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Transforming Business With Mobile Payments

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This story appears in the January 2012 issue of Entrepreneur. Subscribe »

Power PayWhen Miki Nishihata opened Hello Bicycle in October 2008, he had some cool ideas for drumming up business. He stocked the quirky bike shop in Seattle's Beacon Hill neighborhood with an ice cream machine and an espresso maker--big hits, of course. But he was missing one important feature: His was one of 26 million U.S. small businesses that don't accept credit cards.

"Credit cards and me didn't get along," Nishihata explains, citing "exorbitant" monthly fees, long-term contracts, the cost of buying a card reader and the need for a dedicated phone line. As a cash business, he did OK, but felt he was likely losing out on some sales.

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