Trends come and go, and the finance industry is no exception. After a rocky two years during the pandemic, followed by an economic surge in 2022, it’s no wonder that people’s financial situations – and payment preferences – have changed. If you’re wondering which payment processing solution to implement in 2023, you may want to consider these up-and-coming payment trends.
Mobile Payments
Mobile payment providers, such as Apple Pay, were available before the pandemic. But with a public aversion to carrying cash or letting other people handle their credit cards, mobile payments, made via phones and smartwatches, have stepped into the mainstream. In 2023, you can expect to see more customers scan their payment apps instead of swiping their credit cards, especially for small, convenient purchases.
BNPL: Buy Now, Pay Later
BNPL services (like Afterpay) allow consumers to immediately own a product before it’s entirely paid by dividing payments into smaller, recurring installments. For example, someone could purchase a coffee table for $200, but pay it off in $50 increments over the course of four months. For retailers offering high-ticket items, BNPL options can be a great way to move those products (which frees up inventory storage space and cost) and encourage consumers to buy.
Biometric Authentication
Biometric authentication may sound like something straight out of a SciFi movie, but it offers even safer ways to pay. With the rise of mobile banking, consumers are more contentious than ever about data security, which is why more retailers and tech companies are relying on fingerprint, face, or retina scanning as a two-step verification method.
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