Everything You Need to Know about SaaS Payment Trends in 2022

Saas payment trends

A report states that, by the end of 2022’s fourth quarter, 48% to 50% of the companies will, on average, have SaaS contracts with one-year terms. The length and duration of sales contracts vary amongst different organizations. However, 13% of the businesses have annual or monthly contracts. Moreover, 11% have 3–5-year SaaS contracts. These numbers indicate that there are numerous recurrent billings taking place globally.

Saas payment trends

According to a forecast by investment bank UBS, the subscription market will reach roughly $1.5 trillion by 2025. The ongoing payments market is growing tremendously. It doesn’t seem to stop soon for the expansion of SaaS payment trends (considering the average corporate organization running over 400+ software applications).

It’s a dream come true to have a crystallization when forecasting the diversification of SaaS payment trends and customer behavior. All SaaS CEOs know this will change, especially in light of the pandemic’s dramatic change in consumer personalization.

Here, we have created a thorough list of online payments trends and advancements that will inevitably affect the SaaS payment trends, industry, and enterprises in 2022. So, let’s discuss the global SaaS payment trends in 2022.

1- Upward Graph of Subscription Model

According to estimates, more than 38% of businesses use SaaS platforms for practically all of their operations. By 2025, about 80% of firms expect to use every SaaS payment trend and pertinent product. It’s undeniable that subscription models are gaining popularity all over the world. Through SaaS, virtually any organization may use a paid subscription business model.

Owners of businesses rapidly discover that recurring income streams and subscription models tend to deliver predictability, while users of SaaS products are aware of their adaptability, accessibility, and simplicity. For instance, Square also provides a variety of subscription-based payment acceptance options. This enables Square to process subscription-based payments online by integrating add-ons like WP EasyPay. Moreover, you can anticipate the rise in popularity of the subscription model and the introduction of several SaaS payment trends in 2022.

2- SaaS for Work From Home

SaaS products have been crucial in creating support systems for workers who do their work at home.   Thanks to cloud markets and technologies, workers may seamlessly collaborate from anywhere globally. Additionally, SaaS companies are anticipated to give continuous infrastructure support for remote workers. With the SaaS industrial development more workers will work remotely.

3- Customers Require Flexible Payment Options

Convenience is today’s only priority. It is 100% true in the payment sector too. Users will need a payment method and usually know the options that best suit their needs. American Express and MasterCard are top-tier payment options, even though these preferences have historically varied among nations and areas. For instance, AliPay is highly popular in China, whereas Giropay and PayPal are used in Germany.  

Additionally, the possibilities continue to expand and now include direct debits, bitcoin, card payments, and online wallets. Digital or mobile wallets were used to pay for 49% of all eCommerce expenses in 2021, making them the most widely used form of online payment worldwide.

ACH debit payments are also expanding quickly because they are thought to be more cost effective for businesses than credit card payments and require minimal push or effort from their customers. Companies must make their payment approach adaptable to go hand in hand with the recent and updated developments and the shifting needs of customers.

4- Friction-less Payment – Every Consumer’s Demand

Customers frequently select digital goods depending on how simple it is to pay for and receive them. Reports indicate that 50% of users would switch transit service companies for a simple and seamless payment journey. Thus, companies must remove as many barriers as possible for these clients. SaaS organizations must constantly update and improve payment systems because performance and effectiveness go hand in hand.

Frictionless payments are characterized by a rapid and efficient checkout process, minimal effort and a lower cognitive level. Customers also want to experience the diversification of payments, including single-tap payments, digital wallets and automatic renewal. SaaS payment trends should eventually be supported seamlessly across the entire client journey.

Security is one of the key priorities for subscription firms, SaaS, and market regulators. SCA/3DS and PSD2 need to enhance consumer permission to lower risks. Even though these procedures are quite helpful, the SaaS creators have noted a lower conversion rate. You must, however, put up with the difficulties and follow through. Since there are no selectable tasks, SaaS-based solution providers must strike a balance between compliance and consumer vulnerability. 

5- Customers Like Niche-Based USPs

With 15,000+ active users, the United States reportedly boasts the greatest number of SaaS enterprises internationally. There are participants from around the world in the competition, which is fierce. Let’s say you wish to be noticed in the fiercely competitive global markets. In that situation, you must strengthen your USP and concentrate on ensuring the success and pleasure of your clients.

