The rise of affordable and innovative small business payment solutions has surfaced the playing field between small companies and large corporations.
Instead of having to spend lots of money on solutions that are regularly needing to be upgraded, payment innovation has given enterprises of all sizes access to the latest technology and same processing charges as the biggest players in the marketplace.
With that being said, many small business owners are convinced using old payment systems and outdated technology. If you aspire to break out of the status quo and embrace the future of tech, here are five payment trends you might want to consider.
Mobile, mobile…mobile. We’re stressing this one because this trend is here to stick — in considerable part due to its ever-evolving possibilities. From mobile payment apps and integrated mobile payments to mobile POS terminals, small firms can get quite a bit of bang for their buck by implementing a mobile payments strategy.
To begin, mobile credit card processing is a way for small business to worry less about where they’re physically conducting business, and concentrate entirely on what type of payment experience they’re providing their customers. This includes features like the capability to text/email receipts and the opportunity to integrate better, faster and more secure payments.
Beyond the convenience perks, mobile POS solutions provide enhanced safety measures to fully protect your business and your customer’s data. Eventually, mobile payments give you that extra peace of mind.
Speaking of mobile, the next trend prolongs to the other side of the payment innovation equation: Digital payments. Customers today are catching onto the latest payment trends, and many have started ditching the need to pull out a credit card for every purchase. Digital payment methods have enabled quicker, more secure payment processing that streamlines the online shopping journey.
Various big businesses caught onto digital payments years ago. Small businesses need to follow suit if they want to find a competitive and stay ahead of what customers are expecting now. From in-app payments, one-click payment buttons and P2P payments, small businesses have a number of opportunities to take benefit of in order to better tailor their payment options for their customers.
As credit card crimes continue to dominate news headlines, consumers are looking toward businesses that rely on better payment technology. Obtaining this can be done using digital payment terminals that offer E2E encryption and tokenization. Digital payment methods extend the same security benefits, while also grant cardless ways to pay for products and services. For consumers who don’t want to grab that credit card each time they make a purchase, integrating digital payment methods is a surefire way to fill that gap.
Fortunately, with easier and more efficient integration options now in the market, SMBs can – and should – take full advantage of the power of APIs. Today, there are solutions that make receiving in-app and online payments easier than ever before.
Toolkits, drop-in code, and readily available tech support — like that provided by Digital Payment Guru — is the type of technology that small businesses should be harnessing today. Payment processing services shouldn’t be confined to what offerings your financial institution can provide to your business.
The API trend and recent innovation have encouraged small businesses to integrate more dynamic payment processing features across all of their channels. This technology transformation has also helped businesses connect their in-store and online software so that each system is in sync with the other.
Another key trend that companies should take advantage of is the ability to automate services — including payments. From recurring billing to subscription services, small companies can find tons of undiscovered value by leveraging automation to streamline payment processing.
Automation can also help businesses rightly connect with their customers. Having the ability to constantly communicate with your customer base is one of the best ways a small business can stay top of mind. Consumers aren’t always going to remember to come back to your physical or online storefronts — you’ll need to nudge them with reminders. Frequent communication can be automated to help you reach customers without investing heavily in mass advertising platforms.
On the payment processing side, manufacturers that already leverage recurring billing services have learned the power of automated payments. Not only does this help keep consistent revenue flowing into your business, but it can also help keep your best customers loyal to your brand. Consumers are eager to regularly engage with their favourite brands, products, and services, but often forget to do so. Solve that by taking the hassle out of the process and offer your consumers a way to become a subscriber. They remain connected to your brand, and you constantly get paid. That’s a payment tech trend that’s absolutely here to stay.