Trend 1: Online Payments
For traditional brick-and-mortar stores, an online store adds a new stream of revenue that extends far beyond your local customer base. Your products and services come to your customer, not the other way around. Another growing payment trend is online B2B payments.
How: Businesses advancing their digital transformation plans are replacing paper-based accounts receivable processes with digital invoices and online payments. Online B2B payments save time, reduce costs, improve cash flow, and provide clients with a convenient way to pay.
Trend 2: Embedded Payments
Embedded payment solutions adoption has, until recently, been seen primarily in what some analysts refer to as “traditional” markets, such as retail, e-commerce, and transportation. However, demand for embedded payment options is becoming prevalent in other industries, among them healthcare, education, employment, and real estate.
How: Developers are integrating payment technology with apps – a prime example is WeChat – social media, shopping, and special interest applications. Watch for payment integrations in more applications and systems throughout the new year.
Trend 3: Self-Service Payments
Due to both the steady rise of millennial and Gen Z consumers and shoppers that got used to keeping their distance during the pandemic, the adoption of self-checkout and self-service payment methods continues to grow. Just as self-checkout has become commonplace at businesses everywhere, and all that’s required for a transaction is a cell phone with a mobile wallet, the self-service trend is affecting a wide variety of industries.
How: Look for innovative solutions that enable self-service payments, whether through smart fitting rooms, smart shopping carts, or with “Just Walk Out” technology similar to Amazon’s. Minimizing dependence on employees and giving consumers control will continue to trend.
Speed and comfort are important drivers of the payment method industry. The e-wallet has evolved from its original form into a comprehensive all-in-one financial tool. It has ‘won the battle’ for most millennial customers, who use the devices not only for payment, but for a variety of reasons: crypto or ticket storage, vaccine information, IDs, loyalty programs, bill payments, and a myriad of other features.
How: Over the last several years, innovators like Apple, Google, and Samsung have advanced the mobile payment industry by introducing next-generation mobile payment apps and making mobile payments more accessible to consumers. Merchant support for the technology has also increased, as more credit card readers and point-of-sale (POS) terminals can accept mobile wallets and other contactless payments.
Trend 5: B2B Payments
Digital transformation is gaining momentum across industries as businesses chase greater operational efficiency, cost control, and competitiveness – and it includes transforming payments and accounts receivable. In addition to watching B2C merchants look for ways to streamline transactions and simplify their IT environments, expect B2B merchants to do the same. B2B payment trends include electronic invoicing, online payments, virtual terminal payments, and recurring payments for subscriptions or payment plans.
How: Moving away from traditional, paper-based AR processes save time and money, decrease errors, and improve cash flow.
Trend 6: Green Payments
Green payments are becoming more popular as users are becoming aware of the importance of creating a sustainable environment.
How: It’s wise to align solutions with this payment trend by sourcing sustainable materials, replacing paper with digital statements and receipts, and supporting environmental causes.
Trend 7: Biometric authentication
After decades of consumer resistance and reservation, biometric authentication is becoming a widely embraced form of security for mobile payment systems. This trend is rapidly growing in popularity and will continue to do so in the year 2023. Biometric authentication verifies the biological and structural characteristics of a person through methods that include fingerprint scans, facial recognition, iris recognition, and other, more complex forms.
How: Biometrics are already being implemented in our day-to-day, such as at checkout when using mobile wallets (Apple Pay, for example). With biometric authentication methods such as facial recognition and fingerprint scans becoming the norm for consumer technology, it will quickly become an expectation for the retail environment.
If you notice that your company isn’t keeping up with some of the trends listed above, make sure you take timely action to remain competitive. For frictionless, secure, and fast payment services, reach out to Accepta at acceptapayments.com or (787) 774-1555 – our team of professionals will tailor the perfect solution to match your business needs.