Current Trends in the World of Payment Processing

Infographic titled "What's Happening in the World of Payment Processing?"

Does It Feel Like the Times, They Are A-Changin’...But Too Fast?

What is happening in the world of payment processing? At the onset of the pandemic, small businesses had to quickly pivot to process contactless payments and adopt QR codes and virtual payment methods. We are still feeling the reverberations of those swift changes today.

That said, we have learned a lot and feel confident in our recommendations as we move into this next phase of the economy. Read on to learn more about how current trends have shifted our approach for small businesses.

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Contactless But Still Contact-Rich

As the world pivoted to home quarantining in the spring of 2020, many of our clients turned to us to make hasty changes in their credit card processing systems. Contactless payments, which had existed before, were pushed into the mainstream. WPS helped with new POS systems that could accommodate contactless payments from wearables and voice approval to phones and other devices. We successfully transitioned many of our customers to incorporate QR-codes in order to accept virtual payments.

Being Agile Means Keeping Options Open

While payments involved less and less touch, WPS made sure that our clients did not lose the ability to make a personal connection with their customers.

We have worked with clients in various settings, such as:

  • home-based freelancer
  • traveling salesperson
  • brick-and-mortar retailer

Our goal was always the same: to make sure they had omni-channel payments.

We found that many clients had to pivot between these roles—sometimes for the first time. We knew that it was key to have one processor to handle all POS sales, online sales and/or mobile processing. This helped clients save money on vendor subscriptions and fees and use centralized reporting to save time reconciling.

WPS: No Long-Term Contracts

Our clients trusted us to make these changes because they knew we had not tied them down to long-term contracts. Our customers can cancel at any time. Because of this policy, our clients know that we work hard to stay current and give the best recommendations possible.

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