The Future Of Payments In The United StatesMiCamp Solutions
Merchants should be prepared to accept every type of payment that consumers want to use – this not only means increased convenience for the consumer, but greater revenue for the merchant. At MiCamp, we’re monitoring and adapting to the latest payments trends, so our merchants can offer their customers a more frictionless checkout experience.
The latest PYMNTS.com Global Cash Index shows that some consumers still prefer to pay with cash, even for large purchases. “While the growth in popularity of card- and mobile-based payments is changing how Americans prefer to pay for their purchases, cash is sure to survive and thrive in years to come.” The report predicts that competition from other forms of payment is unlikely to render cash obsolete.
The United States is moving toward a payments environment dominated by EMV chip cards. As more and more consumers are issued chip cards, they will expect merchants to be able to accept EMV payments. And, EMV provides both merchants and consumers with an extra layer of protection against fraud at the point-of-sale.
Contactless payments like Apply Pay, Samsung Pay, Android Pay, and NFC have experienced slow adoption in the United States. But, contactless payments are fast – just a simple tap against the payment terminal – and with many consumers complaining about long EMV processing times, contactless is likely to gain traction with consumers who prefer to avoid the wait.
Mobile payment terminals allow merchants to bring payments directly to consumers – making them great for line-busting or paying at the table. These solutions increase revenue for merchants by allowing them to speed up payment processes and serve more consumers. And for those merchants that have a more mobile business, like a food truck or a pop-up stand at festivals, the best mobile terminals work well with or without an Internet connection. Plus, new mobile solutions come ready to accept contactless and EMV.
The Smart Way Forward
Merchants should look for a payments solution that can accommodate any type of payment – and process those payments securely. Accepting new forms of payment doesn’t have to be a hassle. With MiPoint, merchants can seamlessly add EMV, NFC, and mobile payments to their existing payment solution. MiPoint integrates to leading point-of-sale systems like MICROS, POSitouch, and InfoGenesis – so merchants can continue using the systems they have already invested in and are familiar with.
Contact MiCamp today to learn how MiPoint can work in your business.