People have been purchasing goods and services for hundreds of years, but the way people pay is constantly shifting. Knowing the best way to process payments can improve many aspects of your business or organization. Member experience is at the top of the list. How you choose to collect payments can affect a member’s decision on whether or not they’ll join. Consider the trends below as you decide the best ways to process payments.
As payment processing has evolved, so have the ways people steal information and execute credit card fraud. It is vital for members to feel confident that their personal information, credit card data, and bank accounts are safe from theft. Your members and prospects will expect clear answers about your payment processing PCI compliance and the other security measures you employ to keep their information safe. Prioritizing payment security within your operating system will help members feel at ease and prevent costly breaches that erode member trust.
Contactless payments had momentum before 2020 but accelerated exponentially as a result of the pandemic. The option for contactless payment offers a quick and simple way to pay, and it also provides safety. Younger generations, in particular, are looking for ways to streamline their purchasing process. Rather than carrying around credit cards, checks, or cash, they’re happy to ditch their wallets and instead pay via a smartphone or app.
Proactive Decline Trends
People are switching credit cards more often than ever before. This can become a headache for teams like yours to keep up with recurring charges on stored credit cards. But payment processors have developed innovative technology to help prevent payment declines, while still catering to people’s desire to find the best credit card for their lifestyle. With automatic card account updaters, payment declines are lessened by an automated system that catches declines before they happen and resubmits updated information when necessary.
Staying Ahead of the Curve
Innovation in payments is a moving target. A decade ago, the idea of next-day funding was a distant dream. Today, it is expected of most payment processors. The lesson here is to choose a payment provider dedicated to researching the latest trends and building innovative solutions that create a remarkable member experience in your business.
With over three decades of experience building payment solutions, Gains is designed to make payments simple. Contact a payments specialist for more information today.