4 Payment Technologies Your Clients Need in 2022

Competitive merchants will benefit from giving their customers more payment options.


Software developers providing solutions to retailers, restaurateurs and other merchants can significantly increase the value of those solutions by integrating payments – but only if that company provides the payment technology consumers demand.

As you plan and set the course for your software developer business in 2022, ensure that your payments partner gives your clients the advantages of greater operational efficiency and competitiveness that the right payments solutions provide. These four payment technologies will help your users deliver the experiences that customers want, remove friction from transactions, and capture every possible sale:

1. E-commerce payment technology

After pandemic shutdowns and consumers turning to e-commerce sites to make purchases keep a safe social distance, businesses ramped up their online presence – or built one for the first time. Although traditionally brick-and-mortar stores and restaurants may have thought consumers’ shifts toward buy online pickup in-store (BOPIS), curbside pickup, or delivery were temporary, these trends continued even after the worst of the pandemic passed. For example, eMarketer predicts e-commerce sales will increase from about $908 billion in 2021 to $1,192 billion in 2023.

An e-commerce gateway enables your clients to accept payments online and deliver the experiences that their customers expect.

2. Contactless and touchless payment options

Before 2020, contactless payments had only modest adoption in the U.S. This payment method allows consumers to use contactless cards or mobile wallets such as Apple Pay or Google Pay by tapping or waving them near a card reader equipped with near-field communication (NFC). American Express’ 2019 digital payments survey found 26 percent of consumers had used contactless payments within a 6-month period that year, and 9 percent said they used it all the time. Current research, however, shows adoption is growing. The  2021 Visa Back to Business Study found 56 percent of consumers have used contactless payments since the pandemic began.

Also, look for a payments partner who can provide your users with alternatives to NFC contactless payments that enable touch-free payment experiences. For example, QR code payment technology allows consumers to scan a QR code with a smartphone to pay and can be an effective way to manage transactions while protecting both customers and employees.

Contactless and touchless payment technologies allow merchants to evaluate processes and touchpoints and adapt to deliver the payment experiences their customers prefer.

3. Mobile point of sale

Another factor for ISVs and software developers to consider is where your clients are using your solution. Even if you intended merchants to use your software at a checkout counter or within the four walls of a store or restaurant, pandemic-driven changes might have forced them to use it in other places. Restaurants may be accommodating outdoor diners, and stores may be accepting payment curbside or at a pop-up shop. For many merchants, the point of sale (POS) is no longer a stationary counter. It’s wherever they can interact with customers most effectively and efficiently. Mobile solutions, such as those from North American Bancard’s sister company Payanywhere, give merchants the flexibility to take the point of sale to their customers for faster service, fewer lines, and greater efficiency.

4. Virtual terminal technology

Also, keep in mind that one payment technology won’t be the right solution for all of your clients. For example, some merchants aren’t ready for online payments or to invest in new payment devices for in-store transactions. An option you may be able to offer these merchants is a virtual terminal. This solution enables merchants taking orders over the phone orders or at a counter to turn almost any computer or mobile device into a payment terminal. The merchant logs in, enters payment information on the virtual terminal screen, and the payment is processed securely.

Stay on Trend

Staying informed of the payment technologies available and which consumers use and prefer will help you form smart partnerships with payment companies and provide your users with total solutions that benefit their operations.

For more information on in-demand payment services and solutions, contact North American Bancard.

North American Bancard