Last year marked the shift of fraudulent credit card transaction liability from financial institutions that issued cards to merchants as chip-enabled cards increased security. Almost all industry stakeholders benefit when payment processes transfer information between parties on digital rails. With those methods evolving continuously along with technology, staying current on trends that could impact your business is key.
Accommodating Increased Mobile Usage
Shoppers have made more purchases on smartphones in recent years. A study found that two-thirds of consumers have downloaded three or more shopping apps with seven percent having 25. The huge millennial generation of young adults from 18 to 34 rates banking and financial apps in second place by importance. Another study forecasts payments on handheld devices to increase 210 percent during 2016. Different researchers predict mobile transactions will reach $270 billion by 2017, rising from 2014’s $235 billion.
In 2016, mobile payments will become less dependent on smartphones. Today’s consumers accumulate multiple digital devices. Around two-thirds of Americans use two or more. Over one-third of desktop computer owners also have laptops or tablets and smartphones. New wearable technologies are venturing beyond smartwatches to include bracelets and rings. Although not portable, some refrigerators even enable payments.
Cloud-based apps allow shoppers to check out on smartphones inside or outside of stores instead of making contactless disbursements at point-of-sale (POS) terminals or waiting in long lines to swipe or dip credit or debit cards. Such frictionless transactions are growing in popularity among busy, tech-savvy consumers. They’re also causing the continuing decline of checks and cash.
Customizing Payment Techniques
E-Complish will customize any combination of merchant processing services into a unique package to improve your transaction speed, safety, and performance. Web-based applications and automated phone systems enable easy payment processing. Choose between VirtualPay, our comprehensive interface that bundles all payment types and sources, and individual solutions like MobilePay for specific needs. Every option will be a big money saver that eliminates extra hardware and software investments. You’ll pay E-Complish just a percentage of every transaction.
Making Security Nonnegotiable
Corporations lock their doors overnight, but most companies and cloud service providers don’t put the same emphasis on digital security. About 93 percent of firms use the cloud for some to all business software, according to research. But emails aren’t secure usually. Some 86 percent of tested websites had one or more serious vulnerabilities with data breach chances climbing up to 75 percent for many. Employees use various unguarded mobile devices. VoIP phone systems may lack full encryption. In the hasty scramble to integrate the latest technologies, protection is a mere afterthought too often.
Due to almost 5000 corporate data breaches since 2005, compromised records exceed 815 million. Malicious hackers have accessed Social Security numbers, banking details, and medical histories. Fortunately, organizations, consumers, and the government have begun realizing the enormous liabilities. Therefore, the House Committee on Financial Services approved vital legislation. It compels firms that couldn’t protect their clients’ sensitive personal information to alert law enforcement and patrons about all breaches.
A major business technology trend involves closing any vulnerable holes and protecting all systems adequately. Measures include encrypting data during rest and transport, managing mobile device enterprise mobility, using containerization to prevent hacks from infecting complete systems, and adopting cloud computing solutions that prioritize security.
Embracing New Safeguards
In 2016, tokenization will safeguard credit card specifics in an interesting way. Rather than using sensitive personal details, organizations substitute tokens or information with no value. They store the original facts securely on special servers, using just the corresponding tokens to process sales. That way, cybercriminals stealing irrelevant data harm no one. Until standards for this method become widespread, various approaches will prevail. Industry experts anticipate this tool to undergo a shift this year.
Bitcoin and blockchain technologies may cause a commotion in 2016. Blockchain is the database that records bitcoin transactions. Its lengthy data block series assembles, encrypts, and stores tamper-proof disbursements quickly and affordably.
New inventions to authenticate payment processes will arise this year. Expansion of current password, PIN, and fingerprint techniques could increase two-factor authentication usage. User-friendly innovations include biometric methods like keystroke detection, voice recognition, pulse recognition, and finger vein scanners are likely to grow in significance. The goal of these trends is to boost security along with convenience. Whatever advancements come next will expand those benefits even further.