The payments industry is ever-changing and merchants are considering innovation when choosing an effective payment processor. Consumers and merchants are both embracing technological advancements to make transaction experiences less complex and more secure. Here’s a look at four payment processor trends to keep an eye on in 2017.
- Surges of Online Credit Card Fraud – The implementation of EMV chip technology in America has decreased the amount of in-store credit card fraud but has raised concerns with cybersecurity. Hackers have discovered new ways to steal private payment information. This online fraud includes the use of hidden forms on websites that offer autofill forms at checkout. Merchants are becoming more mindful when choosing a payment processor to protect their online business and the data of their customers.
- The Rise in Customer Adoption of Mobile Payments – Purchasing products and services while on-the-go is becoming a growing standard pattern of U.S. consumers. According to Sarah Perez of TechCrunch, customers in America are spending five hours per day on their mobile devices. This year is the best time for merchants to take advantage of mobile payment systems and apps to increase their customer engagement and growth.
- Expansion of the (Internet of Things) IoT Payments – In February of this year, IBM and Visa announced a collaboration that will revolutionize the way credit cards are accepted. The upcoming partnership will connect a payment processor with merchants using smart devices connected to the internet to accept payments. Some smart devices connected to the IoT for payment processing will include washing machines, vehicles, and even shoes.
- Evolution of Virtual Assistants – Conversational commerce with chatbots and virtual assistants like Amazon’s Alexa and Google Chrome are changing the way merchants can accept credit card payments from customers. More consumers are using digital assistants equipped with intelligent skills and algorithms to simplify their shopping experiences.
Technology and cybercrime both impact the payments industry consistently. It’s important to be knowledgeable of payment processor trends to accept credit cards and boost the growth of your business.
This post was written by Charne Graham, a content specialist at Payline.