Payment processing is constantly evolving, but the pandemic pushed things even further along. In 2021, chances are we will see even more changes (all good) to help merchants make payment processing an even smoother process than before.
Understanding the payment processing trends for 2021 and how they affect your business is the key to staying competitive in the new year as we continue to fight the pandemic and all that it has caused.
Cashless Payment Options
Today, consumers don’t want to use cash. They want contactless payment options, whether that means paying online before coming into the store or using their phone to pay in store. The key is that no cash exchanges hands and consumers don’t have to touch shared machines that other people have touched.
Increased Use of Biometrics
With an increase in online and mobile payments being made, biometrics are even more important. Fraud, hacking, and lost phones are common and serious risks when opting to utilize mobile payments. Biometrics provides another mechanism to prevent fraud by requiring a higher level of security, either your face or your finger.
Splitting checks, buying group gifts, and covering the rent with a roommate is easier today with peer-to-peer payments. But consumers are so accustomed to making instant payments to their peers that they want the same capabilities with merchants. Not only does it allow for contactless payments, but it allows faster payments pushing consumers through the purchasing channels quicker.
Buy Now Pay Later Options
With the onset of the pandemic and many people suffering financial losses, buy now pay later opportunities are in high demand. Merchants who sell high-ticket items do themselves a favor by offering buy now pay later options on their website. This helps increase sales and even consumer loyalty when merchant helps them out by making products more affordable over time.
Mobile wallets like Apple Pay were already in high demand, but 2021 will bring even more popularity for these payment options. Customers want contactless payment options and merchants who don’t offer it will be left in the dust. Offering payment options like Apple Pay, Google Wallet, and Android Pay are the way of the future, merchants who don’t offer it will be left behind for stores that do.
Take Advantage of 2021 Payment Processing Trends
The payment processing trends for 2021 promise a lot of things for merchants, including more sales. In a competitive world where consumers are trying to do their best to remain socially distant, be as contactless as possible, and afford the items they need/want, merchants have to step up.
If you want to be competitive, it’s time to think outside of the box. Cash and swiped credit cards aren’t the only way to accept payment. In fact, they are the old school ways to collect payments. Most consumers today want something much more sophisticated, contactless, and cutting edge.