Through it, the major means of enhancing client retention and sustaining revenue development. The best course of action would be to identify what makes you unique from the competition, constantly highlight your strengths through effective marketing strategies, identify the needs of your users so that you can analyze their data, and then use that data to attract your ideal customers.

Wrap Up

As a result, the research above emphasizes how SaaS product trends will gradually become more competent and successful in 2022. These SaaS payment trends demonstrate the necessity for a full-service, reputable provider of payment solutions with advanced security metrics, secure and intelligent market-driven data analysis, automated solutions, frictionless payment options, and cutting-edge infrastructure.  

How Square And WP EasyPay Help Websites For Nonprofit Payments

Square And WP EasyPay Help Websites For Nonprofit Payment Collection

Square And WP EasyPay Help Websites For Nonprofit Payment Collection

As a payment processor and POS system for retail enterprises like restaurants, Square is already the best option for small businesses. But is Square equally good for nonprofit organizations? Although Square takes pride in its accessibility and low cost, you may still be unsure if it is the right choice for your charitable entity.

Fortunately, you’ve found the perfect space to clear the air about Square for nonprofit organizations. This article has all the knowledge you need to decide whether to use Square to accept donations for your nonprofit. We’ll look at how well Square works with WordPress so you can decide if it’s one of the best payment processors for a nonprofit organization. 

Square – The Concept

American financial services and digital payment provider Square provides a variety of small business services, POS systems, business software, and payment hardware items. It offers a free point-of-sale (POS) system available on the eCommerce market and is accessible to businesses of all sizes, unlike most payment processors. Because of this, millions of businesses have stuck with the Square platform and use it for all of their regular business transactions.

Square is now a publicly listed company with a dedicated symbol, ‘SQ.’ The Square POS and payment app has more than 33 million downloads with 2 million active sellers.

How to Integrate Square in a WordPress Site

1st Step: Connect Square With your WordPress Site

Head on over to WooCommerce, then go to Settings. Ensure the General tab is toggled. Click “Connect With Square” (underlined hypertext) to connect your WooCommerce site to Square.

Connect With Square

Now go back to WooCommerce -> Settings -> Square. Here you will see a Square account already connected to two platforms together.  

Square account

Click “Connect with Square.” Now you will need to allow WooCommerce for a few permissions.

allow WooCommerce

Select “That’s My Site” and get redirected to your WooCommerce site.

Enter your Square login information. To allow WooCommerce to link, you must be the account owner of the Square service. Now, return to the “Integration” tab after receiving authorization to complete the form. 

2nd Step: Enable Square in WooCommerce

To sync your services in Square, go to the Square area of the settings, select “update,” and choose “Sync now.” Now, you can link all WooCommerce products with Square.

Sync now

To make Square your payment option, go to the Checkout panel shown below:

Checkout panel

3rd Step: Test Square as Your Payment Platform

Lastly, use Square to complete a live transaction on your WordPress site. Go to your website using a browser on your smartphone or computer, and add one of your products or services to the cart. You ought to have access to a credit card payment option. You might also need to clean your cache if you cannot see this option.

Test Square as Your Payment Platform

You might also need to clean your cache if you cannot see this option.

How WP EasyPay Helps to Bridge WordPress site and Square

The WP EasyPay plugin offers powerful features to match your organizational online payment needs. If you need a Square Payment Gateway for your WooCommerce or WordPress site, WP EasyPay is the best way to start accepting online credit card payments.

This Square-linking plugin generates dynamic buttons through shortcodes and enables your payment form on your WordPress site using Square. WP EasyPay is a perfect addon to accept simple payments, and one-time and recurring donations. From this seamless platform, you can complete all your one-time charity payment needs.

Moreover, WP EasyPay offers various features such as Multi Step Form, Subscription Pause and Run functionality, REPORTS from the Admin panel, Submit an Idea tab, and much more. WP Easy Pay now has multiple new features in the latest update. You can add a new subscriptions dashboard on the front end for users to track their subscriptions and other activities.

How to Install WP EasyPay

Head on to plugins > Add New > Upload Plugin.

Upload Plugin

Now, select the file, go to “WP-Easy-Pay” and choose “Upload.”

Click “Install Now.”

Install Now

Next up, we have plugin activation

Head over to Plugins and then choose “Activate License.”

