The Payments Marketplace Is Rocky, But It Doesn’t Have To Be
It doesn’t take an expert to see that the way people pay for goods and services is rapidly changing. Cash, which was once the gold standard of payments, is no longer the most common way people pay for goods. Credit has long been established as the best possible alternative to cash, for both businesses and people alike. It’s convenient, widely accepted, and also just generally makes the transition smooth for everyone involved. Typically, people see this as the “way it’s always been.”
But, even basic things like credit card payments are changing. With the invention of online payments, mobile POS systems, and rapid-fire Same Day ACH, card payments are happening faster, in ways that no one would have seen coming ten years ago. Even the EMV chip reading technology that has been getting implemented has made things different from how it used to be a decade ago.
Along with the drastic changes in credit card payments, people are now seeing the boom of mobile wallets, Bitcoin, and the fights between providers like Apple and Samsung over payment territory. People have more options on how they can pay for goods today than they have ever had before – and most business owners would agree that it’s a good thing.
Though there are plenty of different ways to pay out there, some payment methods are starting to show signs of weakening on the market. Things like checks, for example, are not as popular as they used to be. Among some companies, credit cards and debit cards are now taking a backseat to mobile spenders. Needless to say, the constantly-shifting world of payment methods may have a lot of company owners confused about which methods are worth keeping in.
Truthfully, most experts do have a suggestion on how to navigate the payments marketplace seamlessly and effortlessly. By keeping credit, cash, and at least one form of mobile payment available for your clients, you make it possible for them to enjoy the full benefits of the new merchant marketplace without having to worry about paying too high monthly fees.
If you aren’t sure that you need to upgrade your payments offerings, or aren’t sure if you’re overspending, don’t fret. Red Payments, we will help you get the very best of the merchant world.