About the Risks of Mobile Payment Apps

Learn how you can protect your business when it comes to point-of-sale systems for smartphones.

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This story appears in the June 2011 issue of Entrepreneur. Subscribe »
Mobile-Wary: Securitymetrics' Gary Glover.
Mobile-Wary: Securitymetrics' Gary Glover.
Photo© Matthew Turley

The first way to answer this question is with another question: How badly do you need to use a mobile phone point-of-sale app right now?



Most of the mobile POS apps released by companies like VeriFone, Square and others in the last 18 months employ a card swiper accessory that connects to a smartphone, though some may require a merchant to input customer credit card information using the phone keypad. The potential benefits: You unchain yourself from the cash register and the equipment and connectivity costs associated with a fixed, dedicated POS solution.



But Gary Glover, director of security assessment at auditing firm SecurityMetrics, says that for now, the apps carry risks for small-business adopters.

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