Activate License

Now, choose “Agree & Activate License” to enter the license agreement.

Agree & Activate License

 

Useful Features of WP EasyPay for Nonprofit Organizations

– Multi-Step Form

Multi-Step Form in WP EasyPay is the ultimate solution for any charitable organization. To collect donations, you need to have your form easy and friendly to access. Break longer and more tedious forms into simple and less intimidating ones.

But how to do that?

Breaking an existing long single-page form into multiple pages takes nothing more than a few mouse clicks to achieve. Multi Step Forms by WP EasyPay feature a whole drag-and-drop interface. It will help you effortlessly organize and arrange your forms on the website.

-How Multi-Step Form Helps in Easy Form Navigation

Your users will have more ways to move through a long-form with WP EasyPay, in addition to being able to switch between pages.

  • It gives every field a title and a display option.
  • It displays breadcrumb navigation that makes each section simple to access.
  • It gives you a progress bar for the form.
  • You can easily sort and order sections and whole pages with a drag-and-drop interface.
  • Customizable buttons for Next or Previous.

-Individual Form Settings in WP EasyPay

In the individual form settings, the Square details you provide will only work with the particular form. The process of settings will enable you to connect every form with a different Square account.

Head on to Build Payment Forms. Here, choose “Square Account Settings.”

Now, ensure the Square Sandbox Dashboard is open in a new tab.

Choose the ‘Connect Square (sandbox)’ button. 

Connect Square (sandbox)

Click Connect Square to make the form live

Connect Square

 

– Subscription Pause & Run Functionality

WP EasyPay’s Subscription Pause and Run Features are designed to smoothen and automate the renewal or re-subscription subscription process. All you need to do is simply click on the “Renew” button present on the plugin’s backend. If a user doesn’t need to continue the subscription, they can do so by clicking on the Cancel button.

This plugin feature only accepts donation recurring payments and subscription payments carried out by the customer from the website’s front end. To manage the log of every entry, each of these actions will be recorded on the Square account with its own Tracking ID. These entries will be visible in the main transaction section of the square dashboard.

Use the following path to access this feature:

WP EasyPay > Subscription > Subscription ID > Subscription Actions

Subscription Pause & Run Functionality

 

-Walkthrough of Pause and Run Functionality

To start, choose WP EasyPay, then select the subscription option by clicking on the subscription; the plugin further opens the records of all entries made under the category of donation recurring and subscription payments with their details like Subscription ID, Paid by (Customer Name),

Remaining cycle (If the customer specifies an expiry date for the recurring payment, the plugin displays the number of cycles remaining to pay the subscription amount).

Total cycle (If the user adds the expiry date or mentions the total cycle number while creating the form, then the plugin shows the total number of cycles. Also, in the case of not mentioning any date, the plugin shows the Never Expire status, which means that the user will continue this subscription process to pay the amount.

Next Payment (Based on the payment interval, the plugin shows the date of the next payment), 

Subscription Status (Active means the user wishes to pause or continue this payment. This means the user needs to discontinue the payment subscription.

Type (Subscription Payment or Donation Recurring),

Action Starting these actions shows that the process is on hold at the moment, and when the user clicks on the start button, the process will start or pause. This action shows that the process is active at the moment, and if the user wants to hold the process, then the user can click on the pause button.

Date (it shows the date and time of the transaction).

– Submit an Idea Tab (Productstash)

The importance of online feedback will vary depending on the organization and its specific needs. But most people agree that organizations need online feedback to improve their performance and find places where they can do better.

In some cases, online feedback can be used to provide feedback to employees on their work performance and identify areas in which they could improve. Additionally, online feedback can give comments on their experience with a company or product.

This WP EasyPay feature enables you to collect comments, feedback, and ideas from your valued users. Integration with ProductStash helps WP EasyPay add features that people want and improve features that are already there. 

-Walkthrough of Productstash

Head on over to WP EasyPay, choose ‘Submit Feature Idea,’ then click on the “+ Add Idea” button.

Walkthrough of Productstash

Wrap Up

For most nonprofit organizations, Square’s fundraising tools offer a fantastic choice. Without having to pay any more cash immediately, you may start accepting donations and even have access to a few expansion strategies. You will have to pay more each month if you need sophisticated reporting features, marketing, or other integrations. If you combine Square and WP EasyPay, you’ll be unstoppable and eventually outgrow it.

