Consumers are becoming more familiar with alternative payment methods and more confident in their security. As these payment options continue to gain in popularity, businesses need to adapt to consumer preferences — and having a clear understanding of the latest payment processing trends can help them make the right decisions for their future.

For business owners looking to stay relevant with a diverse group of consumers, more flexible payment solutions are necessary. But first, it’s important to have a firm grasp on what’s happening in this growing market. Below are seven payment processing trends to watch for in 2019:

In-store mobile payments to overtake credit cards

Chief among the leading payment processing trends for next year is the steady emergence of in-store mobile payments as the primary payment method in the U.S. By 2020, in-store mobile payments are expected to overtake credit cards, at $503 billion. The added speed and convenience of in-store mobile payments is particularly attractive to a younger generation of consumers. Demographic info of note: At 73 million, millennials are expected to overtake Boomers in population in 2019. Meanwhile, generation X is projected to pass the Boomers in population by 2028.

Increased prominence of mobile wallets

The convenience of mobile wallets is appealing for the consumer: Mobile wallet transactions tend to be quicker than paying by cash or credit card. When the consumer is ready to make their purchase, all they need to do is open the app, touch their phone to the compatible reader located next to the register, and the transaction is complete. Added security is also a plus. Unlike cash and credit cards, the card information a customer puts into a mobile wallet is encrypted, requiring them to unlock their device and use a passcode or fingerprint.

Apple Pay, Google Wallet, Android Pay, and Samsung Pay are the top mobile wallets currently used at small and medium businesses.. Apple Pay and Google Wallet are expected to continue battling it out for the top spot into 2019 and beyond, but Android Pay and Samsung Pay still have their share of supporters.

Payment methods of online shoppers

The most popular payment methods for online shoppers include credit cards, electronic payment, and debit cards, respectively. While it’s unnecessary to offer every single payment method, merchants will want to have an understanding of which methods their consumers prefer and select a merchant service provider who can support their specific needs. The exact combination will depend on your customer base. Not only learning the latest payment processing trends, but understanding how they apply to your unique situation, is essential to giving yourself a powerful advantage in today’s market.

mPOS devices rise in popularity

According to TYSY, roughly 27.7 million mPOS devices will be in circulation in the U.S. within the next three years, almost 10 times the amount in 2014. An mPOS device can be cost-effective for small and medium business owners, who have limited staff and resources for electronic registers and software support. The average credit card processing cost for a retail business is around 2 percent for cards that are physically swiped in-person, compared with 2.3 percent to 3.1 percent for card-not-present transactions.

Blockchain technology offers benefits

Beyond giving consumers more payment options, blockchain technology gives small businesses the opportunity to reduce costs by allowing them to work directly with other businesses. Over the next five years, blockchain technology is expected to reduce the cost of accounting reconciliation by 70 percent and compliance costs by up to 50 percent. Along with reduced financial burden, the blockchain boasts improved transparency and security for both businesses and consumers. Information housed in the blockchain is entirely decentralized, rather than stored in one location.

Biometric authentication enhances consumer security

Biometric authentication — examples include fingerprint ID and financial recognition — will be used in more than 18 billion transactions by 2021. Apple Pay and Samsung Pay both use fingerprint identification, but not all platforms offer these levels of security. But the technology as a whole is more reliable and cost-effective, reducing password administrations costs and decreasing the likelihood of loss prevention. With the steady increase in fraudulent transactions and security breaches, adoption of this technology is essential to making customers feel more at ease with making their purchase.

The improved customer experience

Perhaps the most important of all payment processing trends is the renewed emphasis on the customer experience. Today’s alternative payment options are not replacements, but rather improvements on previous methods. Younger generations agree: More than 60 percent of millennial and Generation Z customers willing to share their bank account credentials with third-party vendors. That total will only increase as customers become more familiar with alternative payment options.

As a business owner, keeping an eye on the future and staying informed about the latest payment processing trends is an invaluable part of increasing sales and improving customer satisfaction. In this ever-changing environment, there’s much to look forward to as we approach 2019.

It’s gearing up to be a busy holiday shopping season and many retailers are trying to make the most out of increased traffic to their ecommerce stores. One of the best ways to increase conversions and sales is to make the payment process as simple and seamless as possible.

From the shopping cart to the checkout page to payment confirmation, making a few small tweaks can mean the difference between tens of thousands of dollars. As the popularity of online shopping surpasses that of brick-and-mortar shopping, online retailers need to optimize their checkout process to make things smooth for paying customers.

While many merchants opt for the easy route of PayPal for payment processing, merchants with more complex payment systems can take advantage of the full control they have over the entire checkout process.

The next 7 steps can help you optimize the process for increased conversions and sales.

