April 20, 2024

How Your Business Can Stay on Top of the Latest Payment Technologies


Technology is constantly advancing, offering businesses seemingly endless opportunities to equip themselves with the latest and greatest equipment. While most areas of a business can benefit from technology, payment technologies offer benefits to your customers as well as your business. If you want to offer your customers the latest in payment technologies, there are some options you need to be aware of.

Mobile Payments

If you’d told businesses 30 years ago that in the future people would be paying with what amounted to a pocket-sized computer, you’d probably have been laughed out of the building. That’s where we’re at now though. People can connect their debit and credit cards to various apps and scan QR codes to pay for their purchases. Many businesses have incorporated such features into their apps, making easy payments one of the many benefits of having an app for your business.

Source: https://www.alacriti.com/mobile-payment-benefits 

Contactless Payments

Thanks to the coronavirus pandemic, people are more conscious now than ever about what they touch and who touched it last. Considering how literally dirty money is, that makes contactless payments one of the most desirable payment technologies, from a customer’s point of view. In fact, more than 70% of customers want contactless payments to continue when COVID-19 restrictions are lifted. Between Apple Pay, Google Pay, Samsung Pay, and others, there are a variety of platforms out there that will allow customers to pay in such a way. Between the variety of platforms making this payment method accessible to most customers and the demand for it, it’s definitely worth investing in POS equipment that supports it.

Source: https://www.podium.com/article/customer-advocacy/ 

Payment Security

As technology advances, it becomes increasingly vulnerable to security threats. Your business needs to take payment security seriously. There have been advancements in this area of payment technology as well. Biometric security is being introduced, and specialized codes offer customers greater security when paying via phone or online. The importance of payment security was what prompted the development of card chips that get inserted into POS systems instead of just swiping like you used to. These chips generate a dynamic code that is used to verify its authenticity. This prevents the chip from being duplicated by someone who’s stolen your card information.

Source: https://www.cardfellow.com/blog/biometrics-payment-security/ 

Payment technologies have advanced recently, thanks in no small part to the pandemic. Mobile payment and contactless payment options are increasingly popular. With those advancements comes the need to protect the security of various payment methods. Make sure you’re properly prepared when offering your customers the latest and best payment methods to give them the best checkout experience possible.

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