If you’re a business owner, and you’re re-assessing for the New Year, it’s worth asking how payment processing has worked so far. With new laws shifting the burden of fraud onto your shoulders, it’s important to get familiar with new technology so you can make an informed decision about how best to protect yourself, and your customers.
New technology is making it possible for merchants to accept a wider variety of digital wallets. Companies outside of Google and Apple are finding merchants a bit more friendly, and customers benefit from the increased access. Some of these wallets come with built in loyalty programs, so partnering with these businesses can often bring in additional revenue through exclusive deals.
Moving money digitally is fast becoming the standard in our digital age. It’s more secure than the old magnetic card strips, and even EMF technology has adapted the digital standards. That’s because of the encryption, which puts all the payment information into something like a digital vacuum. This limits access to the outside world, and provides a more secure method to transfer money.
The consumer adoption rate is rising, as more options become available, and big box retailers are driving these trends. Soon, you’ll have many methods to pay at the grocery store. You may also reap specific rewards for visiting stores, spending certain dollar amounts or for being a loyal customer who visits regularly. Someday, our cell phones may replace our wallets entirely!