Payment Technologies are evolving at an unprecedented rate to keep up with customer demands and expectations. As a merchant you may be well-versed with current on-goings in the industry but are you aware of the future payment trends that could very well decide the growth of your business? It is important to be well-informed about the changes happening so you can be prepared and improve your overall customer experience.
Let’s look at some of the top payment trends for 2019:
Security is everything
As access to data becomes simple in this digital economy, safeguarding and securing sensitive customer information becomes even more significant. While partnering with a merchant account provider or a payment provider, increased prioritization is given to the security of payment gateway.
Along with offering varied payment options, a secure payment gateway with a smooth check-out experience will become a critical factor for merchants.
Increase in digitization of B2B billing for small- & mid-sized businesses
The B2B payment industry is a vast market with global revenue of $1.9 trillion. Although the majority of these payments are still happening using traditional paper checks with a clunky, expensive and time-consuming process.
Though steadily but the adoption of digitalized payment technology has seen an increase recently and will continue to do so this year.
Simplifying payment stack and improving payments-channel integration
Businesses often partner up with multiple merchant account providers and banks to ensure all their payment requirements are fulfilled. So if a credit card processor is not offering mobile payments, they added another processor who does and so on.
This ends up causing payment integration & management issues for the merchant instead of improving the overall payment process. So, a simplified payment process with an all-in-one merchant account & payment solutions and a processor that helps navigate the complexities of payments are increasingly on offer for merchants.
Merchants Will Need to Improve Fraud Management Strategies
Merchants continue to find a balance between better fraud protection and improving customer experience. There is an increased emphasis on a seamless shopping experience that meets customer expectations without letting fraud rules get in the way. A simple example being, a product ordered having a different billing and shipping address. Usually, this raises a red flag. A merchant would then have the choice to either stop the transaction to manually investigate or let it move ahead to avoid bad customer experience.
If it is stopped and it turns out to be a legitimate purchase, it ruins the customer experience. Hence, in 2019 frictionless payments with the means of machine learning and advanced fraud management solutions should be used by merchants to determine risks and manage fraudulent ways.
Cross-Border Shopping is on the rise
Cross border transactions are experiencing explosive growth and are estimated to cross $1 Trillion by 2020. This is the perfect time for merchants to open up their businesses globally using multi-currency payment gateways that will allow buyers to shop from anywhere in the world.
Mobile Payments are the future
Global mobile payment transactions will be worth more than £3.5 trillion by 2023, according to Allied Market Research. As integrated mobile apps and services, usage of mobile payments will soar and evolve to suit customer demands.
Is your business ready?