An inside look at the top payment trends as we blissfully look ahead to 2021.
Cash Discount & Surcharge Software
We cannot deny the global shift from cash payments to card payments. The fees associated with card acceptance continue to chip away at business profits. This trend leaves many businesses considering cash discount or surcharge programs. As cash discount programs become more widespread and business owners see the value, there will be more merchants moving towards this program. As you consider these programs, it is critical to understand the components needed for a successful model. Choosing the right solution provider will lessen the burden on your business as you adopt the technology, train employees, and prepare your business for a compliant and reliable cash discount payment solution.
Advancements in technology such as Rise Free, proprietary cash discount software by Aurora Payments, eliminates card processing costs with an EMV smart, secure & compliant pos terminal.
The Frictionless Consumer Experience
We have covered contactless payments and the benefits of contactless throughout many of our articles and blog posts. Contactless payments allow customers to pay through various methods such as smart devices and wearables without any contact from another person or payment terminal. It is easy to justify the use of this technology during a time in which we are social distancing, but what other benefits does contactless provide?
Digital Payments In-Store
As we continue to navigate through a pandemic, if you are a brick-and-mortar business without tap-to-pay (contactless) in your locations, now is the time to upgrade your payments technology. The limitations on the number of customers in stores will undoubtedly remain in effect until COVID cases decrease. This means longer lines and a wait time to get into your store. As a business owner, you do not want to give your customers a reason to walk away from your store. Offering contactless will keep your customers moving through the checkout line faster and payment terminal sanitization practices are reduced, allowing you to get more people in and out of your business each day. Your business will save time on every transaction and your customer experience and satisfaction will improve.
It is important to point out that the security of contactless follows the same guidelines as EMV Chip cards. Fraud remains low with contactless payments and the only difference between contactless and EMV is that you must insert your card into the payment terminal with the EMV chip whereas Contactless is waived over the terminal. The extra advantage of contactless over EMV is that the card never leaves the possession of the consumer which means a lower risk of leaving it in the terminal.
eCommerce & Online Shopping
As we start to think about our normal buying habits, just about everything can be delivered to your front door. Businesses are adapting by offering an online-checkout, easy-to-use phone applications, and more to cater to the online shopper and address the current challenges we face with the global pandemic. If your online store is relatively new to your customers and you have taken all precautions and compliance measures for secure online transactions, it may be beneficial to reach out to your loyal customers to introduce your safe and secure online store. If an online store is on your to-do list, there are many merchant solutions and options available for your customers to enjoy a frictionless experience.
There is no question that pickup, delivery, and curbside will not be going away after the pandemic ends. Whether you’re in the food & beverage, grocery, or any business that has the infrastructure for mobile solutions, making sure your payments technology is the most up-to-date plays a large role in successful on-the-go applications.