5 payment trends That will boost your sales
It’s no secret that digital technology is transforming the way businesses operate – from driving new sales to building customer loyalty and accepting payments. Seizing these new opportunities can not only make your day-to-day operations easier and more efficient, they can even have a major impact on your bottom line. Here, we’ve collected the latest trends in payments that will increase revenue, improve productivity and create a better shopping experience for you and your customers.
1. Digital wallets
These handy mobile apps efficiently store everything a bulky physical wallet can, such as credit cards, debit cards, gift cards and loyalty cards. It’s the smart way to pay for anything and everything that a quickly growing base of customers prefers to use, especially the coveted millennial and Gen Z demographics. To accept mobile payments, simply choose a POS system that accepts all payment types, including payment-based digital wallets like Apple Pay, Google Pay, Alipay and WeChat Pay.
2. Form meets function
A top trend today is the melding of intelligent function with smart design for a payment experience that’s easy and enjoyable for you and the customer. Poynt 5 is the latest payment solution product to tap into this design philosophy, and it’s an all-in-one smart device that looks great and allows you to take the checkout to your customers. With the App Marketplace you can find general real-time sales reports right from the terminal or your smartphone; sync transaction data to QuickBooks, FreshBooks and Sage; easily manage employee timecards and track your cash and tips.
3. Seamless omni-commerce experience
Today, the lines between the virtual and physical are blurring, with customers wanting (and expecting) the same great experience when dealing with your brand in store, online and on mobile. This means going omni-commerce, with a fully integrated payment system that allows your customers to use the same card across all digital and bricks-and-mortar points without a hitch, including refunds and exchanges. Omni-commerce also offers an abundance of data — a trend so obvious and essential in a digital world that it didn’t make this list — including info on each client’s shopping habits as well as sales and inventory data.
4. Top-of-the-line security
With high-profile security breaches frequently in the news, safeguarding data is top of mind for both customers and business owners alike. That means choosing a payment processor that stays ahead of the curve when it comes to security technology. Two features to look for are tokenization and encryption, both offered at Elavon. Tokenization protects unique customer information by converting or replacing the cardholder data with a unique token value that can be stored and then used for future transactions. This adds an extra layer of security to the data at rest, as the token is meaningless by itself and can’t be exploited if intercepted by hackers. Encryption protects data in transit by digitally scrambling information for security purposes.
The beauty of wireless tech is that sales can happen wherever you and your customers are — whether it’s on the jobsite, at a street festival or in your home office. Mobile payments allow you to close the sale as soon as your client says yes, without the hassle of handling cash. Your customers will also appreciate the ability to pay with credit, debit and other popular payment options. For an easy-to-use, flexible and secure mobile payment solution that allows you to take payments anywhere your business takes you, check out Converge Mobile.