A recent infograph provided by payment processing company SpotOn revealed seven trends they believe will predict the future of payment processing.
After receiving $20 million in new investment, SpotOn is bullish on mobile payments and believe that payment processing will become more efficient and necessary for businesses both small and large. “The solution the company offers combines payment processing with customer engagement tools to empower merchants by analyzing the data this engagement generates. In addition to payment processing, platform offers marketing, reviews, analytics and loyalty options.”
While the seven trends are definitely interesting for small business owners who will need a more indepth payment processing solutions, here are the Top three nuggets I believe all small and diverse businesses need to keep in mind as they move forward with their business:
- In-store mobile payments are expected to overtake credit cards and grow from $75 billion to $503 billion over the next two years (2020)
- Enhanced customer experience is the future of payments as more than 60% of Millennial and Gen Z consumers are willing to share their bank account credentials with third parties
- Payment authentication will grow as tools such as fingerprint ID and facial recognition will be used in more than 18 billion transactions by 2021