![]() These are widely used for everyday transactions. Users can send and receive money through their smartphones via real-time peer-to-peer (P2P) apps like PayPal and Venmo. Fortify your payment gateways, secure confidential data, and only use reputable processors. While it’s impossible to eliminate the risk of cyberattacks, you can use AI systems to manage the risks. Many SMBs even avoid POS systems due to these threats. Overreliance on modern payment processing systems carries several cybersecurity risks-e.g., data breaches. Apart from attracting new customers, frictionless systems also encourage repeat purchases. These systems track payment details so that customers can make repeat purchases without having to fill out the time-consuming forms on checkout pages. To minimize shopping cart abandonment and bounce rates, streamline your shop’s checkout process with frictionless technology. If you have slow-loading popups that take two or three seconds longer to load, site visitors will likely turn to your brand competitors. Trust us-digital natives have a short attention span. Slow payment gateways, tedious forms, and lagging checkout pages all increase the risks of cart abandonment. Surveys suggest that more than 64 million individuals have used proximity-based payments apps in the past year. While card payments remain the number one payment method in the country, mobile wallets are quickly gaining popularity as well. If you don’t accept mobile payments yet, now might be a good time to expand. Some popular options include Durango, Payment Cloud, and Soar Payments. These institutions have several fraud-preventing systems in place specifically designed for at-risk merchants. The criteria vary on a case-by-case basis, but most high-risk merchants deal with pornographic material, forex, crypto, tobacco, or CBD products.įortunately, you can mitigate the threats by working with high-risk processors. Processors generally avoid businesses prone to fraud payments. Some upcoming payment processing trends to watch out for include the following:įraudulent transactions pose the most significant risks in processing electronic payments. If your business fails to keep up with the most widely used payment options, you might get left behind. Reports even indicate that 58% of SMBs get asked about their card and mobile payments every day. Customers nowadays only patronize stores that carry a broad range of payment options. Modern POS advancements reshaped market shopping demands. Furthermore, consumers now have dozens of alternatives to in-person cash payments-from prepaid cards to mobile wallets. Modern eCommerce platforms allow even local shops to accept customers halfway across the globe. The payment processing industry has evolved significantly in the past decades. What Are the Upcoming Trends in Payment Processing? That way, you’re already utilizing the newest systems while your competitors haven’t even adjusted yet. Statistics even show that 40% of all POS transactions now consist of credit card payments.Īre you struggling to find a good starting point in exploring payment systems? Don’t worry-we’re here to help! If you want to gain an advantage over your competitors, start exploring the upcoming processing trends before they turn mainstream. Remember that the payment processing industry evolves at a breakneck pace. Otherwise, the competition will leave you behind. As a business owner, you need to stay updated on the latest in-person and online payment processing trends.
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