Diversify payment methods

Users expect to have a choice when it comes to how they pay on your ecommerce site. Best practices is to include all major payment card brands (Visa, MasterCard, Discover, etc.) as well as PayPal. That said, if you truly cater to an international audience and analytics show that you get a decent amount of business from specific geographies, you may want to consider the payment preferences of those countries as well.

No registration? No problem.

Never make people register in order to complete the checkout process. This can be one of the top conversion killers for an ecommerce site because it’s intrusive and unnecessary. It’s another step to what many users already view as a long process to get what they want. “Checkout as guest” is the best route to take, enabling users to get through the checkout process without handing over any more information than they’re already providing.

While you don’t have to require registration, you can always offer it as an option. Just be sure that it does not impede the checkout flow or become too aggressive.

Consistency matters

The design and experience of your brand should be consistent across all channels and along every page of your website – including checkout pages. While some online payment providers and gateways may offer out-of-the-box functionality, you’re relinquishing control of the experience, look, and feel of your brand. Take caution here.

Be sure to use consistent fonts, colors, logos, and other design elements from start to finish of the user experience. Not only does it look more professional, but it builds trust between you and your customers. Given the rash of fraud, phishing, and other online scams, keeping a consistent design element during checkout can help put customers at ease and reinforce that you are a legitimate seller.

User flow matters, too

In the same vein as point #3 above, keeping users on your site is imperative. Redirecting to an outside gateway (like PayPal) erodes trust and also leads people away from your brand. Keeping users on your site from start to finish also makes it more likely that they’ll continue to browse around after their purchase.

Also avoid pop-ups or any other advertisements that may distract users as they are attempting to checkout. Anything that takes someone away from the checkout process is bad form. Keep customers moving seamlessly through your site without distractions.

Make payment forms intuitive

Most online shoppers are already leery when offering up payment card information online. Making payment forms intuitive can relieve some of their anxiety while helping them to complete the process quickly and easily. Displaying a progress bar at the top of each checkout page is a great way to keep users on task and in-the-know about how many steps they have left to complete.

Intelligent forms are also helpful. Some may be able to use geolocation technology to pre-fill fields like the country or state to which users are purchasing from. It may also be able to pre-fill some data from return customers, making a repeat purchase seamless.

One final consideration is how to address errors as users are checking out. Be sure to present clear and relevant error messages if a form or field is filled out incorrectly or incompletely. Avoid displaying error messages at the top of the page, which forces users to scroll all the way up to see what they missed. Error messages should be displayed near the field where they occurred and should be clearly worded so the user understands what they need to do.

Use clear calls to action

Nothing is worse than a confused user who just wants to make a purchase from your ecommerce site. Offer clear calls to action and directions on each step of the checkout and payment processes. Be sure to use bold buttons and clear, concise wording directing the user what to do next.

It can also be helpful to offer information buttons that allow users to click and receive more information about what is being asked. These additional instructions can mean the difference between a low conversion rate and a high conversion rate.

Email a receipt

This is perhaps one of the most overlooked steps in providing a cohesive, reliable, and easy checkout and payment experience for customers. It’s also a lost opportunity to upsell and cross-sell or to simply add to user’s pleasant shopping experience.

Not only does it provide a record of the purchase for both you and the customer, but it can be a great way to market to customers that are at their highest level of trust with your brand (they just completed a purchase!).

Use the opportunity to ask customers to rate their experience, provide a review, share with friends, or to offer a coupon for the next time they visit your ecommerce store.

Conclusion

Employing the tips above can boost your conversion rates, lower cart abandonment, and increase the trust and credibility of your brand. A/B testing is a great way to test out some of  these methods and to see what works for your particular customer base. Checkout and payment is an important – and often overlooked – piece of the overall user experience. Keeping on par with best practices is a great way to keep customers happy from start to finish.

Being an online merchant can be a careful balancing act. You want to deliver quality service to your customers, while maintaining security and a good cash flow. In theory, it doesn’t sound too bad, but if one small thing goes awry in the transaction chain, it can be difficult and costly to figure out what went wrong. This might shake customer faith in your business, present extra security concerns, and eat into profitability. If nothing else, having a long process between the time the customer puts their card info in to the transaction actually hitting your pockets is just tedious.

Finding an end-to-end payment processor can help with these issues. A end-to end payment processor simply means that the processor handles the entire transaction chain: they are there from the beginning when the transaction is initiated, all the way to the end. It might not seem like a big deal, but these kinds of processor have serious benefits for merchants. Read on for three big ways that end-to-end processing can bridge the gap between online merchants and payment solutions.

