The biggest financial services trends to look out for this year

Financial services Payment processingEvery year it seems like technology forces things to get a little bit more wireless, a little bit more paperless and a little bit more effortless – 2016 is no exception. This week we take a look at the payment solutions trends currently taking shape and how Paycorp has kept up with the innovations.

The mobile payments boom has been coming on for years and it feels like we are finally reaching broader adoption

People are growing more comfortable with the idea of not being chained to their physical wallets and embracing their mobile phones as more convenient surrogate wallets.

The adoption of mobile financial services has boomed, and constant improvements to the security and user experience of mobile apps have fostered better trust with customers. People seem even more willing to connect their money to their mobile phones.

On the other side of the coin, vendors are now using mobile solutions to accept payments on the go. With just access to the internet and a wireless connection to an external card-reader like Paycorp’s ZipZap, businesses on the go can join the movement towards a more convenient way of transacting.

 

But, for now, cash is still far from obsolete as a form of currency

While mobile payments are gaining a considerable hold on financial services, nothing beats hard cash just yet. Cash remains the most universal and easily accessible method of payment and changing that paradigm will still take a while.

ATMs are still invaluable to have in and around your business. Small and medium-sized businesses, especially, can boost their growth with an ATM installation. Paycorp has a variety of ATM solutions available to suit your business, whatever its size. While financial services continue to evolve, it’s still wise to keep your cash-paying customers completely catered to in the interim.

 

The banking world is steadily moving away from credit and debit cards with magnetic strips to ones with EMV chips

These chips allow for more complex encryption methods and more information storage than traditional magnetic strips. As this slowly becomes the global standard, businesses will need to equip themselves with the necessary point-of-sale devices to be able to keep up with the requirements of their customers.

Paycorp’s array of POS devices are perfect for all businesses as they are able to process both Chip-and-PIN and magnetic strip-only cards. This sets your business up to cover all your bases in terms of payment options for your customers.

 

Security is becoming even more important

For your customers, security probably only comes second to convenience as a priority when it comes to choosing payment options. With better technology at their disposal, institutions are now actively focusing on making their financial services more secure for their clientele.

All your transactions are safe with Paycorp’s entire product range. The company is a PCI DSS-compliant service provider, which means it enforces global information security best practices so it’s customers are guaranteed that all transactions are processed in a secure manner.

Download our brochure for more information on our innovative products that will help keep your business on par with industry trends.