The integration of technology into the payment industry has revolutionized the buying process. As technology in merchant services and payments gain steam, savvy businesses are leveraging new processes and tools to pave the way for more efficient and secure payment processing. Here are a few big trends we are seeing out in the field.
1. Buy Now Pay Later
Offering consumers the chance to purchase what they really want without paying the total upfront has proven a successful move for many reasons. Online sellers can boost sales as buyers add more to their cart and abandon it much less. The flexible payments keep a steady stream of income flowing in and build confidence with buyers. The buy now and pay later trend can transition through the seasons – we expect it will only improve from where it’s at right now.
2. Mobile Payments
Though mobile payments are not the most innovative thing to hit the market, their presence skyrocketed during the global pandemic. With much of the world at home and stores with closed doors, mobile payments became a preference. Additionally, consumers turned to more convenient, contactless ways to pay to increase their personal security and reduce health risks.
3. Seamless Transactions
Something that will never go out of style is seamless transactions from start to finish. Consumers will turn away from businesses with kinks in their buying process – even paying more to enjoy less hassle and smoother payment processing. If there is one accessory that all businesses should rock this season, it is improved efficiency and instant, seamless transactions.
4. AI and Machine Learning
AI and machine learning are taking all industries by storm, helping to make the most daunting tasks manageable. Among two of the hottest trends for merchant services are automation and personalization. Both of these evolved processing practices add a personal and human touch to an otherwise robotic world. Fusing payment processing with AI and machine learning allows businesses to process payments seamlessly while ensuring secure connections to protect sensitive data.
5. Cloud Migration
The cloud seems like a mystical place, one which exists but one cannot see. While some businesses run the other way due to the technology involved, others have found ways to make the cloud work for them, enjoying all the cloud has to offer. Sending apps up to the cloud and creating workflows that instantly and securely process payments is something that every business should aim for, providing customers with the best possible buying experience.
6. Crypto
Crypto was everywhere on display at Money 20/20. However, its adoption in payments is still muted. Alongside Real Time Payments (RTP) and FedNow, this is an area of potential tectonic shift going forward.