Key Steps to Define a Successful Payment Processing Strategy?

Payment Processing Strategy

Every company aspires to long-term success, and every part of the firm must perform its essential duties as efficiently as possible. You can provide the most significant goods and services in your field while maintaining a solid sales and marketing strategy. But until your back-end company procedures are in order, they are valued along with your payment procedures.

Payment Processing Strategy

Suppose you are unsure of how a seemingly unrelated company functions, such as required payment processing, which might significantly affect your performance. In that case, all of your efforts will struggle to reach your intended levels of success.

To be precise, your business may struggle without a good strategy to survive, even if you have the best products in the market. Your organization may face many challenges during that period. In order to save your business from getting into such complications, you need to develop a flawless and safe payment processing strategy, as not all companies have all the money in the world.

What Is a Payment Strategy?

A payment strategy is a plan for how you’re going to get paid for the work that you do.

There are a lot of different ways to go about this, and the ideal payment strategy will vary depending on your business and your clients. But there are a few things that are always a part of a good payment strategy:

  •       You need to ensure you’re charging enough to cover your costs and make a profit.
  •       It would be best if you invoiced your clients in a timely manner so you can get paid on time.
  •       You need to have a system for tracking payments and ensuring they’re all accounted for.

Developing a solid payment strategy is crucial for any business, and it’s something you should start thinking about right from the beginning. It will help you stay organized, keep track of your finances, and make sure you’re getting paid what you’re owed.

Why Is a Payment Strategy Important?

Considering your business, you need to have a payment strategy in place. Why? Because if you don’t, you’ll end up losing money.

Think about it this way: if a customer doesn’t pay you right away, you will have to spend time and money trying to track them down. And if they do pay, but it’s months after the fact, you’ll lose out on the interest you could have earned if that money was in your bank account.

A payment strategy is crucial because it helps you get paid on time, every time. It enables you to streamline your billing process and saves you time and money in the long run. So, what are you waiting for? Start developing a payment strategy today!

Let’s discuss the critical steps to defining a successful payment processing strategy:

Be Aware of Various Credit Card Frauds

Understanding your company’s security requirements and privileges is crucial if you want to select a payment processor that will work well for your enterprise. Discover the top widespread credit card fraud tactics and their impact on your organization.

  • Refund Fraud – In this fraud, scammers use stolen credit cards to make purchases from businesses similar to yours. Then, pretending to be them, they would phone the victim’s bank to block the payment. They often withdraw the money from the victim’s account, leaving your shop to pay any fines or costs.
  • Credit Card Tumbling – You may rapidly spot hackers who generate credit card numbers randomly and try them out using various online transaction forms by using credit card tumbling. If uninvited people convince you to try dozens or hundreds of little transactions, your firm may be in grave danger.
  • Identify Theft – This type of payment fraud is the most common. Your payment gateway should have safeguards to deter identity theft and guard against it happening to potential customers’ identities.

If you want prospects to consider your business trustworthy, you need to consider and understand these typical credit card fraud schemes. You can develop long-term relationships with your customers with the proper security patterns.

Choose The Best Payment Processor

If you’re looking to strengthen your payment process, looking at security concerns isn’t the only important factor here. You’ll need to consider a few key attributes to find a suitable payment processor to serve your needs. Likewise, your business payment processor should be constituted as follows:

  • Portable – Choose a payment system that allows the customers to pay from where ever they feel comfortable. 
  • Customizable – Pick a service that lets you customize how to process payments and connect with your potential customers.
  • Intuitive – Precisely, your payment gateway should be user-friendly for your staff and doesn’t require any extensive training.

Learn How to Counter Fraudulent Payment Activities

Since you are familiar with common payment fraud tactics, you must dig deep and evaluate various ways top payment gateways deal with such issues with customers. The ideal decision you should take here is to go for a payment system that doesn’t charge additional money for additional protection and fraud prevention measures.

Here are a few ways to counter online payment frauds you should consider while choosing the best payment gateway service.

  • Minimum transaction limits – Credit card tumbling can be prevented by setting a minimum transaction limit.
  • EMV chips – EMV chips are crucial in assuring online customers that their payment details are safe.
  • Card verification codes – a CVV (Card Verification Value) required will ensure that only those who can make payments have the card physically in hand.
  • IP Address/BIN Verification – With this tactic, the service provider will cross-check the IP address to confirm if it matches the address set for the credit card with the bank.
  • Two-Factor Authentication – This method enables your customers to verify their identities before completing a transaction by entering an OTP (One-time password) that is sent to the cardholder’s authorized email or phone number.

