You don’t have to be a fortune teller to see what’s coming in certain areas of tech. With knowledge of the payment options that are already here, it becomes simple to see what’s just around the bend. Let Moolah, one of the best credit card processing companies for small business, take you on a quick tour of what to look for in the (probably very) near future of payments!
“Merchant pay” refers to the process of using a retailer’s own mobile wallet to complete a payment, typically through an app that’s been downloaded. It’s quick, convenient, and on the rise. One of the fore runners is Starbucks, which, as of 2017, reports that mobile order & pay accounts for 10% of its in-store sales, and it’s set to keep growing.
The difference that makes this possible is the shift in customer perception, which in turn, has come from how convenient the advances in tech are making these forms of payment. As a result, a growing number of people want to see more of these types of transactions. Retail wallets hold dramatic potential on into the slightly more distant future, too. Imagine in-aisle scan-and-go technology being incorporated with a mobile wallet. In effect, you’d be able to walk around Target, scan and bag all of your items as you go, and simply walk out of the store, without ever waiting in line. Although it may not be happening in 2018, that kind of ease is getting people excited for Merchant Pay.
We all know well enough about EMV technology. A review in a nut shell, EMV is more fraud-resistant because the imbedded chip in your card generates a unique token which can’t be duplicated. Going forward, this tokenization method may be implemented across e-commerce channels. This is rapidly becoming the main arena of fraud, as criminals (due to the new EMV securities) are searching for vulnerabilities in these channels. “Omnichannel tokenization,” a formidable-sounding technology, will likely begin rising to the occasion in 2018 to combat fraud and protect merchants and customers as shopping continues to move online and away from POS terminals.
You may have noticed how those EMV transactions are, for the most part, speeding up. People hate to wait, and this also rings true for account-to-account transactions, such as those that take place when you pay your utilities, or pay the salaries of your employees. Real-time fund transfers are the goal, and providers are trying their best to offer technologies that make this possible, while not causing upticks in fraud. Things will likely speed up as new tech shake ups, such as PSD2 in Europe, approach.
What’s on your horizon for 2018? If you find yourself looking for the best credit card processing for your small business, Moolah may be in your future.