Payment Processing Trends for 2023

The new year is underway. As a business owner, it’s vital to stay on top of the tech trends when it comes to payment processing. Every year starts with potential and hopeful financial goals which is why it’s so important to keep up with the most effective and efficient ways to accept payments from your clients. Let’s take a look to see what’s new in payments for 2023!

Blend the spend: The art of the seamless payment processing

There’s nothing so sublime as a smooth payment process, the kind where you purchase something and the whole process just seems so easy and intuitive. Consumers want that seamless payment experience, but there is a balance. They don’t want to feel like the payment process is the driving point of the transaction, like a business is pushing for just the sale, rather than focusing on their convenience and satisfaction. This is key for business because statistics have shown that after a bad customer experience, 89% of consumers switch to a competitor.

Thankfully for you and all business owners, Elavon has a suite of payment processing solutions that can be tailored to your business to achieve that “just right” payment experience – the kind that keep your customers happy and your sales booming.

Social media: How can cute animal videos lead to cash?

It’s no news that social media has changed the landscape of nearly everything in society. It’s how people share what they love and how they live – and now it’s also where they choose to shop and spend. Social media commerce is growing by leaps and bounds every year, and if you include it seamlessly into your sales strategy, your sales can grow with it.

Social commerce (sales, marketing and payments made within social media applications) is already huge and it's projected to grow by 34.4% this year to reach $53.1 billion. In fact, 52% of businesses plan to sell directly on social networks in 2023. That’s a lot of commerce you don’t want to miss out on. Businesses that modify their sales and marketing strategies to include social commerce can attract a variety of new customers as well as make it easier for their existing fans to spend even more. While a social sales strategy is important and financially beneficial to your business, it’s dynamic and can be confusing to navigate. You don’t have to figure it out on your own. Elavon is here with a variety of options to help you every step of the way as you look to social media to grow your business.

Drop the hammer on scammers: Fraud prevention with better security technology

As new and exciting ways to grow your business emerge in the marketplace, unfortunately, so do scams and fraud. Ransomware breaches seem to be the fraud du jour for scammers with incidents increasing by 41% in 2022, accompanied by a hefty price tag to recover from. Data breaches also affect a large number of small businesses. 43% of data breaches involved small businesses with 60% of those businesses filing for bankruptcy within half a year of the initial attack.

That’s why so many businesses are investing in cutting edge technology to protect their customers and livelihood. In fact, in 2023 cybersecurity is one of the top priorities when it comes to business with owners favoring security even over innovation.

The fraud threats are out there, and scammers never stop, but when it comes to secure payment processing, neither does Elavon. Check out our wide range of state-of-the-art security solutions that will help safeguard your data with encryption and tokenization as well as helping ensure your business has validated compliance with the PCI DSS standard.

Elavon is ready to make sure it’s a profitable one for your business. Find out more about how Elavon can help protect your customers payment data and safeguard your business from fraud.