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What are the latest payment services trends for your business?

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Payment services are evolving rapidly, driven by customer demand, technological innovation, and regulatory changes. As a business owner, you need to keep up with the latest trends and adapt your payment strategy accordingly. In this article, we will explore some of the key payment services trends that are shaping the future of commerce and how you can leverage them for your business.

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Neil Watters

Payments and Insurance specialist. Providing bespoke card payment solutions through Better Card Payments and…
Amy Sem

Payment Solution Specialist at Paycron Inc US

1 Contactless and mobile payments

One of the most visible trends in payment services is the rise of contactless and mobile payments. These methods allow customers to pay with a tap of their card, phone, or wearable device, without entering a PIN or signing a receipt. Contactless and mobile payments offer convenience, speed, and security for both customers and merchants, as well as reducing physical contact and cash handling. To accept contactless and mobile payments, you need to have a compatible point-of-sale (POS) terminal and a payment service provider that supports these technologies.

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Neil Watters

Payments and Insurance specialist. Providing bespoke card payment solutions through Better Card Payments and Commercial Insurance through Better Risk Solutions Ltd.
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This is my industry and how business takes payments has become so vital. There is a plethora of options out there and often people jump to the first advert they see. Business owners need to do their research and ensure the provider is financially secure, can make payments quickly, have competitive pricing, offer a reliable service and supply the latest technology.

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Amy Sem

Payment Solution Specialist at Paycron Inc US
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In the 21st century, contactless and mobile payments have revolutionized financial transactions through the use of NFC technology, enabling users to effortlessly tap their cards or mobile devices on compatible terminals for swift and convenient transactions. Tokenization enhance security by replacing sensitive card details with unique tokens, mitigating fraud risks. Apple Pay, Google Pay, and Samsung Pay leverage smartphone and smartwatch technology, offering users biometric authentication options like fingerprint or facial recognition for an added layer of security. These advancements not only prioritize speed and convenience but also facilitate seamless peer-to-peer transactions, transforming the way individuals manage their finances.

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2 Subscription and recurring payments

Another trend in payment services is the growth of subscription and recurring payments . These are payments that are automatically charged to a customer's card or account at regular intervals, such as monthly or annually. Subscription and recurring payments are popular for businesses that offer ongoing services, products, or memberships, such as streaming platforms, software, or gyms. Subscription and recurring payments can help you increase customer loyalty, retention, and revenue, as well as simplify your billing and invoicing processes. To enable subscription and recurring payments, you need to have a payment service provider that offers this functionality and a platform that manages your customer data and subscriptions.

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Amy Sem

Payment Solution Specialist at Paycron Inc US
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Subscription and recurring payments are integral to modern commerce, offering businesses steady revenue and consumers seamless, predictable transactions. Subscription models, seen in streaming services and software, involve regular fees for continuous access. Recurring payments extend to bills and premiums, automatically deducted. Technology simplifies these processes, with platforms like Netflix and automated billing systems. However, transparency and security are crucial, addressing concerns about data safety and subscription fatigue. These models signify a fundamental shift, emphasizing convenience and flexibility in the digital economy.

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3 Cryptocurrencies and blockchain

A more emerging trend in payment services is the adoption of cryptocurrencies and blockchain. These are digital assets and technologies that enable peer-to-peer transactions without intermediaries, such as banks or payment processors. Cryptocurrencies and blockchain can offer advantages such as lower fees, faster settlement, and greater transparency and security for both customers and merchants. However, they also pose challenges such as volatility, regulation, and integration. To accept cryptocurrencies and blockchain payments, you need to have a digital wallet, a payment gateway, and a payment service provider that supports these options.

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4 Biometric and voice payments

A further trend in payment services is the development of biometric and voice payments. These are payments that use biometric features, such as fingerprints, facial recognition, or iris scans, or voice commands, such as "Hey Siri, pay $10 to John", to authenticate and authorize transactions. Biometric and voice payments can offer convenience, personalization, and security for customers and merchants, as well as enhancing customer experience and loyalty. To implement biometric and voice payments, you need to have a device, such as a smartphone or a smart speaker, that has biometric or voice capabilities, and a payment service provider that supports these modes.

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5 Open banking and APIs

A final trend in payment services is the emergence of open banking and APIs. Open banking is a system that allows customers to share their financial data and access financial services from different providers, such as banks, fintechs, or merchants, through APIs. APIs are application programming interfaces that enable communication and integration between different software applications. Open banking and APIs can offer benefits such as lower costs, more choice, and better customer service for customers and merchants, as well as creating new opportunities and partnerships for payment service providers. To participate in open banking and APIs, you need to have a payment service provider that offers this access and a platform that can connect and interact with different APIs.

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Amy Sem

Payment Solution Specialist at Paycron Inc US
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Open banking, facilitated by application programming interfaces (APIs), revolutionizes finance by allowing third-party providers secure access to user financial data. APIs enable controlled data sharing, fostering innovation and competition in the financial sector. Users maintain control, granting explicit consent for data access. Standardization promotes interoperability, and the approach enhances customer experience with personalized financial services. Regulatory frameworks address security and privacy concerns. While open banking brings numerous advantages, challenges include data security and privacy considerations, highlighting the ongoing evolution of this transformative financial landscape.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the latest payment services trends for your business?

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1 Contactless and mobile payments

2 Subscription and recurring payments

3 Cryptocurrencies and blockchain

4 Biometric and voice payments

5 Open banking and APIs

6 Here’s what else to consider

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