In credit card processing, these changes are not only welcomed, but needed. Merchants and small business owners are getting fed up with the additional fees that are constantly being added to their transactions.
With a change in technology, credit card processing is adapting. This year the newest trends will become the newest standards in how purchases are made and people pay. Here are a few changes we can look forward to.
Mobile Credit Card Processing
In the past, credit card processing was a stationary act. You either had your POS station setup or you took copies of the card and phoned in the payment information.
With technology moving towards those who are constantly moving, many merchant services are offering smartphone attachments for mobile credit card processing.
Benefiting those on the go, both business owners and customers have welcomed mobile credit card processing.
This is a trend that is quickly becoming a convenient must have for those companies that do their business out of the office more than in the office.
By utilizing these mobile credit card readers, employees and small business owners can take payments no matter where they are, and customers don’t have to wait for a bill to pay later.
Many companies already utilize services such as Paypal to take payments online from their customers. One step further is the use of digital wallets rather than using the normal method of credit card payment.
This is an option that is still new and in development and will take time to gain the acceptance needed in order for it to become a standard payment option.
Digital wallets are services or accounts which take customers credit card and banking information and uses it as a payment method rather than the customer using the credit card in their wallet.
Google wallet is one of these services that will gain ground throughout 2012 as more merchants begin to accept it as a method of payment. By using your smartphone, you can pay for items and services without carrying a single card with you.
Google Wallet is already recognized and available with many merchants who are equipped with the PayPass terminals, and more are expected to join in.
With the new technology benefiting consumers, merchants will also benefit from the additional payment methods. The more options offered to customers, the higher the possibility of sales.
Therefore, with new technology comes higher success. Retailers, boutiques, and even your neighborhood coffee shop can now take advantage of the new technology coming from smartphones and tablets.
This will help increase sales, offer more efficient sales tracking, and decrease the amount of time it takes to close a sale.
As technology adapts to the ever-changing lifestyles of consumers, credit card processing, payment methods, and retailers in general must also adapt. In 2012 we will see many changes coming and some that we are used to fading away.
If you are a business owner, take advantage of adding more payment options for your customers and clients and reap the rewards of increased sales and loyal customers.