5 Payment Processing Industry Updates
In this day and age, technology is a very popular, fast growing advancement that continue to develop each day. With this technological evolution occurring, we spotted some payment processing trends for this year and listed them below:
EMV- The EMV chip card processor is progressing very fast. Many stores and businesses have adapted this chip card as well as the EMV technology. This technology will become a must for many stores that accept bigger credit card companies such as MasterCard, American Express etc. Studies show 60 % of consumers have already accepted these chip cards. For more information on the EMV technology head on over to our other blog to learn all about it.
Omni-channel- This type of payment processing means that customers can pay with numerous different channels in multiple ways. Omni-channel payment emphasizes the importance of satisfying customer payment expectations. Omni-channel processing wants to guarantee customers have a smooth payment experience when trying to purchase a product. If customer satisfaction is reached it will result in brand loyalty and familiarity which is one of the end goals for many businesses in regards to their consumers.
Security- A huge concern for consumers as well as businesses is security when it comes to credit card data. Everyone wants important financial information to be as safe as possible. This is why EMV, tokenization, and other security payment technologies are so significant and high demand due and the average customer’s yearning for reliable security features such as encryption of data. Three major technological elements for payments are the punching in of PINs, passwords, and fingerprint scanning, consequently creating convenience and more reassurance for the customer.
Mobile payments- Mobile payments are a very new, but fast growing way to process. SelfiePay, Apple Pay, Square and many others are all arising and will continue to, since the phones and mobile devices have become such big components of many people’s lives.
mPOS- Mobile Point of Scale is expanding in the business world. This is allowing big or small companies an affordable opportunity to accept different payment types. The benefits continue to grow such as the fact that it creates shorter lines, reaches more audiences, and is a convenience factor along with many other advantages.