There are several technologies that have emerged as leaders in the payment processing industry, but there are a few methods that have proven themselves to be irreplaceable for small businesses. For example, it is simply crucial that small businesses accept non-cash payments at this day in age. This is where a merchant account service can assist in the success for small businesses. Besides assisting with traditional debit and credit transactions, most merchant account services can enable small businesses to process mobile transactions.
A leading financial institution reports that, 60% of potential customers believe contactless payments are a quicker payment option, and that 36% believe that mobile transactions are preferable than purchasing goods with a card in person. Small businesses have the technologies in place to keep up with this demand from consumers, or they will miss potential opportunities. Luckily, small businesses are typically able to be flexible and should be able to fill this customer need. However, with technologies in this industry constantly changing, it is crucial to stay up to date on the merchant account services and products. For more small business resources, check out this blog.