As a small business owner it’s tough to keep up with all the latest trends in your industry. We understand. It’s hard to keep up with trends in the Credit Card Processing & Merchant Service Industry. The great thing is that in 2019 the User Experience will be better. Also, some of the trends will be godsend to the bottom line of many local business owners. Here are our Five Trends to prepare for in 2019.
One: Mobile Pay will surpass traditional Plastic Credit Cards
The payment processing trend that leads most for next year, in-store mobile payments. Becoming the primary payment method in the U.S. By 2020. In-store mobile payments overtaking credit cards, at $503 billion. The speed and convenience is tough to ignore. In-store mobile payments is particularly attractive to a younger generation of consumers.
Apple Pay, Google Wallet, Android Pay, and Samsung Pay are the top mobile wallets. Used at small and medium businesses.. Apple Pay and Google Wallet continue battling it out for the top spot. Android Pay and Samsung Pay still have their share of supporters.
Two: Cash Discount helping Small Businesses
It’s not a secret if you follow us buy Cash Discount helps small businesses compete. Offering a a great marketing tool while saving Cash for the businesses bottom line. Many customers appreciating the transparency as well as a payment option to save. Sure in our “One” we talked about speed and convenience as a top priority for customers. Another priority is saving money. People will gladly pay to use their card with Cash Discount to save time. They also will gladly bring cash if it’s an item they would like to save. Don’t make a decision for your customer. Give them an opportunity to save with the Cash Discount program. Many of our clients have saved tens of thousands freeing up cash to improve the business. Click here for more.
Three: Online Shopping, Online Shopping, Online Shopping
The quicker everyone realizes you are a website with a brick and mortar the quicker the adaptation to the future of business. Having a great website is big. Having a website that takes payments with ease of use is paramount. It’s unnecessary to offer every single payment method. You will want to have an understanding of which methods your consumers prefer. Select a merchant service provider who can support your specific needs. The exact combination will depend on your customer base. Taking online payments is essential. Doesn’t matter if your a store or restaurant. Don’t block yourself from having a powerful advantage in today’s market.
Four: mPOS Become More Affordable & More Beneficial To Small Business Owners
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. Many have limited staff and resources for electronic registers and software support. Costs for Credit Cards are higher (those not taking advantage of Cash Discount) for non-mPOS users. The average credit card processing cost for a retail business is around 2 percent for cards that are swiped in-person. Compared with 2.3 percent to 3.1 percent for card-not-present transactions.
Five: An Advocate in your Local Processor and Customer Support System
It’s strange how tech dominates most of our five but the old tried and true still reigns supreme. Customer Service from your representative remains extremely important. Fly by night or telemarketing sales is going away due to the fact bad contracts and major fees being added to small businesses. Having a rep that will take care of you from initial meeting till the end of time is what everyone is searching. An advocate. Someone who will champion your business and your needs not their sales bottom line.
This is an amazing opportunity heading in to 2019 for your business. That’s why we warn you to be wary of MLSs and ISOs (International Standards Organization) who aren’t trying to help you adapt to the coming world. Some are exploiting programs meant to help small businesses. They are following less than ethical practices. When choosing a partner we hope you choose Card Payment Solutions USA and Buy Local Bowling Green. Find out more today. Message us on Facebook or contact us via email at MEPannell@gmail.com.