As a small business owner who must be very careful about operating with thin margins in today’s economy, you would be right to pay close attention to how payments are processed through your credit card processing service provider.
However, you’re already busy focusing on your company’s day-to-day operations, leaving you little time to get updated on the payment processing industry. To help you get familiar with changes projected over the coming year, here is what you can expect in payment processing in 2018.
Data breaches in companies both large and small made headlines throughout 2017. Businesses were often caught by surprise when criminals attacked them with ransomware, holding their data hostage by encrypting it until payment is made.
Therefore, security will be a major priority in 2018, according to a recent report from CreditCardProcessing. You can expect that major players in the payment processing field will strike back with stronger forms of data protection. For greater peace of mind, consider having an outsider do a security audit of your company.
The Rise of Mobile Payments
Customers will increasingly rely on mobile payments when out and about. While some companies (such as Starbucks) developed their own payment apps, many merchants opted to accept payments from systems like Apple Pay. A major reason for offering this method of payment is that you can integrate a customer loyalty program that doles out rewards to boost engagement even further.
You’ve heard about new digital methods of payment such as Bitcoin. The blockchain technology that underpins cryptocurrency is now being used by major financial institutions and multinational corporations.
You can expect to see more innovations in cryptocurrency, to the point where it may be convenient enough for you to offer this payment option to your customer base. This is especially crucial when your demographics include Generation Z, which flocks to digital payments.
Make sure that you start 2018 with your company on a better financial footing. A great way to begin is by partnering with a knowledgeable and dependable merchant processing company. For details and to get a free quote, click here or give us a call at 800-340-3671 today.