Blog | Merchant Processing News: Pinpoint Payments

What You Need to Know about Choosing a Payment Provider in 2022

Written by Ben Grossman | Dec 30, 2021 3:24:53 AM

Rounding into our third year of the pandemic, 2022 could be a sink or swim kind of year for many small businesses. Whether you’re ready or not, major changes are coming to the business world, affecting how we sell, market, and pay for goods and services.

Fortunately, there’s help out there for businesses looking to keep up with the ever-changing trends, and we’re here to get you started. Let’s talk about how to choose the right payment provider in 2022.

Key Business Trends in 2022

To understand which payment processor is right in 2022, it’ll help to discuss a few upcoming trends in the new year. Here are some of the most important examples.

Contactless Payment is the New Normal

Tap-to-pay and other contactless payment options are here to stay.

If you do a lot of business online, then you need plenty of different payment options to maximize sales. Customers always have preferred payment methods and, if you don’t offer theirs, they may take their business elsewhere.

Payment Fraud Will Increase

Proper encryption, cybersecurity practices, and fraud prevention are critical going into the new year.

The last two years saw unprecedented rises in phishing, data breaches, and other cybercrimes, which puts a major responsibility on businesses to ensure their customers’ data is secure.

Increased Emphasis on CX

Customer experience (CX) is becoming integrated into business strategies more every year as customer expectations grow higher. Due to a growing reliance on fast shipping, fast load times, and easy payment methods, businesses are forced to keep up with the times.

However, it pays off in the long run. According to Forbes, 84% of businesses that invested in CX reported a subsequent increase in revenue.

Increased Online Sales

Online traffic and eCommerce sales revenue increased steadily in every recent year and are almost certain to continue throughout 2022, especially with the uncertainty around the pandemic. If you aren’t already selling online, you’re missing out!

Most of these online sales will come from mobile devices. Companies that accept mobile payments are likely to earn more revenue than those that don’t.

What to Look for When Choosing a Payment Provider

Acknowledging the factors and trends above, it’s important to use a payment provider that works with your business’s needs. Here is what you should look for in a modern digital payment company.

Online Payment Options

A modern-day payment provider needs to offer online services for eCommerce sales. These services also need to offer a high level of data encryption while still accepting as many payment methods as your business needs to meet the needs of customers.

Loss Prevention

In light of the recent cyber attacks that made the news (and the thousands that didn’t), companies need greater protection from fraud. Unfortunately, it can take the average company more than 6 months to even notice that a breach occurred. A payment provider with adequate fraud prevention services will help ensure that cybercriminals don’t get that far.

Although, fraud isn’t the only way businesses lose money through their payment systems, which is why chargeback management services should be at the forefront of your search.

CX Services

Contactless payments, installment plans for large purchases, and accepted payment methods are just a few examples of customer-centered payment services. While the methods you need will depend on the nature of your business, accepting the most payment options will yield the best results.

People want options. Ideally, you want to find a payment provider that offers CX-centered payment processors for eCommerce, retail, wireless, and mobile, as this will ultimately yield the best results.

Making a Choice

Now that you know how to choose the right payment provider, make the right choice for your company’s wallet. Payment services are becoming more sophisticated and expectations are increasing among customers, so don’t limit on your sales potential.