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The Future of
Small Business Payments

by Adriana Sanderfoot

As technology has continued to evolve all around us, so has the way that we conduct payments and transactions. It’s never been easier to make a payment. More and more people are ditching the old ways of cash and checks and embracing easier, safer, and more tech-savvy methods every day. Those people are coming to expect these new payment options to be available whenever they interact with a business or have to make a transaction.

As a small business owner, it’s always best to keep up with the trends and make sure you’re providing the best possible customer experience. As we’ve gotten deeper into the 21st century, providing a world-class payment and transaction experience has become an indispensable part of making sure that customers feel satisfied in their interactions with a business. Let’s take a look at some of the trends that are defining the future of small business payments and worth your attention.

Mobile payments

Perhaps the most popular payment trend to emerge in recent years, mobile payment options have become almost ubiquitous in the business landscape. With major tech companies like Apple and Samsung providing consumers with multiple options to safely pay for anything at any place using their phone, it has become a no-brainer for many consumers, with an expected valuation of $607.9 billion by 2030.

Small business owners should focus on providing a diverse array of options for their customers to pay you using their mobile devices. In an ideal scenario, they’d be able to pay you regardless of whatever device or app they are using. A safe way to get started is to make sure that you are able to process payments made using Apple Pay, Google Pay, and Samsung Pay on your digital storefront and your physical location.

If you have a physical storefront or location, make sure that you have contactless payment technology such as NFC readers or QR codes so that you can properly accept and process contactless mobile payments.

Buy now, pay later (BNPL)

Buy now, pay later (BNPL) allows customers to split up their payment in multiple installments, rather than paying the full price for what they bought all at once. With American buy now, pay later users set to surpass 94 million by the end of 2024, it is rapidly becoming a very attractive option for customers looking to defer payments for one reason or another.

With costs of living on the rise and the feeling of financial wellness becoming increasingly scarce, people are looking for opportunities to spend their money more comfortably while still getting what they need or want in the moment. By offering options to buy now and pay later, you’re providing a way for your financially conscious customers to continue buying your products and services in a way that works best for them and their financial health.

Peer-to-peer (P2P) services

Peer-to-peer (P2P) payment services, such as Venmo, CashApp, and PayPal, have also grown in popularity over recent years. Similar to Apple Pay or Samsung Pay, P2P payment services allow users to transfer and receive money between accounts.

For small business owners, especially service providers, this can be another convenient way to accept payment from your customers as a secondary option to mobile payments. Flexibility is the key here. Since many customers use exclusively digital methods of payment, it’s best to have as many options available as possible so a customer never has to struggle to pay you.

Payments have evolved with technology. Many modern consumers have ditched cash, checks, and physical cards in favor of their phones, tablets, computers, and even watches. Easy payment has become a priority. People want to handle payments as quickly as possible with the technology that they always have with them. Small business owners should respond by keeping up with the trends and providing options that allow people to pay in whatever way they want to. Some of today’s most popular and fastest growing options include mobile, P2P, and BNPL payments. Setting up these payment methods is refreshingly easy and cost-effective, using affordable equipment and often-free software. Future-proof your payment systems as soon as possible and bring the modern payment experience to your customers.