Support all the Top Payment Options

The method your company collects payments online has advanced significantly over the past several years.

In such a situation, you must pick a partner that currently prioritizes consumer preferences over other considerations when deciding on payment options. As a result, your employees will be able to see immediately that your payment gateway considers customers’ convenience seriously. Here are a few of the crucial payment options your payment gateway should provide:

  • Contactless payment – The use of NFC (near-field communication) has become a standard payment method preferred by customers as they don’t have to swipe their cards anymore.
  • Split checks – especially if you run a bar or eatery, the option to smartly split checks among clients can boost return patronage.
  • EMV chips – MasterCard, EuroPay, and Visa; all new cards are required to have any of these EMV chips to work for online payments.
  • Debit or Credit Cards – These are regarded as the primary payment methods that your system should offer regardless of the fact that transitions are being made online or on-site. 

What Are Some Common Payment Strategy Mistakes?

There are a few mistakes that are common among businesses. Let’s take a look at some of the most common ones:

  • Not having a payment strategy at all

This is a big one. If you don’t have a plan for how you’re going to get paid, you’re going to find trouble. Not only will you end up losing money, but you’ll also risk damaging your relationship with your customers.

  • Not having a transparent payment policy

Your payment policy should be easy to understand and straightforward. Remember, you want to make it as easy as possible for your customers to pay you. Anything that gets in the way of that will only frustrate them and make them less likely to do business with you.

  • Asking for too much money upfront

This is another common mistake that businesses make. They ask for too much money at the beginning of the transaction, which can scare customers away. Try to spread out your payments as much as possible so that your customers feel more comfortable about doing business with you.

  • Not following up on late payments

This is a huge mistake. Not following up on late payments can damage your relationship with your customers and ruin any chance of getting them to pay their bills on time in the future.

Conclusion

Apparently, a payment strategy can and should always be used as an integral aspect of your substantial small business growth plan. Businesses operate on tight margins, with little room for error. You need to streamline your payment process with a full-fledged system that ensures that you’re not slowing down on costs and human error but encourages growth. Hence, you need to track operational expenses carefully so that you’re able to make data-driven decisions.

Traditional vs FinTech Payments: Which One to Choose in 2022?

Traditional vs FinTech Payments

New payment solutions in the realm of financial technology are becoming increasingly important for internet businesses as their use grows. They do not render the use of more conventional forms of exchange obsolete. Most companies still process customer payments via traditional methods like credit/debit cards, bank transfers, checks, cash, and physical point-of-sale (POS) terminals.

Traditional vs FinTech Payments

Rather than having to choose between traditional and digital payment methods, businesses should strike a happy medium where both may coexist to serve all their customers’ needs. Fintech, or “financial technology,” is a rapidly growing sector that combines traditional banking with digital tools to improve the way consumers and businesses handle their money. Will it last all the time?

This article will therefore go into detail on fintech, the differences between fintech and traditional banks, and the expanding potential of financial technologies.

What is FinTech?

The term “FinTech,” a combination of “financial” and “technology,” refers to innovative tools for the delivery of financial services and products via increased automation and leverage. Fintech is a term that refers to the use of information and communication technologies in the financial sector to help individuals, businesses, and governments manage financial transactions and related commercial activities.

PCs, cellphones, and tablets are common entry points for utilizing technology. The introduction of the Internet and the rise of e-commerce in the 2000s signaled the start of the modern era of financial technology. Banking solutions in the twenty-first century are becoming more digitalized as a result of the use of technology in financial institutions’ back-end systems.

Since then, fintech has shifted its focus to serving ordinary people. It is used in retail banking, investment management, fundraising, the nonprofit sector, academia, and providing individual financial aid. Bitcoin and other digital currencies are also essential components of the financial industry.

What are Traditional Banks?

Regular banks are permitted to accept deposits from a large number of customers and to lend money to both individuals and businesses.

Furthermore, some banks, such as corporate, investment, and retail banks, offer beneficial monetary services. Such regulations are typically imposed by a country’s national government or central bank.