1: Easy integration

Easy integration is one of the most important parts of an online payment processor. You want a product that can easily integrate with your site, offering a professional and simple experience for your customers. An end-to-end processor can help with that — these payment processors integrate will all kinds of technology at the very beginning of the transaction chain. From there, they can leverage their relationships with banks to support merchants at every point of the transaction process. Instead of handing things off to an acquiring bank, issuing bank, or other parties, you’re in one pair of hands the whole way.

2: Fraud Protection

Consumers are wary after the major data breaches of the last few years. Online security is on everyone’s mind, and if customers are too jittery about potential fraud, it could cut into your bottom line. As a merchant, you should take steps to reduce the likelihood that payment information might get stolen. One way to do that is to look into end-to-end processing. The more steps there are between when a consumer swipes their card to when a merchant absorbs the transaction, the more opportunities there are for that information to become compromised. And if there’s a breakdown anywhere in the process, it take more time to locate it and make sure payments are still secure.

A single point of contact reduces all of these risks. End-to-end processing simplifies the transaction chain and provides fewer opportunities for information to be stolen. And with only one payment processor, any issues that arise in the transaction process can be taken care of quickly. This higher level of security in end-to-end payment processing technology gives consumers and merchants more peace of mind: a win-win scenario for everyone.

3: Saving Time

It’s not a hard calculation: subtracting the middlemen from a transaction saves you time. With other payment processors, it can sometimes take up to a week for merchants to receive a payment, creating potential cash flow issues. Switching to a processor with end-to-end technology makes this process not only simpler, but faster as well. Having only one point-of-contact helps facilitate smoother and faster transactions. And as an added bonus, there’s better accountability from the beginning to the end of the process: there’s only one party dealing with this transaction, rather than many different banks.

With an end-to-end payment processor, cutting out these other entities can also save you money.  The more people that are involved in a transaction, the higher the labor and overhead costs can rise. An end-to-end processor can complete a transaction much more rapidly than the alternative, simply because there are fewer parties involved. And time is money, after all. ..Shouldn’t you be trying to get more of it?

End-to-end payment processors take care of every piece of the payment puzzle. They have strong relationships with banks, deliver more cohesive reporting, and experience greater operational efficiency than the standard payment processing chain. Ready to make the switch? Find a merchant account provider like PayArc. With over 300 integrations, merchants can connect with PayArc virtually any way possible,  allowing them to focus on growing and managing their business. Are you ready to explore payment solutions for your business?

PayArc is pleased to announce new specialized merchant services for coffee shops. We understand the importance of creating the best payments infrastructure for your small business, and we’re here to help.

Coffee is lifeblood for your patrons: they wake up in the morning, dreaming of the perfect cup of Joe. The smell of your roast, created from the perfect blend, wafts into the air and draws them in. They walk through the door and stand in line, mulling over which roast they’ll sample, while reaching for their wallets. As they approach the front of the line, they pull out their payment card, anticipating their warm brew and the buzz of caffeine that will supercharge their morning. What they are not mulling over is the mechanics of how the money gets from their account to yours. If your payments operation is set up correctly, you shouldn’t be mulling over it, either.

Payment processing is the lifeblood of your business. Without the proper tools, technologies, and processes, cash flow tightens and business suffers. Thankfully, we specialize in helping coffee shops like you streamline payments so you can focus on what you do best: running the best coffee shop in town.

We provide merchant services for coffee shops so you can quickly accept credit card payments. We understand the unique nature of merchant services for coffee shops and take time to understand your unique business model. We advise on the best solutions that can be tailored to meet your needs. Whether its points of sales systems or mobile payments, we will guide you through the many options to arrive at a solution that fits your business and keeps your customers happy.

If you already have some systems in place, we can integrate with almost all of them. We help you quickly and easily accept payments of all kinds while ensuring that payments remain secure, protected from fraud, and efficient. Our always-on customer support ensures that you have a lifeline in case you have any questions, and we offer some of the best pricing in the industry. In fact, we are offering Interchange cost pricing plus $0.029/transaction and $25 per month.

Our merchant services for coffee shops provide the tools you need to succeed:

Gateway Services – Payarc’s PCI compliant web based payment gateway allows you to monitor transactions in real-time.

Credit Card Processing – Payarc’s global network of acquirers and banks provide merchants with the scale-ability they need in over 25 currencies.

Point of Sale Systems – POS systems provide many businesses with the tools necessary to run an efficient operation.  POS systems add tremendous value when cash flow is vital to your operations.  There are hundreds of POS systems that can help niche businesses even more.

• Choose from dozens of POS systems
• PayArc can assist in POS integrations
• We can help find the right solution for your business

Mobile Payment Processing – Payarc’s mobile SDK makes it easy to integrate mobile payment solutions. Mobile payments is by far the most exciting aspect of payment processing today.  PayArc provides merchants with the latest technology options to help mobile merchants integrate payments into their apps or mobile payment systems.

