Technology, government regulations, and consumer trends have caused significant changes in
the payment industry. As a result, payment processing looks much different than a few years
ago, with businesses offering a wide range of options that meet customer demand.
The global expansion of digital systems and social media use will change how merchants
interact with their customers in 2023 and beyond. Whether your business operates locally or
internationally, being aware of trends in payment processing will help you adapt to consumer
preferences and leverage growth opportunities. Here are 5 trends to keep in mind for your
business.
1. Social Media Integration
Thanks to internet access, social media websites have become the ultimate shopping destination. Integrated payments have allowed businesses to market their products directly on social platforms, where consumers can complete purchases and leave product reviews within the app. This integration has increased brand visibility and made it easier for consumers to find what they want, when they want it.
Businesses that leverage social media marketing should look closer at their payment processing systems. Consider an integrated solution that allows your customers to seamlessly complete transactions using a wide range of payment options.
2. Faster Payment Delivery
Another trend that merchants can be excited about is the reduction in payment processing times. Banks, credit card companies, and other financial institutions are incorporating efficient workflows for verifying and completing transactions. For example, biometric authentication and account-to-account transfers will help merchants get paid quicker, without altering the customer experience.
Through account-to-account transfers, payments can move from one bank to another without lots of third-party processing. This means merchants can execute real-time bank transfers, move money faster across platforms, and meet operating costs.
Faster payments will also reduce payment processing expenses, thus lowering prices for consumers.
3. Flexible Payments
From QR codes to mobile money payments, flexibility will be the name of the game moving forward. Merchants should be prepared to offer a convenient payment experience to their customers, whether in-store or online.
Flexible payments create a positive buyer journey and enhance brand loyalty. Furthermore, you can stand out from your competitors by developing seamless payment solutions during every step of the buying cycle. Payment flexibility should also work across multiple platforms—from physical cards to mobile wallets and desktop computers.
4. Lead Nurturing to Improve the Customer Experience
In today’s competitive global market, payment providers face the challenge of retaining customers and meeting rapidly evolving expectations. Therefore, more companies are looking to improve the overall customer experience through lead nurturing.
Lead nurturing is a marketing strategy that involves building relationships with customers throughout the buying cycle. Through lead nurturing, merchants and payment providers can understand each customer’s buying journey—and provide solutions that address consumer pain points.
Reward programs, email marketing, and affiliate marketing are popular channels for implementing lead nurturing campaigns. As a merchant in the payment processing space, consider adopting lead nurturing techniques to strengthen customer relationships. Understanding and addressing your customers’ pain points will increase brand loyalty and sales.
5. Buy Now Pay Later Options
Efficiency in payment processing has allowed merchants to expand their Buy Now, Pay Later (BNPL) options. BNPL is a service where customers can pay for products using weekly, bi-weekly, or monthly installments.
For merchants, flexibility in payment processing has reduced the cost of BNPL options while increasing product sales. For example, whether a customer wants to use a credit card to pay their first installment or a mobile wallet to pay the second, merchants can be prepared to meet the customer’s needs in real-time.
With lots of innovation in the financial services industry, merchants should expect shifts and emergent trends in how they process customer payments. If you’re looking for a highly flexible platform that can collect your consumer payments online and offline, Cellulant Group is here to help. We offer innovative merchant solutions that allow you to complete transactions faster. Contact us to explore our products today.
