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Payment Trends for 2017

February 13, 2017

 

With technology on the rise, payment trends have evolved and improved, helping ease the process for both merchants and consumers. Below we are going to list 5 of the biggest payment processing trends of 2017. 

 

  1. Mobile Payments: More and more companies are hopping on board to use mobile payment processing. You’ll find many popular brands are now mobile wallet-compatible to make paying easy for customers at the touch of their hands, and on many different mobile devices too. 

  2. Cloud-Based POS Systems: POS systems are helpful as they make business owners and customers lives easier, accepting different types of payment methods like cash, debit, credit, or gift cards while also tracking inventory, and sales. It gets better now, thanks to cloud based systems like the Clover. You can now access all your information anywhere, any time, and build stronger relationships with customers. 

  3. Subscriptions: A new emerging business model is subscription services. Subscription services are when a customer only has to pay a certain (usually smaller) subscription amount in order to get the product or service on a continuing basis. This type of service first originated for magazines and newspaper type industries, but now businesses and websites are joining this new model as well due to the success.

  4. Rewards: What successful business doesn’t know that consumers love rewards? For the new year, consumers’ cravings for reward points have increased. This opportunity however comes with more responsibility for businesses as the rewards increase. Businesses need to really get to know their customers and their needs for better control and outcomes. 

  5. Mobile Ordering: Customers also love the option to order through mobile. A ton of restaurants, whether chains or local, are now offering up ways for consumers to use mobile as an option for picking up and delivery. Customers are able to choose location, then places and pays for the order right on their mobile device. This is a testament to how much customers love the convenience factor. Because they’ve pre-paid, customers can also just walk in, pick up their order, and leave with no hassle. Some restaurants are even offering mobile orders with delivery, where consumers place and buy their order with their phone and then get everything delivered to their doorstep without having to move a muscle.

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