Certain medium-sized businesses are enjoying fast-paced growth because they understand the way that people handle money is changing, and have partnered with a payment services provider that helps them evolve to meet their customers’ spending habits.
The right online payment services provider should help you better understand and streamline your compliance and due diligence efforts. They will also work alongside you to help you adopt connected payment methods that can bring new possibilities to your business.
Not just online, but throughout your physical locations, there is a point-of-sale (POS) revolution happening across the world. In fact, the POS market is set to grow by 13.5% over the next five years, to reach a value of approximately $98 billion by 2022.
With more payment options available than ever before, partnering with the right global payment services provider can get the technical side of your business up to speed for the benefit of you and your customers.
Give your customers more choice with an online payment services provider
The POS terminal market is also expected to see enormous growth over the next few years – nearly 26% until 2021, according to research firm Technavio.
Thought to be key to that growth is the spread of contactless POS terminals, which are offering consumers speedier ways to pay than standard chip and pin. It’s beyond a trend; contactless payments now account for a quarter of all card payments, with the medium said to be one of the main reasons for the falling number of cash payments worldwide.
As a payment services provider, it’s essential to highlight mobile’s impact on contactless payments, too. Visa has recently said that users making contactless payments through mobile devices has tripled in a year.
That doesn’t just mean smartphones, but wearable technology too, such as smartwatches and other devices. Samsung is leading the way with these payment systems, recently introducing software that allows its payment systems to be integrated with any wearable tech that a consumer possesses.
A global payment services provider can help you break into new territories
Visa is also introducing sunglasses that enable contactless payments. As fun as this sounds, it also highlights a serious undercurrent in the way POS services are changing in physical locations, and changing fast.
Can you say you’re offering consumers easier ways to pay for their goods? Are you partnered with a payment services provider that understands contactless compliance and regulation?
Not being up to date with trends in the POS sector can end in your business losing money. As a leading payment services provider, we hate to hear that a lot of small businesses across the UK are losing out on approximately £23,000 of profit every year, simply because they don’t have an appropriate POS system in place.
Medium-sized businesses that don’t keep up with trends have another problem; they risk losing the customer base they’ve built up over the years if a competitor makes it easier to make a purchase.
Fibonatix is a payment services provider that can help senior managers and CEOs keep up with digital payment trends and solutions. We can help you cut through the maze of compliance, regulation and due diligence. Contact our team today to find out more.