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What's Happening With Card Processing in 2018?

2018 is expected to see major shifts in the ways your customers pay for products, how payments are processed, and new tech continues to expand into the marketplace. Stay one step ahead of the incoming card processing trends by preparing for these expected card processing changes coming in 2018!

Mobile Wallets Continue to Grow

Last year we saw a rise in mobile wallets like Apple Pay and Samsung Pay at the register. Millennials are becoming less attached to the plastic cards their parents used, and would rather use their phone for practically everything. This trend is expected to continue, and more mobile wallets will see growth in 2018 as they did in 2017.

Newer POS Systems

To ensure that you are well-equipped to handle these mobile payments, your card reader and POS system much be up to date. Many companies are expected to release updates to their POS technology to accommodate these mobile payment customers along with additional technologies such as self-service checkouts for increased efficiency and online ordering for customer convenience.

Heightened Security for New Payment Methods

Recent hacks of consumer data have put many people on edge, and it is up to retailers of all sizes to ensure that they are keeping their customers' payment data secure. The EMV chip in credit and debit cards has made this payment method more secure, but many experts believe that hackers and data thieves will start targeting mobile payments instead.

To help avoid these risks, card processing and mobile payment companies are expected to improve their security efforts, and if your c-store doesn’t already have security measures in place for card processing, you might be required to install them in 2018.

Shifting Away from Signature Capture

For years you’ve probably required customers to sign on the dotted line to complete their credit card purchase. With advancements in card processing security, the industry is starting to shift away from this. Although it seems less secure, in reality signature capture was never an extremely accurate safeguard and eliminating one step from the purchasing process will speed up your transactions and get your busy customer in and out much faster.

Rewarding Loyal Customers

Do you run a loyalty program for your customers? A loyalty program can come in the form of a keychain card you'll scan when customers check out, and your system can track points and rewards. Many large retailers have used these types of programs for years, but now it is easier for small c-stores to offer rewards programs.

You'll be able to keep customers coming back because they'll have an incentive to shop with you. Experts predict that loyalty programs will start becoming popular among small retailers and grocery stores in 2018. Your competition will have a program, so do your research and come up with incentives to provide customers for shopping with you in 2018.

The way that customers prefer to pay and the methods you use to process their payments will continue to evolve for the next few years. By anticipating these changes and keeping up with changes that could affect the way your c-store runs, you will be one step ahead of the competition. Keep these trends and mind and begin planning now so you’re ready for them!

in Building Your Business, Industry News