Over the past few years, mobile and electronic payments have swept through the nation. With wanting to provide convenience and speed to their customers, many businesses have adopted this technology. But is this market expected to continue to grow? Experts have many predictions for mobile and electronic payments for 2018.
For starters, B2B payments are expected to finally go digital. In fact, the U.S. government has already mandated that all invoices for business-to-government payments will only be electronic starting this year. Because B2B payments are so complex, they are often managed manually. But since most of these transactions involve multiple parties and have to abide by budgets, more companies are expected to make the switch.
Along with B2B payments going electronic, healthcare billing is expected to do so as well. Recent statistics even show that more than 50% of patients would rather be billed electronically. Because of this, healthcare providers are expected to accommodate multiple electronic payments and provide an easy, hassle-free payment process.
Credit unions are known for their personalized services. Wanting to keep members happy, these financial institutions are expected to make a change in their use of technology. With about seven out of 10 Americans using at least one credit card, these small institutions may be concerned that their members will take their business to larger institutions for quicker services. Luckily for credit unions, their smaller infrastructure will make the switch quick and easy. With 66% of respondents to a Q4 BillingTree survey saying they’re planning to adopt new payment technology this year, credit unions members can expect to see an expansion of payment options.
So why are so many businesses making the switch to electronic payment options? Many companies are choosing to go paperless throughout their entire business along with payment methods. Electronic payments can save businesses mass amount of money and time by not having to processes paper payments. Furthermore, mobile and electronic payments are able to more accurately catch errors than manually checking payment records.
And with about half of mobile phone owners having a smartphone, offering mobile payments is simply an adaption to customer preferences and expectations. Today’s fast-paced world has completely changed customers expectations when it comes to the immediacy of payments. Customers expect fast service no matter where they go, so more companies are trying to be able to provide that experience.
However, the payment industry still recognizes the importance of offering a variety of payment options. Because of this, the industry is continuing to look into innovating traditional payment methods like checks and cash.
Technology is continuously evolving, and 2018 will be no exception. With the expected widespread use of electronic payments, customers can expect quicker and more convenient payment options throughout the year.
Tim W. is a blogger and writer with a background in public radio, digital marketing, and entertainment news. His favorite things in the world are books and manatees.