5 Payment Processing Trends in 2019 You Need to Know About
When it cames to payment processing trends 2019, 2018 was a year of change and confusion for many small and medium businesses.
Contactless payments went from hype to pretty popular. Large retail chains closed as the scramble for the omnichannel customer continued on. The EU’s GDPR took effect sending many online merchants into panic all over the globe.
What didn’t change? The creativity and innovation of businesses and entrepreneurs. Some had the time to find new income streams and designed wonderful user experiences.
In 2019, the constant shifts and changes in business offers both opportunity and risk. Foot traffic is diminishing while online sales continue to grow. The swipe fees change, consumer spending shifts, and for many merchants, it’s hard to keep up with all the changes. And there are no sign things will stabilize any time soon.
Here at SaleQuick, we are going to talk about payment processing Trend in 2019 that can help merchants of all sizes deal with the shifting landscape of payment processing. With our flat rate payment platform, you pay only one flat rate each month for your credit card processing. No surprises, no extra fees, and no markups. With our easy-to-use technology, exceptional customer service, and flat affordable fee, SaleQuick can help you with the payment processing trends we’re seeing for the rest of 2019 and we’ll tell you how.
1. Contactless Payments Will Continue to Expand
Visa has predicted that contactless payments in the U.S. will really expand in the next three to five years. Their CEO, Alfred Kelly, said that as many as 100 million contactless Visa cards could be issued by their members in 2019. Outside the U.S., two out of five in-store Visa transactions are already contactless. JPMorgan Chase & Co. stated plans to issue contactless chip cards for all new and replacement Visa credit cards before the middle of 2019. They planned to issue contactless debit cards later that year.
It’s going to be more important than ever for your business to accept in-store payments from contactless cards. Our payment solutions at SaleQuick allows you to easily do this. With our in-store solutions, you’ll be able to accept contactless cards. You’ll be able to accept all major credit cards using our card reader which connects wirelessly to your smartphone or tablet. Our card reader capabilities include Apple Pay, Bluetooth, ENV chip cards, and Samsung Pay.
2. Cashless Options Will Grow Too
Contactless payments are one of many non-cash payments that customers expect merchants to accept. According to research, a high percentage of average customers expect any given merchant to accept any credit card they want to use. If your business accepts their preferred card, there’s no advantage for you as a merchant. If your business doesn’t accept their card, over 90% of customers say their satisfaction drops. They are much less likely to shop there again.
When you use SaleQuick, you can accept all major credit cards from American Express, Discover, Mastercard, and Visa.
3. Mobile Wallets Aren’t Going Anywhere
While mobile wallet adoption isn’t generating the same buzz it did when it was new, many merchants realize it’s here to stay. While Apple Pay’s popularity goes up and down, most consider it to be the leader of these. It has been around longer than the other wallet apps. In late 2018, research by the Auriemma Consulting Group showed that Apple Pay was the top digital wallet among debit card users. As many as 77 percent of debit card payments came through Apple Pay.
While Apple Pay is holding its own, it’s not leading PayPal, Samsung Pay, or Google Pay by a lot. Many people just use the wallet solution that comes with their smartphone. Many experts predict that mobile wallets will become an even bigger consideration for people when selecting their next smartphone.
SaleQuick offers solid mobile payment solutions. With our solutions, you can accept payments from anywhere using our wireless card reader. Your smartphone’s camera can also serve as the card reader with our smartcam feature for even more convenience.
4. Security Will Grow for Browser-Based Payments
In a rapidly growing landscape of cyber threats, security for browser payments is very important. Payment companies are working overtime to develop greater browser payment security. The World Wide Web Consortium (W3C) has been working on its Payment Request API for a while now for browser-based payments. The intent is to strengthen security for the initiation and acceptance of online store payments. W3C along with FIDO Allianceand EMVco are working hard to secure online payments now and in the future.
The good news for your business? Secure online payments are available now. With SaleQuick, our APIs enable your software to send email and text payment requests. Our APIs are available in many coding languages including Java, .NET, Php, and Python to work with a variety of different systems.
When it comes to security, our APIs are fully PCI compliant and updated by strict standards put in place by all the major credit card brands. With our strong encryption, enjoy peace of mind knowing that your data and that of your customers are protected at all times.
Did we mention we offer excellent developer support? Contact our support team any time. Our developers are available to you 24 hours a day to keep you and your business running smoothly.
5. Blockchain Isn’t Ready Yet
Blockchain has been a popular topic recently and it offers merchants a lot of enticing benefits. The interchange fees are lower. It’s fast and secure. It’s just not in a place where it’s ready for wide-scale adoption. Yet. Only time will tell what direction the blockchain platform will ultimately take since it’s a newer method of payment. It’s definitely something merchants will want to keep in mind for the future. Most will watch how e-commerce platforms like Shopify and big-box stores like Walmart, both of whom accept cryptocurrency, do with the platform before they throw their hat into the ring.
Those using SaleQuick know we’re all about the latest technology and cutting edge features. We’ll always keep our merchants up to date on the latest services and features we offer.
Who Has the Power?
For the rest of 2019, the power lies within shopper wallets and phones. How can customer demands best be met without spending a lot of money? Finding a trusted payment processing solution is a good place to start.
When you choose SaleQuick, our solutions take care of a lot of the work for you through advanced technology and automation. Plus, you have access to incredible customer service any time you need it.
The extra time allows you as a business owner to get creative and find exciting ways to meet those customer demands. You’ll have time to develop new income streams and powerful user experiences. You can focus on doing what you love while growing your audience and boosting revenue. A partnership with SaleQuick might just be the win-win situation you’ve been looking for.