Popular Traditional and FinTech Payments

The introduction of digital technology promises to cause dramatic changes in the banking system. How exactly do you intend to accomplish this? National banks and brick-and-mortar retailers are shifting their focus to the client in order to adapt to the ongoing digitization threat. In the banking industry, there is a lot of competition and new competitors, making it difficult for traditional banks to thrive.

In this piece, we wanted to emphasize that the financial ecosystem is not limited to a single industry. This means that the most widely used digital payment methods created by fintech are:

1.  Invisible Payment

Invisible payments are a type of payment that does not require the exchange of money or the use of a credit card. This type of payment acceptance is now possible thanks to advances in banking technology such as speech recognition, QR codes, and face biometrics. These methods were pioneered in Asia, specifically by AliPay and Tencent.

2.  Digital Wallet (eWallet)

These electronic replacements for conventional wallets store payment information like credit card details to facilitate purchases made with a user’s smartphone, tablet, or computer. This form of payment has recently become popular in a number of nations, such as Argentina and the UK.

3.  P2P (Peer to Peer) transfer

Electronic money transactions between individuals conducted online are considered peer-to-peer transfers for the purposes of this definition. Connecting a card or bank account to a mobile app is one way to accomplish these tasks. It’s a simple and quick way to reach potential new clients.

4.  Tokenized Card Payment

It is a digitalized, up-to-date form of card payments that facilitates PCI Data Security Standard (PSD2) compliance and offers security, simplicity, trust, and anti-theft metrics. It safeguards the PAN by encrypting it and issuing a token in its place, which is virtually indistinguishable from the original.

5.  Wearables

Wearable technologies are miniature gadgets that the user can always keep with them. Wristwatches, for instance, can be upgraded to smartwatches or activity bracelets that support contactless payments. They function similarly to a contactless card in that they can be used at any point of sale terminal.

6.  Mobile Payments

Money is transferred from one party to another via a mobile device. Payment-specific smartphone apps have proliferated over the years, speeding up processing and boosting safety indicators in the process. This kind of payment has found great success in Spain and other European countries, and Latin American countries like Colombia. FinTech is also being used in several WooCommerce add-ons and WordPress plugins, such as WP EasyPay, a Square Payment Plugin for WordPress that streamlines the payment process for customers.

In addition to a potentially larger customer base and faster credit decisions, FinTech is supposed to provide a broader range of payment options than traditional banks. Traditional forms of payment are nonetheless vital to the functioning of most cutting-edge enterprises. Below is a collection of some of them:

  • Cheque Processing

It is considered a certified document because it contains an amount that can be paid to the bearer and exchanged for cash. It is thought to be the best method of payment for businesses that receive a high volume of checks, such as charities and mail-order companies.

  • Cash  on Delivery

It is typically used for online purchases, with the person physically delivering the order to the customer’s location and receiving payment for the order’s cost.

  • Credit – Debit Cards

The majority of global payments involve the use of cash that a user has in their bank account at the time of purchase. They allow you to make purchases in installments without physically handing over the money. When you use a debit card to pay, the money is immediately withdrawn from your account.

It should be noted that most businesses choose payment acceptance because it is a time-consuming process. Sometimes the choice isn’t between digital and physical payments but rather between a solution that meets the needs and features of your target audience. Long-standing financial institutions have a strategy for purchasing and investing in cutting-edge financial technologies.

Key Features

Today, financial technology solutions for businesses must have the following well-defined features:

  • Digital Channel Sophistication – It capitalizes on creating end-to-end experiences through omnichannel strategies.
  • Data Management – Data analysis leads to continuous improvements in the bottom line and customer experience.
  • Virtual and Augmented Reality – VR and AR-based devices improve usability and user experience in unfamiliar environments.
  • Virtual Assistants – Technological advancements enable the development of advanced systems that automatically understand and predict customer behavior.
  • Business Intelligence (BI) – Dashboards are built on BI, which allows you to track activity peaks, analyze customer behavior across multiple channels, and make better decisions based on real-time data.
  • Flexibility – Fintech enables money management to offer multiple payment methods to carry out multiple transactions, simplifying required documentation and allowing new metrics to be undertaken to analyze customer behavior.

