Future of Payments – Why Merchants Must Prepare Now

As payment methods continue to evolve, merchants must keep pace to meet consumer expectations. Risk management specialist Chargebacks911 explains how merchants can prepare today for tomorrow’s changing payment landscape. Digital and mobile payment options have become increasingly popular:


  • In 2017, 37% of North American merchants accepted PayPal and Apple Pay
  • By the end of 2018, that figure rose to 63% for Apple Pay, 51% for PayPal and 49% for Android Pay
  • Mobile proximity payments were 33x higher in 2018 than in 2014 – an estimated $118 billion vs. $3.5 billion four years earlier
  • Over 100,000 merchants worldwide now accept bitcoin, including Microsoft, Expedia, Newegg, Overstock.com, Dish Network and Shopify stores

Consumer research shows flexible billing and payment options can account for 20% or more of total customer loyalty and satisfaction scores.

Monica Eaton-Cardone, COO of Chargebacks911, says merchants could miss out on sales if they don’t accept consumers’ preferred payment methods. “Forward-thinking retailers understand that consumers want options. Dictating the ways customers can pay may hinder merchants’ ability to maximize revenue.”  She urges merchants to ask their payment processor about implementing digital options such as PayPal, Masterpass by Mastercard, Visa Checkout, and Apple, Android and Samsung Pay.

Customer paying with NFC technology by mobile phone on POS terminal.

If a processor doesn’t support these methods, she recommends exploring other providers to ensure merchants are able to meet consumers’ demand for alternative payment types.

While bitcoin is not yet widely accepted, many merchants are intrigued by its promise of zero chargebacks and the possibility of reducing or eliminating transaction fees.

 Yet concerns persist over hacker heists and market volatility. For now, Eaton-Cardon counsels merchants to follow payment industry developments, expand their payment options and implement proven chargeback-management solutions.

Eaton-Cardon says, “Though the verdict may still be out on bitcoin, its supporting blockchain platform offers limitless opportunities for future payment innovations—we could soon be seeing entirely new payment methods that don’t yet exist today.”

Monica Eaton-Cardone is an advocate for better chargeback mitigation and risk management and has been featured in the National Post, PYMNTS and
CBS News regarding her industry insights and Chargebacks911’s proprietary solutions.

Source: Statista. “Digital Payment Methods That North American Retailers Accept or Plan to Accept as of December 2017”; February 2018. Blumberg, Jonathan. “Here’s How You Can—and Can’t—Spend Bitcoin;” CNBC; December 7, 2017., Elise. “13 Major Retailers and Services That Accept Bitcoin”; Lifewire; updated March 7 2018. Fiserv. Research Paper: Boosting Satisfaction and Loyalty With Billing and Payments; November 2014. Floship. “Pros and Cons of Accepting Bitcoin as a Payment Method”; undated blog post accessed March 28, 2018. Bitcoin.com. “Bitcoin Price”; chart accessed March 28, 2018.

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