by Todd Spear
When it comes to payment processing, 2020 will bring more options to the table. As the ways consumers pay for goods diversify, there’s a need for stronger security.
The Rise of Generation Z
Generation Z (folks born from the mid-90s through about 2015) represents a group of consumers who won’t remember a world before Apple and Google Pay. They expect to engage in convenient transactions. Gen Z’s payment methods are seamless and revolve around swift technology.
If you want to meet Gen Z’s expectations, try phone-based payments. Generation Z often expects to pay for goods at the press of the thumb. They’re expected to make up a larger portion of the consumer market in the future, so you should plan your payments to suit Gen Z.
Stronger Cybersecurity
Cybercriminals are always looking for new ways to steal others’ identities. With every data leak that occurs, new batches of login credentials are exposed. Because of this, there’s a need for ever stronger cybersecurity—especially in the world of payment processing.
While stolen credentials may not impact you directly, they are still very much a problem for business owners. If customers make the link between card fraud and your business, your organization’s reputation can take a huge hit.
If you sell online, you need to also consider your site’s security. A convenient shopping experience matters, but so does data security. Your goal should be a balanced approach that allows for quick, smooth transactions without sacrificing safeguards. Striking the right balance between security and convenience is a fine art.
Biometrics Could Become More Popular
Biometrics are already used for a lot of in-app payments. For example, if you regularly use Apple Pay or Google Pay, you may well be relying on the app to recognize your thumbprint. That’s one form of biometric security. Other forms include iris scans and even scanning vein patterns. From phone-based payments to biometrics, 2020 will be future-focused when it comes to payment processing.
Todd Spear is the Sales Director for the Telesales channel at Talus Pay. He joined Talus after 20+ years at Chase where he managed the partnership channel, leading all types of acquisition models from “feet on the street” to a traditional partnership. He also exceeded his sales goals for 21 straight years and led a team of 75 sales managers responsible for delivering $5M in annual revenue. His experience and knowledge of the credit card processing industry are second to none and he’s excited to continue to help businesses grow.