AsCOVID-19 vaccines are helping protect our health this year, and they are also expected to immunize companies from random shutdowns and layoffs. Consumers and store owners are already taking action. With Americans saving record sums last year, more than a third of their disposable income, experts predict they are about to start living and spending again. Economists expect travel, dining and entertainment to return by the middle of the year. You can ensure that your business is ready and ready to work with these 4 global payment processing trends.
Mobile apps that allow contactless payments have essentially turned smart devices into mobile money. While the demand for mobile wallets was last year, their popularity is expected to increase in 2021. Payment app, PayPal and Google Wallet are the most popular mobile payment apps. About half of US retailers such as McDonald’s, Best Buy, Starbucks, and Walgreens accept ApplePay.
With a phone in nearly every destination today, mobile payment solutions are on the rise around the world and are driving growth in cashless transactions, according to Statista. The group predicts that there will be 1.31 billion users of mobile payment transactions worldwide in 2023, up from 950 users in 2019. To stay relevant and stay in the game, merchants must offer this payment option.
2. Non-cash upon checkout
Whether the threat of contracting a virus comes from coming into contact with dollar bills and coins or bothering to deal with it, consumers in 2021 do not want to pay cash. Instead, they want contactless payment methods like delivery and payment. Studies show that 63% of consumers might switch to a company that installs contactless payment options. On the flip side, the Visa study found that 48% of consumers will not shop in stores that require them to make physical contact with a cashier or a shared device. Business Wire described the experience of rethinking the payment or point of sale as “essential to staying on Main Street”.
3. Payment plans
With personal debt rising to its highest levels ever since the pandemic and recession, payment plans have boomed and grown in popularity. During the holiday season last year, 44% of consumers said that their ability to use the “buy now, pay later” program was an important factor in determining how much they would spend. Even more importantly for retailers, 45% of shoppers said their “now, pay later” plans would allow them to spend at least 10% to 20% more than they would have gotten with a credit card. A postpay service allows consumers to have a product or service experience before they pay in full. Payment plans can be a great way for retailers to offer more expensive items and encourage consumers to buy now. Sezzle, Afterpay, Affirm, and QuadPay are just some of the companies that have partnered with merchants to make installment options available upon checkout. (Just like credit cards, the processing fees are borne by retailers, not the shoppers.)
Since American Express Plan It launched in 2020, more than 5.5 million similar plans have been created, and they total more than $ 4 billion. Most of the plans were created by Millennial and Gen Z consumers, according to American Express. With so many payment options, consumers (especially younger shoppers) will continue to embrace flexibility and convenience when paying.
Once new payment systems are created, cybercriminals attack them faster. Biometric authentication such as fingerprints, face recognition, and iris scanning is one of the latest and most secure technologies for securing payments.
But even with this advanced protection, most credit card payments to mobile apps are not immune to hackers and employee theft. That’s because retailers collect all this data and often store it in one place, which makes it vulnerable to criminals. Red Maple provides, the best way to prevent thieves from inside or outside your business is to invest in a new hosted service that protects your customer’s credit card information called StagedPay™. The service locks part of customers’ personal and credit card information in separate and secure vaults so that the data cannot be compromised. The merchant never owns the full credit card number, so it cannot be stolen. Additionally, look for software with two-party authentication.
It is a revolutionary technology in the face of explosive Internet crime. Fundera reports there has been a 424% increase in small business cyber breaches in the past year. Studies show that 60% of small businesses exposed to cyberattacks will collapse within six months, with cybercrime costing small and medium businesses more than $ 2.2 million annually in the United States alone.
Realizing consumers’ desires faster, Safe payments with payment processing Which is easy to use and comfortable in 2021 will allow retailers to thrive and attract new business in the post-pandemic economy.