We are used to paying for services and products without cash, as it is more convenient than carrying wallets full of banknotes. However, it is 2020 already, and a single digital payment method might not be enough. Customers have different preferences, and some might use their credit cards when shopping online, whereas others might choose bank transfers as their go-to payment option.
Keeping numerous payment options available to your clients will increase the possibility that they’ll choose your services. However, the world of fintech is subject to rapid developments, which makes it difficult to keep up with, but also exciting. In a moment, we’ll share the top four digital payment processing trends that could help revolutionize your business.
Though computers, which became popular in the 1980s, revolutionized our day-to-day life, smartphones’ arrival was an event of an even greater magnitude. Though initially phones were used primarily to call others, now, the range of possibilities is almost endless. Apart from all the apps that could prove useful when training yoga, trying to focus on your work, or learning new languages, smartphones can also be used to pay for products and services in stores.
Mobile payments could actually mean two things: it could refer either to all the shopping done while using mobile devices, but it could also refer to instances when clients bring their smartphones to shops and use them to pay for products. The latter option is possible, thanks to services such as Apple Pay or Google Wallet. All business owners should ensure that customers won’t experience any issues with mobile payments, especially since the number of mobile contactless payment users is estimated at 760 million.
Even though you might not be aware of that, A.I. already has all sorts of applications, including uncovering criminal activity, reducing the costs of running hospitals, or trying to predict natural disasters. Most of the robots still can’t be mistaken for humans, but chatbots are one of the exceptions.
Even though they might not be smart enough to discuss Critique of Pure Reason, helping customers while they shop online is something they deal with surprisingly well. This solution is worthy of consideration for both big and small businesses, as there won’t be a need to hire that many customer service representatives. It doesn’t mean that replacing the entire customer service team would be a good idea, as A.I. isn’t that sophisticated yet, but we are slowly moving in this direction.
Security as the Deciding Factor
If you are running an eCommerce store, ensuring your customers’ security should be one of your top priorities. It’s not only about your business’ reputation, although it also has a tremendous effect on sales.
However, if we think about the frequency of customers being targeted by hackers, it is no wonder that the site’s security is one of the primary factors that clients consider when choosing an online store.
Online shopping is becoming more and more popular, and so do cyber attacks, which have gone up during the COVID-19 pandemic. Because of that, clients will be wary to provide their personal information on websites that they think are insecure, or which are deemed so by their web browsers. In 2020 every eCommerce store should use HTTPS to encrypt user data, providing at least a decent amount of protection against hackers.
Another digital payment trend that we should mention is the rise of automated payments. Sure, digital payments are a huge step forward when compared to a traditional way of paying for services, e.g., using cash or checks. However, for many customers paying without leaving their room is not convenient enough. There is a growing demand for automated payments, such as eChecks, that allow customers to forget about recurring payments. Instead, it is enough for them to agree for a specified sum to be withdrawn from their account once in a while. It certainly seems to be a great solution, especially for those with a bad memory.
Designing excellent products isn’t enough to make your business successful – you have to ensure that your clients can actually pay for them. However, clients nowadays are demanding, and if they don’t enjoy their experience on your website, they are likely to check if perhaps your competitors make things more straightforward.
That’s why you need to ensure that you know what the digital payment trends are. It might be difficult to keep up with all the developments in the world of FinTech, but we hope that after reading this article, you have a general sense of what the future holds.