As a salon owner, it is essential to keep up to date with the latest payment trends to stay competitive. While the world is moving from cash to digital payments, there are new trends expected in the online payment industry by 2023.
In this blog post, we’ll take a look at these trends and what they mean for you and your salon.
Online Payment Trends
With so many changes happening in the digital payments industry, it’s important to understand what’s in store for the future, especially for salon owners. Your guest’s salon experience should be as relaxing and stress-free as possible—and online payments are becoming a big part of that.
Here are upcoming trends in the digital banking and payments space.
Many consumers first turned to contactless payments during the Covid-19 pandemic due to health and safety concerns. With the introduction of mobile payment systems such as Apple Pay, Google Wallet, Google Pay, and other digital wallets, more and more customers are opting to stick with them.
The popularity of cashless digital payments over credit and debit cards and other payment options is only expected to grow in the coming years. In fact, cashless payments are expected to grow by more than 80% by 2025.
Your salon needs to be ready to accept cashless payments or risk losing out on potential clients. By accepting a range of cashless and contactless payments, you can speed up the checkout process, keep your clients happy, and stay ahead of the competition.
Did you know that people all over the world, including in the U.S., have limited access to traditional banking options? Luckily, as cashless systems become increasingly popular, there are more opportunities for inclusion.
For example, Thailand’s “PromptPay” program lets people make and receive payments with a digital wallet that’s linked to their phone number, national ID, or email address.
As mobile device usage continues to explode, mobile wallets and other digital payment methods will become faster, easier, and more inclusive, even in developing countries.
Big Data has become a buzzword in business circles, and it will continue to impact online payment trends and the digital payment industry as a whole.
As defined by SAS, “big data is a term that describes large, hard-to-manage volumes of data—both structured and unstructured—that inundate businesses on a day-to-day basis.”
By analyzing this data, businesses can gain insights that help them make better decisions, tailor their services to match customer needs, and maximize customer satisfaction.
With the help of big data, your salon can improve the guest experience and more effectively engage clients and prospects. But it’s important to invest in analytics tracking tools and customer relationship management systems to help you truly understand and leverage this data by tracking things like customer behaviors, preferences, and spending patterns.
This information could help you create more targeted marketing campaigns and offer personalized services to your clients. Data analysis can also help you make strategic decisions to increase profits and improve client retention.
More Remote Workers
Remote working has become an integral part of modern society. But, as many people are using less secure ways to log into their work computers from home, opportunistic cybercriminals may take advantage of newly introduced vulnerabilities.
As a salon owner, it’s essential to stay ahead of such threats and safeguard your clients’ sensitive information within your electronic payment system and your team. Not only will this keep your clients’ data safe and sound, but it will also help build confidence and trust in the value of your services.
Data Privacy & Cybersecurity
As digital payments become more common, cybersecurity and data privacy issues are still a concern. Consumers are more aware of the risks of cyber fraud, and expectations for security are rising fast.
An unsecured payment page could be a significant threat to your business. By ensuring your website and digital transactions are protected from cyber threats, you can build trust with your clients and ensure secure transactions.
Additionally, as a business owner, it’s your responsibility to protect sensitive customer data by investing in payment solutions with advanced fraud prevention features. This means making sure your payments software is PCI compliant (i.e., it adheres to the security guidelines set by the Payment Card Industry Security Standards Council).
What The Rise of Online Payments Means for Your Salon
With contactless payments on the rise, it’s important to create a smooth and secure payment process for your customers. But finding the right balance between convenience and safety can be tricky.
Almost 35% of customers have abandoned their online shopping carts due to complicated or lengthy checkout processes.
By staying innovative and keeping up with the latest tech developments, you can create a payment process that provides the best secure online checkout experience for your guests.
Stay On Top of Online Payment Trends with SalonBiz Payments
With SalonBiz Payments, your days of juggling multiple platforms and dealing with payment processing headaches are over.
Our integrated payment solution is guaranteed to make your life as a salon owner easier and more efficient. With just a few taps, your clients can securely and conveniently pay for their services, and your salon can accept digital payments with ease.
Rest easy knowing that your payment processing is seamless and secure, giving you more time to focus on what really matters—making your clients look and feel their best.
Book a SalonBiz demo to get started today!