Payments processing solutions will play an even bigger role in future than they do today. The need for a wide variety of payment services, for both small and large businesses, is on the rise, the pandemic certainly magnified this point. provide the best possible experience for managing or just want a secure way to process payment cards.
The top five trends to pay attention to will give you the tools and technologies needed to reach your business goals.
One of the biggest developments in payments is that smaller businesses will need to consider how they're going to make the most of their transaction processing capabilities. This will mean using new technologies in their accounting and payments systems to reduce the risk of an error or loss.
However, because these businesses are smaller, they need much less capacity for managing large volumes of transactions. They're going to have to find a way to manage their large payments volumes with their existing resources, or consider replacing their systems.
Businesses of all sizes will also need to consider the benefits of "progressive" systems that go beyond the simple efficiency of getting transactions processed.
Considerations for these systems include how the transactions are securely received and processed, as well as how these systems fit into the company's overarching business strategy and relationship management strategy.
For businesses to thrive in the 21st century, they will need to think about how they're going to handle the surge in volume and complexity of their customers' payments. By 2021, there will be an average of seven new online payments applications being created for every website globally, according to a research report from PayPal.
As well as the sheer number of consumers going online to make payments, businesses will also need to consider the shift to digital payments. Many retailers are already adding some kind of payment option to their site. The emergence of Apple Pay in 2016 has already resulted in record-breaking year-on-year growth for the payment solutions provider.
Companies are now going to need to start paying attention to what type of payments solutions they need to offer in order to meet these challenges, and secure their position as leading innovators.
The same PayPal report estimates that globally, there will be 60 billion new payment cards in use by 2021. In an attempt to hack these new cards, hackers will move on from credit cards to POS terminals and have now even managed to breach payment processor VISA.
This means that businesses need to ensure that they're protected against card skimming, fraud, keyloggers, and online thieves. The number one way to do this is to invest in reliable payment processing solutions.
As well as assessing the effectiveness of the solutions already in place, the report also reveals that, of the businesses surveyed, 81% plan to integrate their entire payment processing systems in the future. This is an issue that small businesses are facing with their existing technology.
Forcing a small business to embrace and integrate a complex piece of software may not necessarily be the best way forward, especially if it doesn't have the core systems necessary to handle the tasks that these complex systems are being used for. Businesses should consider moving to a vendor that offers a turnkey solution that already includes the core systems they need.