Market share leader in alternative small business finance,CAN Capital Inc. recently conducted a survey at the Electronic Transactions Association’s TRANSACT 14 conference and found 42% of payments professionals to believe that new payments technology would be the trend that gains the most momentum in the industry in 2014.
“As consumers continue to turn to mobile to complete everyday tasks and purchases, payments providers must be able to offer innovative mobile transaction solutions in order to remain competitive,” said CAN Capital CEO, Daniel DeMeo. “In our partnerships with companies in the payments industry, we’ve seen firsthand how important it is for both processors and their customers to stay ahead of the curve in terms of new industry technology,” he added.
- Mobile payments technology was identified by 61% of payments professionals as the fastest-growing, merchant-focused product offering over the past 12 months.
- Other merchant-focused product offerings identified as growing over the past 12 months included cloud accounting services (12%) and automated business loans (11%).
- When asked to select the biggest singular threat to their business, respondents chose pricing pressure (29%), followed by new technologies (e.g., mobile) (23%), and providing additional merchant services (8%).
- Regarding their small business customers, most payments professionals (34%) identified fees on credit or debit transactions as the biggest challenge faced by small business owners in the area of payments processing.
- This was followed by limited ability to comply with changing payments security standards (22%), limited ability for “brick & mortar” shops to implement mobile and e-payment technology (20%) and cost of data breaches (16%).
- 44% of payments professionals surveyed indicated that mobile shopping was the consumer behavior that has grown the most in popularity during the past 12 months.
- This was followed by online shopping (26%), usage of mobile banking apps (19%), and usage of mobile wallet (11%).
“An overall take-away from the data and from TRANSACT 14 is that mobile and other new payments technologies will continue to be key drivers of change,” said Chief Marketing Officer of CAN Capital, James Mendelsohn. “Our mission is to support the growth of small businesses, and we’re paying close attention to the components that are being identified as essential for that growth.”