NEW YORK (MainStreet) When fashion and portrait photographer Elizabeth Waugh incorporated Square's detachable device into her business, she was suddenly able to process credit card transactions with a swift swipe of her cell phone.
"Some designers I shoot for only pay with a credit card," said Waugh who counts Elie Tahari and Pamela Love among her high-end clients. "The Square app on my iPhone gives me a convenient additional payment option I can easily offer clients."
With newfound mobile freedom, Waugh no longer has to depend on payment via check, wire or Paypal.
"Now I get paid within a day or two. I don't have to wait weeks for my invoice to turnaround," Waugh told MainStreet.
It's mobile trends like these in the finance space that may finally free mere mortals from the constraints of their desktop and eventually convert their iPhone or smartphone into an ATM complete with cash.
"It'd be great if today's banks offered the service of depositing checks in larger amounts through my cell," Waugh said.
With the advent of 3G and 4G cellular networks, Internet speeds which were impossible to attain even 10 years ago are now available on mobile phones. That could be a game-changer in the mobile wallet space.
"A fast Internet connection coupled with a low latency is essential when transmitting large amounts of financial data and making time-sensitive trades," said OANDA Mobile Product Manager Reuben Piryatinsky. "Modern smart phones and tablets have the processing power to display financial information, news and allow the analysis of data."