Technologies changed everything in financial industries including merchant accounts and they aim at fulfilling the needs of both merchants and customers. They make contactless payments easy allowing buyers to get peace of mind from potential risks. Business owners who run an e-commerce store should know the latest trends of merchant services followed in the payment processing industry. This will help a lot to run a business with high success rates.
Here are some top trends merchants should know while offering services to customers.
- Mobile payments
Mobile payments are gaining popularity in different parts of the world because they provide several advantages to customers. Nowadays, several wallets and apps are available for mobile users to make payments as soon as possible enabling them to save more time.
- Frictionless payments
Merchants should consider offering a variety of payment options for customers when they want to buy a product or service online. A majority of customers like to choose flexible and seamless payments while processing an order. Merchant services should provide frictionless payments that will help establish brand loyalty in the markets. Moreover, they show methods to grow business to generate more revenues.
- Buy now and pay later
This option offers more flexibility to consumers because it gives ways to make payments in easy installments. It involves no interest or late fees and merchant services for small business can introduce the payment method that paves ways to accomplish goals significantly. Apart from that, they enable businesses to increase the basket size of the customers.
- NFC and EMV
Near field communication (NFC) offers better security standards when customers want to make payments online. It transfers the data wirelessly in electronic devices through a terminal. EMV (Europay, MasterCard, and Visa) is another technique meant for customers to make card payments with a chip.
- Artificial intelligence and machine learning
Artificial intelligence and machine learning-based merchant services are suitable for all sizes of businesses to avoid fraudulent activities. Another thing is that they provide methods to manage data with ease. Features such as automation and personalization offered by AI and ML let customers streamline their experience as well as security levels to a large extent.
