2023's payment trends for small businesses

[Micheal Alexander]

The payment trends for small businesses are rapidly evolving, and the payments landscape is becoming increasingly complex as technology advances and new payment options become available. 2023 is shaping up to be an exciting year for small business owners who want to take advantage of the latest payment technologies to drive their business. As the payments environment evolves, so must small business owners. In this article, we’ll explore some of the top payment trends for 2023 that small businesses should be aware of and investigate how they can make use of them to benefit their operations. Business Payment Solution

Overview of Payment Trends in 2023

As technology advances and new methods become available, the payment landscape is becoming increasingly complex and competitive. Small business owners must keep up with industry trends and incorporate new strategies into their operations to remain competitive. The main trends shaping the payments landscape in 2023 include mobile payments, contactless technology, SoftPOS platforms, cryptocurrency adoption, automated billing solutions, security measures, digital wallets, instant/real-time payments and artificial intelligence in fintech solutions.

Mobile Payments and the Rise of Contactless Technology

The rise of mobile payments has revolutionized the way people make purchases and pay bills. This trend is set to continue in 2023 as more consumers rely on their mobile devices for payment transactions. At the same time, contactless technology is becoming increasingly popular for smaller purchases such as food and drinks at coffee shops or fast-food restaurants. Small businesses should consider accepting both mobile and contactless payments to provide customers with an easy and secure purchase experience.

The SoftPOS Revolution

Traditionally, merchants have been reliant on hardware and payment devices (e.g. EFTPOS terminals) to accept payments in-store or in-person. The downside of this is that these devices usually come at an exuberant cost for the business owner. These costs include device rental fees, sign-up costs, paper receipt replacements and replacement costs for damaged or faulty devices.

This is all looking to change with the recent increase in SoftPOS (i.e. software-point-of-sale) solutions. These solutions turn existing mobile devices into point-of-sale and payment machines. With this, monthly rental fees, extra hardware costs and replacement fees are eliminated from the business owner's overheads. All they need is a phone. Virtual Terminal

The Growing Popularity of Cryptocurrency

Cryptocurrencies are gaining traction among consumers due to their low transaction fees and secure nature. Small businesses should consider accepting cryptocurrency payments to tap into this growing market. Accepting cryptocurrency can also help small businesses stand out from the competition and attract new customers.