Merchants taking payments by utilizing barter, cash, credit are just the same old thing. Customers and merchants traded goods and services by paying physical money, tradable goods, and written IOUs for thousands of years. In the 20th century, transactions were done by gaining the ability to “charge it to the card.” In early 1990, Retail stores were the first who introduced store credit cards (charge plates, charge cards, etc.)
The payments ecosystem is evolving fast into a complex network globally. Due to the advancement in technologies related to payments processes new Fintech startups disrupted the way we spend money on sale or purchase of goods and services across the world, so businesses of all sizes need to keep educated about the changing payments landscape. It is very important to understand the trend of today’s payment processes in order to remain competitive and relevant and to meet the demand of modern commerce you need to consider how to advance your payment processes. IPAYTOTAL has an accurate perspective about the future of payment processing trends. There are more dependable and true methods for perceptiveness: as consumer spending habits will give you direct insight.
IPAYTOTAL is the “next-gen payment system” as it utilizes a distributed ledger and a payment card ecosystem in order to improve the interface between customers and businesses. IPAYTOTAL hopes to redefine the relationships between banks, merchants, and customers by utilizing a mobile wallet app and a merchant payment system based on the blockchain technology behind bitcoin. IPAYTOTAL can increase your profits by offering lot of benefits and savings to both businesses and their customers.
Mobile Payment Technology For The Restaurant Business
Mobile business is making real advances in the sector of the restaurant business, especially the quick service restaurant (QSR) segment. The idea is that enabling customers to order food before they reach the restaurant, and pay for the order without taking out the wallet or going to a money register simply by the mobile application.
Mobile payment technology will enable restaurant businesses to offers “quick reorder” functionality and streamlined payment options—it’s loaded with the ability to tap into a user’s mobile wallet.
With the rise of point-of-sale technology and mobile payments— food delivery services have become more efficient and fast as point-of-sale technology and mobile payments enable customers to pay by swiping, dipping or tapping which results in faster transactions.
Taking things a step further, the well-known salad chain Sweetgreen has already chosen to go cashless, a decision that has yielded no less than three advantages, according to co-CEO Jonathan Neman. There are security advantages (less chance of a robbery), hygiene advantages (cash and coins are filthy), and the biggest advantage of all: faster transactions. That is, it’s much easier to pay by the swipe of a card or pay via the app.
Strikingly, consumers are starting to experience more and more businesses that just don’t acknowledge cash—as an ever-increasing number of customers discard currency in favor of credit and debit cards.
As indicated by IDC Futurescape’s Worldwide Payment Strategies 2018 Predictions, “in 2018, through IoT and Connected Devices more than $150 billion will be spent” with 30 billion gadgets expected to be connected to the internet in the next two years. So this made payment Journal comment on how merchants and their vendors will cope with new channels like connected devices managing purchasing decisions and payments, payments on social media through chatbots and voice-enabled commerce through in-home devices.
It is very likely that in the coming year’s voice commerce will become a very important part of commerce. “In 2018, voice commerce will provide a seamless and easier mode for transactions,” a trend that will dovetail pleasantly with the rise of voice-enabled search, which is being driven by the increasing popularity of smart speakers like Amazon’s Alexa. As indicated by a recent report by Juniper Research, smart devices will be available in 55 percent of U.S. households by 2022.
This clarifies why Business Insider (BI) recently described voice payments as “the next major interface for payments,” noticing that “8% of US respondents to a 2017 BI Intelligence study said they utilized voice commands to purchase something, send money to a companion, or pay a bill.” Yet “adoption is set to grow from 8% to 31% of US adults by 2022,” with three factors fueling the growth: “generational gains in AI [Artificial Intelligence], a solid customer value proposition for voice payments, and a boom in voice-enabled devices.” If this appears to be difficult to trust, remember that next generation voice assistants will blow the current generation away.
Blockchain Technology – The Future Of Payment Processing
Chargebacks and refunds are one of the most frustrating parts in payment processing agreement. Credit card processors employ enormous control over merchants when it comes to chargebacks, disputes, and refunds. The role of chargebacks is basically to protect customers against any unauthentic or unapproved transactions, but it affects adversely on an e-commerce merchant’s reputation and credit score. With the advent of new technology, the blockchain will enable merchants to have more control over the chargeback procedure, however, consumers may lose some leverage without the credit card company or the bank in their corner. Not all chargebacks are frauds as we all know many chargebacks occur for legitimate reasons, so in genuine cases of chargebacks, it’s the responsibility of the new generation of payment processors to provide a solution that works for businesses and consumers alike.