One of the most influential sectors of the present pandemic situation is the payment ecosystem. With the inconsistent flow of customer demands, there is an increasing need for constant change and innovation in the payment processing trends.
Since the pandemic situation has started, more and more customers are driving away from cash and card payments and are opting to explore emerging payment processing trends rather than sticking to traditional payment methods. Contactless and real-time payments methods are trending in recent times as customers are mostly moving towards cashless payments.
When a customer tries to pay from a mobile wallet, the lack of payment processing options or integrations can cause inconvenience, which may be a drawback for your business and result in losing customers. Therefore, businesses need to stay ahead with the latest payment trends to minimize friction and maximize their sales.
The Top Payment Processing Trends of 2021
The following are the top payment processing trends your business needs to consider in 2021:
E-wallets, Mobile Payments and Loyalty Apps
Over the past few years, mobile payments, Loyalty apps and E-wallets have gained tremendous popularity. These digital payment processing methods benefits both businesses and customers, allowing direct interaction between the customers and business.
Mobile payment methods such as Apple Pay, Google Pay, and Amazon Pay are currently the most trending contactless digital payment methods. Most e-commerce brands support these e-wallets to enhance customer experience.
Loyalty apps is another payment processing trend that is highly beneficial for businesses. This method includes providing customers with incentives and discounts for making a purchase allows business growth by rapid returning sales.
Business to Business (B2B) Payment System
Keeping up with the latest payment processing trends is crucial for B2B companies. Similar to individual customers, even Businesses are looking for easier and faster payment methods for improved digital payment transactions.
Corporate clients today are highly investing in scheduling and invoicing digital payments. Therefore, it is vital to include cost-effective, reliable and transparent payment processing trends for your B2B payment processing to improves the overall relationship with your business clients and attract new ones.
Buy Now, Pay Later
Customers are looking for more flexible payment options in addition to mobile and digital payment methods. In such cases, services like After pay and Klarna can be included as the younger customer group would be more interested and inclined towards the buy now, paying later.
The buy now, pay later payment processing method is suitable for businesses selling products like furniture, digital goods or electronics. Integrating After pay or pay later services in your business payment options is a great way to increase sales without a discount.
EMV and NFC
Upgrading your payment options with EMV cards is the best choice now as they provide a more secure payment process compared to older credit cards. They come with a tiny chip and are inserted in the terminal to provide an added layer of security.
On the other hand, NFC payments combine the benefits of mobile wallets and standard credit cards and provide highly secure and quicker transactions. These payment methods are much faster than traditional methods and enhance customers’ usability while allowing quick payment processing for businesses
The peer-to-peer payment method allows easy exchange of money among each other instantly rather than manually splitting a bill. This technology is made possible through various apps like cash and Venmo and works similar to e-wallets.
These apps contain a person’s financial information and a separate balance from their bank account, enabling one-on-one transactions quickly. This payment processing trend has gained popularity in recent times and has a great scope in the future.
It is the right time and extremely important for businesses to stay updated with the current payment processing trends to meet customer expectations and demands, especially in the current pandemic situation.
With the changing demands of customers for faster and secure payment processing methods, businesses need to include the latest payment processing trends and stay up to date with the industry trends in order to be successful in the highly competitive business environment.
Including the latest payment processing trends such as NFC payments, After Pay services, and B2B payment systems increase the customer retention rate of businesses while enabling them to provide better customer service.