Welcome to the Beyond Monthly Mention—our roundup of noteworthy payments and small business news, delivered to you once a month. To keep our clients, partners, and employees up to date on relevant industry trends, we’ll be curating the top industry headlines each month. If you have 15 minutes, these are worth a read.
Here’s what we’re reading this month:
Verizon Reports PCI Compliance Drops for the Second Year in a Row
Compliance with the Payment Card Industry data-security standard should be a top priority for any business that handles sensitive credit card data. But according to Verizon’s newly released Payment Security Report, PCI compliance has dropped for the second year in a row—only 36.7 percent of organizations reviewed for its annual global study were compliant. This year’s global compliance rate is as low as it’s been since 2013, when it was just 20 percent.
3 Reasons Your Business Should Go Cashless
With the rise of new mobile and digital payment options like Apple Pay and mobile wallets, cash payments are becoming less and less common. By 2022, the global use of mobile payments is forecasted to increase to 28 percent—surpassing credit cards and cash. Many small businesses are considering going cashless to stay ahead of the trend, reduce theft risk, boost efficiency, and track transactions more easily.
Facebook Pay Could Dominate Facebook Apps
In November, Facebook launched its own digital wallet—Facebook Pay. The social media giant’s new wallet will allow Facebook users to add payment methods within the wallet, and then use it to make purchases and payments within Facebook apps. Initially, Facebook Pay will be available within Facebook and Messenger in the United States, and will eventually spread to Instagram, WhatsApp, and other Facebook products. While many Facebook users are projected to try Facebook Pay, it is unlikely it will pose a huge threat to the payment industry.
Why Free POS Systems Aren’t Really Free
In the past few years, more and more POS providers have started offering “free” pos systems and peripherals. As a business owner, how can you know if a free POS system is actually the best choice for your business? The most important thing to understand when considering a free system is the fine print—be sure to scrutinize the caveats and long-term costs that may be associated with the system. When it comes to free systems, the potential to pay more over time can be high.
Keep up to date with all things happening in the business services industry by following along on the Beyond Blog. Don’t forget to stop by next month for our latest edition of the Monthly Mention.