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October 17, 2018

Top Trends Driving the Future of Payment Processing

Future of Payment Processing

The payment processing industry has changed over the last years, and it will continue to do so even faster in the future, considering the constant change in the customers’ behavior and habits, plus the rise of mobile payment platforms. Technology has reinvented commerce, and it opened doors to new ways of engaging with customers.

The universe of payments is continuously evolving. A significant number of changes have shaped the payment industry in 2018. The question is: is your business prepared for the future? The more you know today, the more you can prepare for tomorrow. Here are some of the top trends in the payment processing industry you can’t afford to ignore.

Put Customers First

Customers’ expectations are constantly growing, and businesses, no matter the industry, have to run fast to keep pace with them. Consumers expect more because they know that more is possible. In today’s market, customers expect payments to be fast, preferably instant, transparent, efficient and intuitive.

Consumers Want Rewards

Great customer experience provides great long-term benefits for both customers and merchants. Consumers nowadays expect you to care more about them and they want more and more rewards. According to a survey, half of the consumers have said they would switch primary cards for a higher rewards value, and more than 40% of consumers would make the switch for a major upfront bonus. Loyalty makes the world go round, so the best solution to increase your buyers’ experience would be to implement a loyalty program.

The Mobile Payment Industry Will Explode

In the past, the idea of paying with your mobile device seemed like a Science Fiction scene. Nowadays, with the constant use of smartphones in our daily lives, mobile payments have totally changed how we shop. If your business doesn’t accept mobile payments, it should because the future is here. Mobile payments, also known as mobile wallets, are a great convenience for both the consumer and the merchant. Mobile transactions have become more popular, are accepted at many locations, but consumers haven’t ditched the role of physical cards yet. The most used mobile wallets are Apple Pay, Google Wallet, Android Pay, Samsung Pay.

Credit Card Processing Infrastructure is Evolving

In 2019, consumers will continue to trust more and more mobile wallets and mobile payments. Payments infrastructure from the past is not made for the digital world. To keep up with the changes in the payment industry, merchants are investing in new technologies that can handle multiple payment types.

The beneficiary of all these trends is undoubtedly the consumers. But businesses focused on digital innovation have the chance to use these trends to create new and innovative experiences for consumers. The future promises great opportunities for merchants, so they need to follow and trust these new trends that reshape the world regarding the way we pay.

Payments are and have always been an integral part of our lives. If you are not processing credit cards with Chosen Payments, give us a call today at 855-4CHOSEN and find out how we can increase your bottom line profit by reducing your credit card processing fees and providing excellent customer experiences. We are dedicated to making a difference in the payment processing industry.

We are your trusted partner and a business consultant for merchants that accept electronic payments. We are experts in many types of payment processing services and our focus to be your partner in success.

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