• PayArc offers many EMV card readers to choose from
• Mobile app SDK is easy to integrate
• Safe and secure encryption
• Take your business on the road!

Online Payment Processing – Does your coffee shop offer products online, too? Setting up an online store can be a daunting task but it can also add significant sales growth to a merchant. PayArc eCommerce solutions provide merchants with an all in one solution for small merchants to large eCommerce giants.  Subscriptions or recurring payments? No problem! We’ve got you covered with our account updater tool so you never lose a customer!

• Recurring payments
• Account updater
• Dozens of shopping cart integrations to choose from
• Fraud and risk tools
• Robust sales reporting
• PCI DSS protection

With over 300 payment technology integrations we’ve already done the hard work to ensure that our merchants can process with confidence. We understand the special requirements of merchant services for coffee shops and have created unique solutions and pricing to help.

The payments industry has dramatically shifted over the past few years, and many people now choose to pay with a credit card, or an electronic wallet like Apple Pay or Google Pay. Digital solutions like credit card processing for dental practices eliminates the overhead associated with paper invoices, and provides many benefits to dental practices and their patients.

The nuances of credit card processing for dental practices can be tough. Use this guide to get the basics on terminology, adherence to HIPAA, and reducing credit card fraud.

What Matters Most About Credit Card Processing for Dental Practices?

Choosing the right payment processor is an important step towards making sure your credit card processing is seamless and smooth. Some processors will offer lower fees, while others will tout the benefits their technology, and seamlessly integrating into websites and mobile applications. Other companies will offer better tech support, customer service and compliance with the requirements of this industry. Start by making a prioritized list of what will benefit your practice most.

A Few Key Advantages for Dental Practices

Credit card processing for dental practices is cost-effective. Most dental facilities are considered low risk, which means fees and other costs are going to be lower than for other types of businesses.

Additionally, you may not need a robust and expensive solution that a more technology or inventory-driven company might want. Retail stores require a fully functioning POS, complete with barcode scanners and other hardware, and possible integration with an ERP. Restaurant management systems require a robust POS that includes kitchen display systems and table service software.

You can avoid costly hardware, and smaller practices may begin with a simple countertop credit card machine or a virtual terminal that uses your existing computer and internet connection. Plan ahead though, as credit card processing for dental practices works best when it’s integrated with practice management systems. Besides better tracking, integration may enable HSA and FSA card acceptance, providing a market advantage over practices that refuse them.

What About HIPAA?

Many dentists worry HIPAA regulations and the associated fines for noncompliance when it comes to setting up a credit card processing systems. While it’s a good idea to review the general rules, you can rest assured that most credit card processing functions rest safely outside the myriad of HIPAA compliance regulations.

The vast majority of credit card processing companies are exempt from the HIPAA “business associate” agreement (where third-parties have to agree to safeguard patient information). This is because credit card companies do not have any access to patient data and are just seen as entities who are carrying out normal banking functions.

Where it gets murky is when your credit card processing company does more than just transaction processing. If their software includes invoicing or patient management, then HIPAA compliance might be required, and you’ll want to work with a payment processing company with the proper expertise.

Patient Data, HIPAA, and Credit Card Processing For Dental Practices

Never include patent health information in any communications with your payment processor. A common mistake would be to include notes about treatment or visits in the “comments” section on your virtual credit card processing terminal, so keep that data in a separate system.

As a precaution, ask your processor how they handle receipts, and what measures they do take to remain compliant with HIPAA. Some will let you print out paper receipts, while others just automatically send digital ones. Processors that evade questions about HIPAA regulations will likely lack the expertise or systems required to remain compliant.

Avoiding Credit Card Fraud

A fact of life with accepting credit cards is the risk for fraud. Many cybercriminals are on the hunt to exploit credit card holders for their own gain, and do not need a physical card in order to use it nefariously.

Start with maintaining PCI compliance to protect your patients’ payment information. The latest PCI DSS standards are available online, and a good payment processor will be able to guide you on any necessary steps to take.

Although processing credit cards at a dental practice is relatively low risk, it’s always a good idea to follow best practices. ID validation is common practice, and may be done when a patient registers for the first time. Ask your payment processor for additional guidance on payment processing and educate your staff on credit card authorization procedures. Keep in mind that an arduous process may turn off some patients, so try to strike an even balance in fraud prevention and customer service to reduce friction. The right policy enforcement will minimize fraud, and patents will have peace of mind that their valuable information is safe and secure.

Keep all of the above in mind as your dental practice accepts credit cards for processing. Not only will you provide patients with a convenient way to pay for services, but you can enact a plan that will help your business grow.