Wrapping Up

Consumers now value digital innovation, social commerce, and financing flexibility above all else. Customer preference remains for contactless payments, but the rise of mobile payments appears to be here to stay. Although cash reigned supreme only a few years ago, it has since all but vanished from circulation. For instance, since the epidemic, debit and credit card use in Germany has surged dramatically, albeit it is not alone. As time passes, even the tiniest kiosk will need to have a payment terminal installed because of the increasing prevalence of digital transactions. Providing pleasant payment processes for clients is essential for maximizing revenue and decreasing expenses.

Top 10 Payments Trends Altering the Future of Digital Payment Solutions?

Digital Payment Solutions

The rapid advancements in payment trends have transformed the conceptualization of digital payment solutions to the next level. Read this blog to explore more 

Today, the financial services sector is undergoing an immense transformation, and most of the credit goes to digital payment solutions that have changed our lives as we know them.

Digital Payment Solutions

The COVID-19 pandemic proved to be a catalyst in the rapid transformation of the digital payment industry. The real-time nature of payments has been a boom for businesses and individuals. Countries like Australia and USA changed their means and norms of accepting payments during the pandemic resulting in contactless payment methods and other digital payment solutions.  

Customers can choose from various alternative digital payment solutions that signify industry-oriented trends, including digital banking, e-wallets, mobile payments, prepaid cards, and distributed ledgers.

Here are the top 10 payment trends that will alter the financial services sector and digital payment solutions in the next five years.

Payments Trends Altering the Future of Digital Payment Solutions

Biometric Authentication

Biometric Authentication is a trend that has made the most progress in the financial sector in the previous couple of years. This is a verification method that constitutes a person’s biological and structural characteristics. These verification methods include fingerprint scanners, facial recognition, IRIS recognition, heartbeat analysis, and vein mapping.

With the rise in the problems of identity theft and fraud, biometric authentication can become a reliable and secure option for all online payments in the year 2022. Eventually, the stats suggest the same aspect. According to biometric update, 2.5 million payment cards will be issued in 2021. Biometric authentication is a unique and essential payment method that incorporates and provides accuracy, efficiency, and security within a single package.

Biometric authentication is highly-secured as it involves an individual’s unique characteristics. This factor can also help you to build customer loyalty and trust pleasantly and efficiently for your digital payment solution.

Artificial Intelligence and Machine Learning

Today, the latest technologies such as AI and Machine Learning make the overall data the most valuable resource of every company. So far, financial services companies have been using such technologies to their most exclusive benefit for fraud detection and process automation. But now, they’re ready to take the next phase to apply them to digital payment solutions.

The tools that can be embedded with AI are going to define the future of payments. They will be able to effectively analyze the history of customers’ operations, including their spending habits, to predict their future activity. Then they will suggest alternative digital payment solutions such as a card with reduced fees or a preferred form of payment. An AI-enabled system will be assisting in payment activities as well. AI and ML bring much value to customer services regarding data to personalize user experience and impact the bottom line. Several companies are now using AI principles and tactics to streamline internal processes, so it’s most likely that we will soon see a similar implementation in the payment section.

Today, voice-activated transactions require biometric security and intelligent assistant verifications. It’s an area for growth since technological implications allow for a smoother customer experience. Also, RegTech is constantly changing, so an AI solution can read and disseminate the changes to help the companies function within the law and achieve significant compliance.

Seamless and Secure Payments

Most companies still require customers to file paperwork and complete the loan form before purchasing something. This barrier of entry doesn’t work in their favor as consumers get used to more streamlined processes to proceed with their digital payment solutions. Take a look at the card abandonment statistics to see how many buyers fail to check out due to payment issues.

Simplifying the wiring channels to increase customer retention is a top priority for the merchant. Companies will make the most of available technologies to streamline it. Uber is an efficient and seamless payment system because of its frictionless customer experience that eliminates the checkout process. The leading digital bank in the US, Chime, also broke free from the complex structure of traditional banks.

Open APIs for Improved Collaboration

Banks are inclined to collaborate with Fintech and mobile payments players globally. The market has forced its hand to build open APIs for third-party partnerships and more comprehensive customer exposure. US banks have launched Zelle, one API-based service that associates several banks and millions of customers.

Furthermore, MasterCard and VISA have taken identical steps. IBM has also jumped the bandwagon and added its API management platform for use in the API economy. IBM’s API connect tackles the complexities of managing APIs. It simplifies API creation, integration, consumption, and management, reducing development cycles from weeks to days or, eventually, hours. It enables developers to focus on innovative development metrics and build the next generation mobile or web application.

