The Future of the Payments Industry

As the world quickly watches Amazon dominate consumer spending and Apple pave the way for leading-edge technology, we are also seeing a shift in what is expected from the payments industry. We have analyzed current and evolving trends in the industry to see just how YOU can set your company apart and stay ahead of your competitors.

Generation Z will make up 40 percent of all US consumers by 2020.

This post-millennial generation has grown up with Google, Amazon and Facebook apart of their day-to-day lives. This expectation for information and service at the click of a button will influence what companies offer consumers and how consumers respond to these products. To create the best experience, consider creating an e-commerce site or utilizing popular apps such as Facebook, Instagram and GrubHub.

Mobile payments are becoming the “norm” in the payments industry.

Mobile payment is becoming universal across the industry, therefore companies need to offer a unified mobile pay experience for customers, as convenience is a top priority among consumers. If you have not yet integrated mobile pay, talk to your payment processor about the best mobile solution for your business.

Rewards drive consumers to new products.

Consumers are not afraid to leave their current product to try a new one. Merchants need to consider the benefits their product can offer and provide consumers with all possible reward options. Learn about how REI, Amazon, Nordstrom and more have created innovative reward programs that make it worthwhile for customers to stay loyal.

Safe and secure payments are crucial to avoid fraud violations.

With the state of current technological innovation, companies must work to update their security within their systems to ensure customer’s payments are protected. Fraudsters are changing their tactics, therefore it is vital to implement reliable security for all transaction devices. Ask your payment processor how they are working to protect you and your customers from cyber criminals.
In this ever-changing state of technology and innovation, consider these evolving trends to stay ahead of your competitors and to keep your customers happy! Customer experience continues to remain a top priority among consumers. Reevaluate your current systems in place and consider the ways in which you can follow the tide of the payments industry.

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