7 Growing Credit Card Processing Trends Transforming the Payments Industry 
- In-store mobile payments are expected to overtake credit cards and grow from $75 billion to $503 billion in 2020
- The top mobile wallets used at small and medium businesses are Apple Pay (16.6%), Google Wallet (516.0%), Android Pay (%11.3%), and Samsung Pay (8.2%).
- The top 3 payment methods of online shoppers are credit cards (42%), electronic payment (39%), and debit cards (28%).
- There will be 27.7 million mPOS devices in circulation in the U.S. by 2021, an increase from 3.2. million in 2014.
- Over the next 5 years, blockchain technology is expected to reduce the costs of accounting reconciliation by 70% and compliance costs by 30-50%.
- Enhanced customer experience is the future of payments, as more than 60% of Millennial and Gen Z consumers are willing to share their bank account credentials with third parties.
- Biometric authentication such as fingerprint ID and facial recognition will be used in more than 18 billion transactions by 2021.
Source: http://paymentsjournal.com/7-trends-for-the-future-of-payment-processing/.
The trends above illustrate how advances in technology are transforming the payments industry. In order to compete in today’s merchant services’ environment, it is more important than ever to offer your customers a quick and easy way to pay for your goods or services. Customers count on you to ensure their payment information is safe when they purchase.
Our team at American Payment Solutions works diligently to help keep our merchants’ data safe, this means we need to ensure all our customers are following the most current PCI-DSS standards. On June 30th 2018, TLS 1.0, SSL V3 will no longer be a PCI approved method of running transactions. To maintain PCI Compliance, payment processors and gateway providers are removing security certificates, which will disable older versions of legacy software using this legacy encryption method. This means processing using legacy systems this way will not be considered PCI Compliant, and all transactions will stop working eventually. There’s no better time to review your PCI compliance practices to make sure you are ready to handle the new PCI compliance security standard, TLS 1.2. TLS 1.2 enforces a methodology that utilizes strong encryption to keep data safe. If you process credit cards with American Payment Solutions we ensure your business is ready for the future of payments by taking advantage of your operating systems’ highest available encryption method.
Contact us at American Payment Solutions today to find out how they can keep your company PCI compliant and help you streamline your payments.
American Payment Solutions enables you to cut costs and offers the following streamlined credit card processing features:
- Convenient 24 hour access to payment processing and reporting
- Automated recurring billing
- Improved cash flow
- Fraud detection and prevention (volume thresholds, risk parameters)
- Reduce invoicing costs
- No additional licensing fees
- Virtual Terminals (no integration needed, no software to install, simply use your web browser to securely log in to process transactions)
- Credit card tokenization for secure access to future customer transactions
- Real-time Payment Gateway
- Level 3 supported gateway for US accounts, (significant savings for business to government or business to business transactions)
- Batch processing when real time approvals are not required
- PCI-DSS compliant at no additional cost
- Some of the lowest American Express fees in the entire industry!
- Next Day Funding including American Express making reconciliation process easier
