Businesses should keep up on payment trends
14/01/2011 - By Louise Houser
Like the trend setters in the fashion world, businesses must keep up on all payment trends.
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Being trendy is about more than just wearing the coolest clothes and listening to the hottest new music. In the business world, businesses must keep up on the latest payment processing
trends to stay in line with their customers' wants and needs.
Technology, although it has provided many life-changing advancements, means that trends are changing faster than ever. To remain competitive, businesses must be nimble and change with the trends, says the website Small Business Marketing Information.
Payment processing is like any other part of running a business. Merchants must offer what consumers want. When an increasing number of customers were only carrying debit and credit cards, most merchants began to offer the service. If consumers are clamoring for mobile payment options, businesses must do their best to provide them.
According to the PayPal Blog, many payment trends will emerge in 2011. First, the mobile payment market will continue to boom. The site predicts that mobile bill payments will reach $214 billion in gross dollar volume by 2015, an increase of $16 billion from 2010.
Another trend to watch for, according to the blog, is the emergence of a "cashless society." Of course, this will not entirely happen in 2011, but the coming year will have less physical cash exchanged between parties.
Articles written by ChargeNational.com's editorial team. For more information, click here.
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