Published On: Sat, Sep 3rd, 2016

Payment Trends In 2016: Is Your Business Up To Date?

Payment Trends In 2016: Is Your Business Up To Date?

Image – Pixabay

When it comes to payment processing, we’re a far cry from the days of cash-only purchases. These days, we use technology to take payments in all sorts of ways. 2016 has been yet another year where new trends have been established. If your business isn’t getting involved with them, you might be languishing behind the competition.

Mobile Apps

It probably won’t come as a surprise to hear that mobile apps are becoming a major force as a marketing tool for businesses. By including the ability to pay for goods, companies are finding that apps are a big source of profits. In 2016, this has never been more the case. The thing about apps is that practically anyone can design them, too. As a population, we’re starting to spend more time browsing the web on phones and tablets than we do on our computers. Developing an app for those devices seems like a no-brainer at this point.

Loyalty Programs

It would appear that 2016 is showing us that everyone loves the feeling of loyalty. You’ve probably signed up for multiple programs like this in the past. These are the loyalty programs that offer discounts after you’ve bought a select number of goods, for example. Customers like to feel like they’re getting something back in return for their purchase. That additional incentive might just be what your company needs to start making more profits.

Payment Trends In 2016: Is Your Business Up To Date?

Image – Pixabay

NFC

Have you heard of NFC, yet? I’m sure you have. It stands for Near-Field Communication and it allows two electronic devices to communicate together. In terms of payments, this means that NFC can be used to make instant purchases with things like smartphones and smartwatches. Credit card processing solutions often incorporate it in their offerings, getting it into the public eye even more. It’s becoming more and more recognized as a standard method of payment as time goes on.

International Online Payment Solutions

For those who are trying to break into the e-commerce market, an international focus is important. That’s what 2016 is trying to tell us at least. Finding ways to provide local purchases is key. There are plenty of service providers that are in existence to serve this purpose. On your part, it requires identifying the markets you want to pursue, and finding the best ways to do that. It would appear that local e-commerce success just won’t cut it anymore!

Faster Payments

We’re living in a world where everyone wants everything to be done instantly. I mean, we’ve kind of brought this on ourselves. Technology has advanced, and we’re just not as patient as we used to be. Consumers want banks to start processing payments much quicker than they used to. Customers want phone companies to process contracts much quicker than they used to. You noticing the pattern, here? Finding ways to make payments quicker and easier for our consumers needs to be an important consideration.

Do you agree with these payment trends? Are you finding success by implementing a different strategy? Leave us a comment in the box below.

 

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