The infographic by SpotOn, titled “7 Trends for the Future of Payment Processing” looks at how customers will be paying as mobile becomes increasingly more ubiquitous.
With the available technology today, every interaction a business carries out with its customers generates data. SpotOn has created an integrated payment processing and customer engagement platform the company says will help small businesses process these payments more easily.
The infographic offers insights into the future of payment processing as mobile technology continues to disrupt traditional payment systems including credit and debit cards and even cash. For small businesses being aware of what is in the pipeline is essential for deploying the technology when it becomes available. And whether it is in the near future or further out, it will mean not having to turn down a customer when they want to pay at your place of business.
SpotOn was founded by Matt and Zach Hyman and Doron Friedman. The solution the company offers combines payment processing with customer engagement tools to empower merchants by analyzing the data this engagement generates. In addition to payment processing, platform offers marketing, reviews, analytics and loyalty options.
In a release announcing $20 million in new investment, Zach Hyman explains, “A Small Business Owner has two primary finite resources: time and money. The SpotOn platform provides them with a simple way to communicate with their customers and grow their business, all at their fingertips and for an extremely low cost.”
Hyman adds, “We bring a deep understanding of the concerns and challenges SMB’s face to manage their businesses and build relationships with their customers.”
Payment Processing Trends
According to the company’s infographic, in-store mobile payment is going to grow from $75 billion to $503 billion in 2020. And as more people use their mobile devices instead of their credit cards, the number of mobile point of sale systems in the market will have to grow to meet the demand.
SpotOn says there will be 27.7 million such systems in the US by 2021, compared to the 3.2 million in place in 2014.
SpotOn further predicts biometric authentication will be necessary to make such transactions — and avoid fraud. The infographic says fingerprint ID and facial recognition authentication will be used in more than 18 billion transactions by 2021.
For more data on the future of mobile payments, see the infographic below.