Merchant processing industry continues to undergo significant transformations in today’s rapidly evolving digital landscape. In 2024, both businesses and consumers will experience new trends that promise to make payments more secure, efficient, and convenient. Understanding these new trends will help you increase revenue while maintaining secure, effectient and convenient forms of payment connections for your customers!
- Contactless Payments will Surge - it started during COVID-19 and has grown exponentially over the past couple of years. Tapping your card is cleaner and faster than handing over to someone to swipe or insert for EMV approval!
- More Instant Peer-to-Peer (P2P) Payments - Zelle/Venmon/Cash App have gained a lot of traction over paying with checks & cash. However in 2024, these companies will be sending out 1099K IRS Forms to both businesses and individuals that make more than $600 per year!
- Enhanced Data Security - Every merchant services company is required to secure the merchant and their customers' data. PCI Compliance has been around since 12/2004 so we are amazed when our merchants do not understand what it is and how ignoring their PCI Compliance Certification can impact their business in many ways:
- The merchant processor will charge a hefty monthly penalty on top of the monthly fee if the PCI Certificate is not completed with 90 days of the opening of the account.
- Up to $100,000 in fines due to breach
- Customer Chargebacks with a $30.00 each plus the cost of the charge
- Loss of business due to ruined reputation
- Account Closure by processor due ton chargebacks
- By completing the PCI Compliance Certification merchants get the following benefits:
- Companies like TSYS offer $100,000 in breach coverage for their merchant that complete the Annual PCI Compliance Certificate.
- Their merchants are trained and understand how to handle customer data to avoid a breach.
- A monthly fee is charged instead of a huge Annual Fee or penalties
- PCI Compliance is especially important for ONLINE Businesses
- Biometric Payment Authentication Will Gain Traction - some of the industry brands like MasterCard are now introducting SELFIE PAY. This program allows a customer to use a biometric checkout program creating more security for the merchant.
- More Personalized Payment Experiences like BUY NOW/PAY LATER payment options are currently available with more programs are expected to hit the payment industry soon customizing to customer experience.
- Worldwide credit card brands are working on Cross-Border Payments which will help increase business reach and revenue.
Merchant Processing Solutions is a local processor for Nationa Reach! We understand that each merchant/business has specific wants and needs for collecting payments. We are help to help you consider your options and help create the payment collection program that not only meets your needs, but your budget!
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