Businesses need to evolve and embrace the latest technologies to cater to their customers. In order to do so, business owners need to adopt every possible strategy that can propel them towards growth and prosperity. Every day a new technology is being introduced to smooth the progress of businesses. To get a cutting edge, it is essential to understand the importance of welcoming the latest technologies -otherwise, businesses will fail in the fast paced marketplace.
The New Generation of Cards
Recently, there has been an ongoing trend of switching to new card processing technologies from old payment methods. This is mainly due to the fantastic business advantages accompanied with these fresh technologies.
It is estimated that by 2017, only 23% of consumers will be paying with cash. This clearly shows that it's high time for every business owner to integrate new card processing technologies in their business. The alternative is to lose out as people rely on these latest payment methods more and more.
Latest Technologies for Making Payments and Their Benefits
Like all other arenas, the world of business is advancing rapidly. Today, we have various kinds of payment methods which have made our life easier than before. Some of the advanced technologies which should be adopted by savvy business owners are the following:
1. EMV Smart Cards:
The EMV (which stands for the original founders Europay, MasterCard, and Visa) is a global card-security standard that has been widely adopted outside the United States to combat counterfeit cards and fraud. An EMV-enabled card has a chip in it and is specifically designed to make payments more secure and safe. It provides a better and reliable way of shopping to the consumers, as it is difficult to counterfeit. With EMV cards, there are lower chances of fraud and theft than old magnetic strip cards. Because of the genuine benefits, many major credit card providers are switching to EMV cards.
People who avoid shopping with credit cards, due to the fear of their card information being stolen, can now use their EMV cards and shop with more confidence and ease. Millions of customers already use this security feature in their regular shopping. Thus, for business owners, it is essential to incorporate EMV cards in their payment options so that their card carrying customers will not be disappointed.
2. Coin Cards:
Coin is a recently launched card in the USA, which has a remarkable feature of replacing all kinds of credit cards, debit cards, membership cards, loyalty cards etc. with a single card. It is secure and easy to use, and acceptable at all the shops that accept credit cards. Coin can store the information of about 8 different cards. Now, consumers can take a single card for all their shopping and adventure. This simplicity encourages people to use their Coin card for making payments everywhere.
3. Apple Pay:
Apple Pay is a new payment method recently introduced by Apple. This payment method utilizes iPhone, iPad or Apple Watch for making payments at different stores, restaurants, and clubs. iPhone users can use this service for experiencing the most secured payment solution ever. As people can make payments by a single touch on their Apple devices and they don’t need to give anyone their credit or debit card information.
People often like the simplest and easiest things, and many iPhone users are opting for this payment method because of the convenience of paying anywhere through their mobile device. Apple Pay could therefore be an invaluable addition for business owners.
Accepting Latest Card Technologies Can Lead You Toward Success
The usage of advanced card processing technologies is dramatically increasing in the developed countries. It is thought that in coming years, all sorts of shopping and billing will be done entirely by advanced smart devices. Accepting smart cards and other sophisticated paying methods could seem a little intimidating at first, but the incredible advantages become apparent quickly. Many business owners will likely lose their loyal clients in the future if they fail to incorporate the latest technologies with their businesses.