The power is starting to shift and merchants are being presented with better processing options.
Santa Monica, CA (PRWEB) February 07, 2012
CardPaymentOptions.com has released its 2012 predictions for the payment industry and the focus for this upcoming year is mobile processing. With the boom of near field communication, mobile payment systems, as well as quick response (QR) codes, CardPaymentOptions.com is confident it will be a very technology-driven year for the processing industry.
Square and GoPayment have been on the forefront of mobile phone credit card processing technology for the last 12 months and CardPaymentOptions.com is expecting that to continue. With Square announcing it has reached over one million accounts, the growth so far has surpassed many analyst expectations. GoPayment has publicized their step into the international arena with services being offered in Canada later in 2012.
Near Field Communication
Major corporations like Google have jumped into the payment processing industry and started pushing NFC technology embedded in smartphones. Google has partnered with Citi and MasterCard and are betting heavily that the smartphone will soon be a replacement for a traditional wallet; holding payment methods, discount cards, even personal identification.
“The payment industry has been very consistent for the past 30 years, and the banks and processors have typically held the upper hand over merchants.” Said Phillip Parker, CEO of CardPaymentOptions.com, “With the advent of new technology and multiple competitors entering the payment landscape, the power is starting to shift and merchants are being presented with better processing options that fit their specific needs.”
The news for 2012 is not all good, however. CardPaymentOptions.com predicts that with the ever-adjusting regulations and the pressure on processors to compete with new technologies, merchants may start to see additional fees added to their existing accounts. Processors may also choose to hike rates, which according to most contracts they have the ability to do whenever they see fit.
For a complete list of predictions, visit Top Credit Card Processing Trends for 2012.
CardPaymentOptions.com was founded for the purpose of educating business owners about the misinformation and unethical practices many processing companies are engaged in. They provide in-depth analysis on over 100 processing companies, including an A to F rating for each business. Based on the extensive reviews, CardPaymentOptions.com has compiled a list of recommended merchant account services that fit specific business needs.