The payments industry news we focus on this week discusses post-pandemic payments expectations and cryptocurrency acceptance abroad.
Food Trucks Should Roll Forward With Mobile Payments
Food trucks in the U.S. had their fair share of challenges during the pandemic, losing revenue due to the absence of large group events and local lockdown measures. However, with more people willing to spend time outdoors this summer, food truck operators have the opportunity to bring business back by embracing technology.
FoodTruckOperator.com encourages the use of the following technologies to enhance customer satisfaction:
- Mobile Payments: Reduce wait time for customers. Use a POS solution that is ready-made for mobile payment acceptance and fully integrated with existing systems.
- Loyalty Programs: Personalize customer experiences and reward your most valuable customers.
- Social Media: Increase brand awareness and allow customers to connect and engage with your business.
For a deeper dive into the payment processing changes in the food industry, visit our guide from earlier this year.
Curb Cart Abandonment With Optimized Payment Experiences
eCommerce is a competitive industry, and cart abandonment is a major reason why sales fall through. Businesses should ensure the payment provider they work with is helping them gain the trust of customers and encouraging them to complete their payments.
BigCommerce’s “Optimizing SMB Payments” report on PYMNTS.com reminds us that “You can’t conduct eCommerce unless you can accept the payment.” Therefore, when looking for the right payment provider, BigCommerce suggests eCommerce businesses consider the following:
- Their business model and the customers they want to attract
- How they think their customers want to pay, based on demographics and location
- The prevalent payment methods of their ideal customers
- How these perceived payment methods fit in with operations
For ISVs looking to integrate payments within their software, here are five things clients are looking for in payment processing software.
Proximity Payments Become More Prominent
Finextra featured a write-up of the current state of proximity payments in 2021. They discussed the innovation in mobile payments and how the ubiquity of smartphones and the integration of NFC and QR technology are allowing mobile payment solutions to thrive.
Figures from ReportLinker mention that “US$121.9 billion worth of proximity transactions are estimated to be done through mobile payments, and the amount is projected to grow up to US$1.5 trillion by 2027 with a CAGR of 42.9%.”
New POS technologies make electronic payments accessible for SMBs, allowing them to offer better checkout experiences while taking advantage of the customer insights their payment data provides.
Re-Thinking Loyalty Programs Post-Pandemic
The pandemic has disrupted the way consumers prefer to shop, forcing retailers to consider how they can leverage technology and re-think the retail journey. A contributor article on Forbes discusses loyalty programs at length and how to avoid “outdated rewards and redemption strategies of the past.”
The answer is flexibility. Customers want flexibility in the way they can redeem points, and “options such as cashback, paid loyalty programs, and pay-with-points are something to consider.” Moreover, implementing these options can provide “additional experiences and services that create new touchpoints.”
Merchants looking to revamp their loyalty programs should work with a payments partner to link their payments to their programs, and for tips on loyalty fraud prevention measures. When done correctly, it allows merchants to provide customers value through marketing segmentation based on past purchases.
El Salvador Approves Cryptocurrency As Legal Tender
El Salvador dominated the news recently by becoming the first country to make bitcoin a legal currency. According to the BBC, “The new law means every business must accept Bitcoin as legal tender for goods or services unless it is unable to provide the technology needed to do the transaction.”
We recently covered the basics of cryptocurrency and explored why cryptocurrency payments aren’t popular in the U.S. This news shows that cryptocurrency payments can take off in some countries based on their legislation and the state of their economy.
We hope you find this roundup helpful in staying on top of payment trends! Stay informed on the payment industry by subscribing to our email newsletter or following us on social media.