Throughout the years, payments have transformed. From cash payment to card payments, the need for easier processing of those payments is now at an all-time high. In recent years, we have seen the implementation of smart chips and even being able to pay via your smartphone. The innovations to come in 2021 are limitless as the banking industry continues to grow and form.
Here are some payment processing trends to look out for in 2021:
–Real-time Payments: the need for quick and secure payments where funds move instantly is in high demand, especially for businesses. Real-time payment systems can also help businesses in providing their customers with fast invoices, account statements, and confirmations messages.
–PayLater: the convenience of other payment alternatives are now leading amongst Millennials and Gen Z providing flexibility while giving business owners the comfort of knowing their items will sell and open more storage options.
–Mobile Payments: in the growing trend from 2015, mobile payments allow customers to pay for items through saving their card information to their smartphones or smart wallets.
–Peer-to-Peer: splitting money between two people via smartphone apps is becoming a fastly grown trend amongst users in the 21 century. This trend will become a normal for many customers looking to have their peer-to-peer payments made easy and fast.
–Lose the Friction: to provide a smoother payment process for customers, make a list of what kinds of cards a business accepts, the different payment forms i.e. digital wallets, installments, COD, purchase now pay later, discounts, loyalty programs, and many more.
With iMerchant by Passfeed, we are going to revolutionize payment processing methods for businesses in all industries. We will take the trends from above, along with other highlights of an RMS system to help industries like retail, restaurants, and hospitality to increase their business operations and management.
To find out how to get started with iMerchant, click here!