This complexity in the modern world of the Internet and high technologies makes it difficult to see what you can expect in the payments space. However, several key trends are already predictable. So, let’s move forward and look at these trends, as well as find out where you can get the right tech support merchant account for your business.
Top Payment Trends & Tech Support Merchant Account
Cash, paper checks, payment cards…These were playing the central role some time ago. Now, there’s a proliferation of all different kinds of mobile applications, virtual assistants, and IoT devices that make a real revolution in the payments world as you knew it before.
Here’re the top payment trends to expect in 2019 and beyond:
- Growth of the machines/device completing payment activities for you
- Increased use of contactless payment cards by consumers/merchants in the US
- Growing use of mobile wallet among merchants and consumers
- Growing role of P2P options, such as PayPal’s Venmo and the bank-supported Zelle
- Increased adoption of China’s mobile wallet
- W3C (World Wide Web Consortium) quickly turning into a maincog in future payments security
- Growth of new players such as payment facilitators, independent software vendors, value-added resellers, new independent sales organizations and acquirers, and a number of fintechs and startups
- Growing focus of the APIs(Application of Programming Interface)-related conversations on POC (Proof of Concept)
- Increasing role of real time in the payment space, driving more focus from real time to predictive
- Increased control over the experience, such as payment mechanism controls
- The new value propositions and new entrants reshaping the banking landscape in the next decade
- Data’s growing role as the primary fuel that drives all other value propositions
- Growing importance of trust as the ultimate customer-centricity measure
- With new Immediate Payment initiatives emerging online too often these days, the overlaying services based on the older batch-based processes will near their expiry and adapt so to survive
- Standards remaining a hot-button topic over the upcoming years as more and more regions introduce PSD2-like regulations
- Inactivityopening up some risks, which will start to materialize this year
- Fintech-related regulation appearing in the corridors of power
- Merchant back-offices and financing options integrating global, cross-channel, POS solutions for the purpose of reaching scale
- Growingfocus on providing even more customer-centric services forconsumers via mobile banking
- Given over 20 billion IoT deviceswill appear by 2020, the importance to have the right level of security for the digital channel will grow
Taking into account all the new developments and changes in the payments field, it becomes of special importance to work with a reliable and experienced credit card processor. This is how you can be sure to enjoy the most secure, advanced, and cheapest rates for merchant services, including a tech support merchant account.
The universe of banking and payments is evolving and undergoing major changes more rapidly as ever before. So, it’s critical to be aware of all the significant shifts in the payments industry so to be able to grow your business successfully.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers the most secure and cheapest tech support merchant account in the industry. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.