The concept of customers making automatic, recurring payments to access goods or services isn’t new. Health club memberships are based on recurring payments and have been around for decades.
For years, shoppers in Europe and Asia have been paying with contactless methods such as mobile wallets and contactless cards. While U.S. consumers have traditionally been slow to adopt this payment method, they’ve recently begun making up for that delay.
As a result of state and local government guidelines, brick-and-mortar businesses are beginning to reopen after being shuttered for weeks or even months. Accordingly, many business owners are shifting to a more positive attitude—one of hope.
At the end of 2019, news from China emerged of a new pneumonia-like virus. Despite this, the U.S. economy in January and February of 2020 was upbeat.
The payments industry is a rapidly changing scene that is constantly in flux due to the introduction of new payment methods, mergers and acquisitions, and new technology.
The payment processing landscape is constantly changing, and to stay competitive, Software as a Service (SaaS) professionals—such as independent software vendors (ISVs), value added resellers (VARs), and developers— must harness the latest payment technology to ensure top-level merchant satisfaction.
Unless you have a crystal ball, you can’t predict the future. But paying attention to your customers’ buying habits will give you a good idea for where payment trends are headed. This white paper examines the current state of U.S. purchasing trends: who the shoppers are, what they buy, how they make their purchases, and what payment methods they prefer.
Put simply, a payment gateway is a software application that enables merchants to accept payments made with credit and debit cards for instore and online transactions. The payment gateway facilitates transaction processing by securely encrypting payment information and transferring that data between the merchant’s store or website, the bank that processes the payment, and the bank that issued the card used to make the purchase.