Technological advances have helped to change the payment landscape for many years, and in 2021 it will not be different. There are many new ways to process online payments that merchants must be aware of to keep their businesses updated and competitive.
Despite being a high-risk business owner, it is possible to provide customers with a variety of payment alternatives, especially if you own a high-risk merchant account. In this article, you will learn what to expect from payment services and trends this year.
Increased demand for contactless payment experiences
Contactless payment is a rapidly growing payment method that allows customers to pay their transactions by simply waving their card on the card payment device. They are faster and safer than the chip & PIN technology because the transfer of encrypted data to the POS device happens immediately. It is also more convenient while making a purchase. Adding such a payment method to your current options gives your business significant advantages with your customers.
Digital currencies become more popular
Cryptocurrencies had phenomenal growth over the years and provided a digital and secure way to make payments. It was a game-changer for businesses worldwide, especially when we think about Bitcoin. Accepting digital currencies is the future of payment processing, especially for gambling merchants. It is vital to be prepared to find the right merchant account provider that can process such payments.
Mobile POS usage
Mobile Point-of-Sale (mPOS) technology is opening a new world of opportunities for merchants. Technology and smartphone development have allowed payments to become easier and straightforward. The mPOS service enables the customer to send and receive money just by using their mobile phones.
Mobile POS helps merchants accelerate their checkout process, reduce queues, and increase sales with more people using this service type. Research shows that the number of mPOS payment users is expected to grow to 1.745 million by 2024.
Artificial intelligence will gain more space in the payment environment
Safety in payment transactions is a significant concern for merchants and customers, so, having the safest payment methods is essential. Artificial Intelligence (AI) is a game-changer when it comes to safe operations because it changes the way merchants can identify fraudulent actions.
The more advanced the software, the more skills it has to identify if the transaction is legit or a cybercriminal action. It is essential to feed that software continually with payment information to learn to identify a fraudulent transaction.
Contact us at iPayTotal and find out more about our solutions for high-risk businesses.