Paying for goods and services online seems slower and far more difficult than it ought to be. Even the most sophisticated applications have billing systems that are not user friendly in comparison to their other features.
In today’s world, Payment gateways successfully provide end-to-end solutions for seamless customer experience. They are the key medium to help merchants receive card payments in both the situations, i.e., card present and card non-present transactions. For increasing the value added services, payment gateways have integrated front-end services of newly available banking platforms.
The future is calling…are you prepared to answer?
If mobile wallets take off in the way the analysts expect, they could become the biggest shift in the fintech world. This is particularly ripe for retailers. Using mobile wallets, they can enhance transactions and improve the overall shopping experience.
Restaurant owners don’t trail far behind the big players. With the emergence of quick service restaurants (QSRs), customers can get their meals fully prepared without going to the restaurant, visiting the nearest ATM, and taking out a wallet.
Make EMV a priority:
EMV chip cards use embedded chip card technology to add another layer of protection against theft and fraud. The cards dramatically reduce the occurrence of card-present fraud, and US merchants have many options in new credit card terminals.
Shoppers will be offered an increasing variety of experiences.
For a long time we had two primary payment experiences—you either went to a store and handed your payment to a cashier; or you shopped online and entered your information on a checkout page.
You might also visit a restaurant, and order and pay on an iPad. You might even receive a text with a link to a payment page to make a donation to your favorite charity, for instance—imagine how quickly payments could be made using texts bundled with eWallets!
We expect to see an even greater variety of payment experiences to emerge in 2019.
The blockchain is to watch out this year. In 2018\9, it’s all set to make financial reporting much more transparent and secure. This is why the latest trends in payments industry fuel the growth of BTC and other cryptocurrencies.
Today’s world moves toward seamless digital transactions, allowing you pay via whatever device you pick up. As trends in payments continue to evolve, so does the consumer technology.
Since technologies always move forward, credit cards are no longer enough for an average user. That’s why card-to-cloud transition may happen in the nearest future.
Partner with an expert:
There’s no clear path through today’s increasingly complex payments landscape— which is why choosing the right payment processor is more important than ever. Make sure the processor you work with has experience in your industry and will not push cookie-cutter solutions. Instead, they should serve as both a provider and an advisor by setting you up with the credit card technology that suits your needs today and in the future. Afterall, it’s your processor’s responsibility to keep pace with the latest payments technology, taking care of payments so you can take care of business.
Have questions? Reach out to one of our payment experts to discuss your options.