As technology ever changes, and customers ebb and flow, so does the payment processing industry. Here are three notable trends happening right now.
EMV Chip Technology. Six months from now, all credit cards will be EMV-chip activated. This means that payment technology is shifting. Now, instead of swiping a card, transactions will be conducted using the chip. The importance of the chip lies in its ability to improve secure transactions at point-of-sale. Starting October 1, liability for fraudulent transactions will now be the responsibility of merchants who have failed to implement chip-card technologies.
However, many merchants are not ready for the upcoming change. Proper understanding of the technology is not widespread, nor is the merchant capability for the acceptance of such cards. To help with this, the Electronic Transactions Association has issued an EMV campaign to target smaller merchants to help ready them for the transition. At the same time, PayProTec is launching a campaign to inform all customers of the steps that PayProTec is taking, and the necessary steps they will need to take.
Mobile Payment. Though the shift in consumers spending more time on mobile devices is happening, this up-and-coming technology has not quite taken off. According to a survey done by CreditCard.com, 64 percent of 1,000 consumers surveyed did not use mobile payments; most believing this style of payment wasn’t safe. To get this off the ground, it will take time. Not only do consumers need to be behind it, merchants must fully understand how to execute such technology.
However, it does seem that small to medium-sized businesses are on board with mobile pay devices. According to Cogent Reports At Market Strategies International, 40 percent of U.S. small businesses have adopted mobile card readers.
Just because it’s not rapidly sweeping the nation, mobile payment capabilities should still remain a priority on your radar. Predictions are high that this will be the new way of payment processing.
Payment Apps. Whether it’s an app to transfer funds, donate money, or pay for goods and services, consumers are using payment apps more frequently. A large appeal to the younger buyer is the payment app’s ability to combine purchases with social networking. Payment apps, like Venmo (venom.com) allow users to message one another while making transactions. On other apps, users can set up complete profiles and find additional app users through Bluetooth technology.
Payment capabilities are heading more toward convenience and the power of the consumer. To ensure you’re at the top of your game when it comes to payment processing, speak to one of our representatives today to learn how we can help your business keep up, stay ahead, and move forward.