The start of a new year is traditionally marked by projections on new trends in various industries. 2016 is no exception.
QSRWeb.com, which reports on the quick-service restaurant-industry segment, published an article in January covering five top tech payment processing trends for business owners who want to rise above the competition, attract new customers and increase retention in the coming year — and who doesn’t fall into that category?
A summary of the trending topics — which TransFirst® reported on extensively during 2015 — follows:
- 1. Omni-channel payments (allowing customers to pay in multiple ways via multiple channels) are catching on. Basically, it comes down to
meeting customers’ payment expectations. Engaging with shoppers — whether in-store, online or on their mobile devices — and providing them with a seamless payment experience has never been more important to help build trust and familiarity with your brand.
- 2. The U.S. migration to EMV® is well underway and progressing faster than many industry analysts predicted. An Ingenico Group survey released late last year revealed that 60 percent of consumers have already received the so-called chip cards from their bank or card issuer, and almost half had already used one to make a purchase. As consumers become more familiar with “dipping” instead of “swiping” at the POS, businesses that are not EMV capable will not be able to compete and could be held financially responsible for fraudulent transactions.
- 3. Security solutions are now multi-layered, the result of major card data breaches in recent years. Businesses have seen the light when it comes to rethinking their security approaches across the board, but especially when it comes to handling sensitive credit card account information. EMV, point-to-point-encryption (P2PE), tokenization and PCI PTS-approved devices that accept and encrypt data will continue to be big for the long haul (or until inevitable newer technology comes along to replace them).
- 4. Mobile payment options — like ProcessNow® Mobile — will continue to emerge and evolve as businesses of all sizes realize the benefits of going mobile. Just establish a merchant account, download the appropriate free app to a smartphone or tablet and start accepting all major credit and debit cards while meeting your customers’ expectations for speedy and secure transactions. Quick transaction reconciliation, easy tip management and inventory entry are just a few more features that make ProcessNow Mobile the way to go!
- 5. The mobile point of sale (mPOS) will expand beyond early adopters like micro-merchants and SMBs as its advantages become better known. These include expanding beyond the traditional POS (pop-up stores and field locations), faster checkout, shorter lines and increased opportunities to upsell and cross sell.
Staying ahead of the curve on these payment trends is one way to sharpen your competitive edge and keep your customers satisfied. The emphasis for 2016 is on secure, seamless and speedy processing solutions tailored to your business, regardless of size or industry. TransFirst has the answers, so why not contact us today to help make this your best year ever?
EMV is a registered trademark or trademark of EMVCo LLC in the United States and other countries.