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Nothing so constant as change! Business owners that keep up on merchant services trends will delight their customers by offering a wide variety of payment options, convenient refunds and fast processing. Technology advances quickly in all spheres, sure, but the rewards are yours when you work with your processor to keep your buying processes current.
Several Companies May be Serving You
Financial technology (fintech) companies have found cooperating gets them further than competing these days. The smaller companies do the innovating and let the larger ones shoulder the marketing costs in exchange for their technology. Some banks have connected with PayPal to allow shoppers buy in physical stores. Others partner with scanning technology companies to turn images into figures that can debit accounts. The bottom line is when you get your statements, be prepared to see several names, one claiming the other is part of their “group.”
Payment Options Expanding
Hang on to your POS processors! P2P platforms are shaking up the payments industry. Around 20 percent of young adults use Venmo and Zelle at least once a week. Since they remain peer-to-peer, these platforms don’t charge a fee. Their long-game, however, is to develop C2B or consumer to business payments, where the business shoulders the costs. Your merchant services provider should handle these new payment methods to capture these audiences, who are, after all in the prime spending years of 18 to 34.
Rewards Hunting Makes Consumers Fickle
Card issuers have found recently that they can lure customers away from competitors with more and more lavish rewards. They’re offering higher cash-back rewards on purchases and even upfront bonuses. Half of all consumers surveyed will go to the trouble to change cards if the enticement is rich enough. But someone has to pay for this fickleness, and it isn’t the consumer. In most cases, the resulting interchange fees go to the merchant processor and are in turned passed to the merchants. If your processor raises these interchange fees, there’s a good reason behind it.
The New Financiers
Auto and mortgage dealers aren’t the only ones to have financing programs. Today, Home Depot, Overstock and Walmart use PayPal to offer revolving credit lines that let shoppers buy online without a credit card. Newcomers giving PayPal a run for this financing opportunity are Klarna, Affirm and Square. According to a recent survey, 33 percent of American e-commerce businesses will offer purchase financing options in the next year or two.
Credit Card Processing Technology and Devices Changing
Real-time payment processing, cutting-edge anti-fraud measures and API integration advance at lightspeed and that means the credit card machines and POS systems must keep up. Where once, Mastercard and Visa ruled the day, today there are hundreds of payment options, some covered here. Businesses that capture whatever payments options shoppers care to use will prevail. Merchants must stay up-to-date on the hardware and software integrations that help their businesses thrive.
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