Provider of electronic payment solutions Vanco Services announced a new service to give clients the ability to accept payments and/or donations sent by text message. In other words, Vanco’s solution doesn’t require a high-end smartphone – any handset that can send and receive SMS will work just as well.
Those unfamiliar, myself included, should know that Minnesota-based Vanco is a PCI (Payment Card Industry) Level 1 Compliant Service Provider, offering several electronic payment solutions that may be deployed individually or as a comprehensive suite. The company currently processes electronic payments for more than 15,000 clients.
We haven’t seen this technology in action so can’t comment whether we like it or not. One thing is certain however – mobile payments market is heating up and everyone, both small and big players, want their slice of the action. The question is whether Vanco has what it takes to compete with the likes of Google, Obopay (Nokia), PayPal and others. We’ll definitely be watching this market and let you know as soon as something interesting comes up. Stay tuned…