The Future of Payment Processing for Small Businesses

As payment processing advances, a card swipe machine may not be enough for your small business to keep up with the demand for the latest transaction methods offered by the top third party credit card processors. As the customer experience becomes more prioritized in 2020 and beyond, your card swipe machine will need to become faster and more advanced.

Here are a few points on the changing landscape of payment processing in 2020. Take them to heart to keep your small business in the know of the latest trends that third party credit card processors are using to improve the user experience, trends that you need to take advantage of.

Mobile technology

Advances in mobile technology represent a future beyond the card swipe machine. This technology allows people to take the card swipe machine with them on the go and accept payments from customers anywhere in the world with new mobile payment technology spearheaded by third party credit card processors.

If your business has an online component, you need to make sure that your store is mobile-friendly. Since the COVID-19 lockdown, businesses have had to rely on online and mobile payments to keep up with reductions in face-to-face sales. So many people shop on their phones now that your traditional card swipe machine isn’t enough. Smartphones and chip technology are the new future for payment processing.

Know your chips

Speaking of which, your card swipe machines need to be updated with the latest chip-reading technology, as well as contactless payments that many third party credit card processors are now providing through mobile wallets.

If you’ve never heard of Apple Pay, then consider that cards paid through mobile wallets without being physically used at the point of sale at all are becoming more common as we move into the new decade. Some people may have been suspicious of them at first, but VISA plans to have 300 million contactless card users by the end of 2020 so it’s a good idea to be prepared.

In addition to accepting cards by swiping them, it’s important to make sure your card swipe machine is also a card “chip” machine and a contactless card machine as well.

Prepare for fraud

Third party credit card processors are on the move to change the way small businesses process payments. Fraud costs merchants and their customers billions of dollars, and it’s crucial to know how to prevent it in your small business.

Your new card swipe machines can be equipped with the latest biometrics and location tools to make sure your customers are safe making transactions in your business. EMV chip technology was invented to be more protective against fraud through identification and authentication systems. You may want to upgrade before it becomes a problem, if you haven’t already.

The Takeaway

The card swipe machine as it has been understood up until now is becoming a thing of the past. Third party credit card processors are revolutionizing how payment processing is accomplished and emphasizing your desire to update your technology to keep up with the times. This means making sure your online store is mobile-friendly and that your in-store payment processing tech has options for chip transactions and contactless cards as well.

For more information about the future of payment procesing for small businesses, you can call (888) 924-2743 or visit Charge.com.