If you have looked into credit card processing for small businesses, you may know that there are many different types of payments and payment processing options. And with innovations in technology, these options are only going to grow. Let’s look at some of the most potentially impactful trends in the payment industry for 2020 and beyond.
Multi-experience transactions are those that involve consumers interacting and connecting with their favorite companies. With multi-experience, it will be important for businesses to provide consistency in payment options across all touchpoints, so customers can have satisfactory experiences on their phone, tablet, computer, or any other device.
Some payment processors have seen the value of collaborating instead of competing. In fact, this is what led to the development of Visa and Mastercard, as well as Zelle, a competitor of Venmo. While collaboration may bring many things, one of the most prominent developments could be in payment options that facilitate multi-experience transactions and technologies. These technologies may include artificial intelligence and machine learning, distributed ledgers, open APIs, biometrics, and payment hubs. Collaboration may lead to bringing about these developments sooner, significantly affecting the way major businesses approach payment.
Facial recognition payments have already become a trend in some parts of the world, including China. It is likely that facial recognition payments will become more common this year, bringing with them both benefits and pitfalls.
When compared to the speed of other types of communication, payments lag way behind the curve in tech advancement. Around the world, countries have been developing infrastructure and processes for real-time payments. As these payments become more possible, they are also likely to become more sought. Because these payments bring with them concerns of fraud, however, companies who provide them as a payment option will have new work to do to keep up with security.
In Australia, research has shown that customers are using contactless payments for 90% of purchases. China also is leading the push. If the rest of the globe follows suit, 2020 may be the year of contactless payments. Research is suggesting that during this year, contactless payments will become more and more common for businesses, and more necessary to be able to provide.
Customers are becoming more interested in using mobile wallets. Information gathered from one survey suggested that 64% of consumers surveyed plan on using mobile wallets more in 2020. This makes it look like it will become increasingly beneficial and even necessary for businesses to accept these types of payment.
As a company that makes a profit by taking payments, it is important for you to be aware of these upcoming payment trends. We at Moolah provide credit card processing for small businesses, but we don’t stop there. At Moolah we provide payment processing options that go beyond simple credit card payments. We understand that the new year may bring changes in payment processing for your business, and we want to help you stay ahead of the curve.