Merging Banks and Fintech

The adoption rate of Fintech is on the rise globally, especially in countries with large unbanked populations. However, the fintech firms lack the infrastructure and the technical expertise to leverage their operations. PayPal has succeeded, but few always remember the failures of Beenz and Flooz; the companies managed to survive for only 2 to 3 years. 

The collaborative fintech investment has seen a rapid rise in North America (37% of total investment) which remains instinct on the steadfast increase across the globe, estimated at 18%. The banks stand to benefit from the easiness of registration with similar services as compared to the opening of a bank account.

Use of Contactless Payments & QR Codes

The research provided by MasterCard shows that an entire quarter of Europeans (175 million) don’t object to paying for wearables that include NFC rings, smartphones, smartwatches, Fitbits, etc. The leading financial institutions and banks, i.e., ABN AMRO bank and various others, are collaborating with MasterCard to deliver such payment options across multiple venues.

Australia leads the world in contactless payments, accountable for one-third of retail transactions. QR codes have taken off in China. Almost 400 million people use AliPay and WeChat Pay for multiple daily transactions. VISA has also launched a QR code service in Kenya, Rwanda, and India.

Use of Blockchain for Cross Border Payments

The most talked about payment trend is the use of blockchain for cross-border payments. The gradual interest in Cryptocurrencies and Blockchain technology has caused big tech companies such as IBM and central banks such as Banco Santander in Spain to adopt it for cross-border payments. 

This is accessible for payments across Europe and North America. Standard Chartered, Rakbank, and Axis Bank have jointly adopted the Ripple blockchain for instant cross-border payments. The relevant companies such as SWIFT and Wyre are developing standalone blockchains to do the same procedure. The allure of almost no fees on international transfers ensures the adoption rate of blockchain across the globe.

D2C and Relevant Novel Proposition

Demand for digitalization from the SMB sector combined with emerging technologies, a wide variety of alternative data sources, and new credit models pave the way for non-traditional players to serve this underserved customer segment. It has been estimated that 40% of formal, micro, small, and medium-sized enterprises (MSMEs) in developing countries haven’t met the financial needs that cover up to USD 5.2 trillion every year, which equals 1.4 times the current global time of MSME lending.

SMBs often don’t receive adequate and timely financing, and the current lending products cannot meet their needs. It is time-consuming and costly due to diligence, underwriting, and loan procedures, making it unattractive for conventional lenders to serve SMBs. FinTechs and challenger banks tend to battle for the revival of SMB lending and changing the lending paradigm via embedding payments in their business models. After the pandemic consolidation and digitalization, digital players jumped into the growing SMB market segment. 

Nowadays, the rapid transformation in digital payment solutions is expanding with the Direct to Consumer (D2C) approach. The rise of custom and integrated WordPress payment plugins such as WP EasyPay offer instant payment solutions for the targeted consumers to increase their ability to pay online seamlessly. Furthermore, the buy now pays later method has been adopted by WP EasyPay, as the latest version is compatible and fully supported with AfterPay, a digital payment platform offered by online shoppers that enables them to delay payments on multiple purchases.

Tokenization & Encryption 

Digital transactions have emphasized the encryption and tokenization of individual transactions, and each transaction can be represented by a different code online so that the theft of that code is useless to carry out any other. 

Blockchain technology enables dynamic identities for transactions, and services such as Android Pay perform the same process in the context of digital payment solutions.

Central Bank Digital Currency (CBDC)

Central bank digital currency is the virtual money issued and backed by the central bank. It is the form of digital currency of the country’s flat currency. 

Instead of printing the money, the central bank administers the accountability or coins that are backed with complete faith and credit publicly. Hence, as the popularity of cryptocurrencies and stablecoins increases, central banks across the globe have come up with specific terms such as the fact that they need to participate in digital currencies or risk getting left behind. 

Final Words

Indeed, digital payments are revolutionizing the concept of payment systems. You’ll see payment methods moving from physical cash to digital payment solutions in the forthcoming years. Before transitioning completes, several new trends will appear and disappear. These trends will play a vital role in reshaping our future payment methods and associated techniques. Hence, most of the trends mentioned earlier will play a crucial role in fulfilling the overall process, but time will tell how it will be fulfilled.

5 Pivotal Aspects to Consider When Choosing a Payment Gateway Provider?

Payment Gateway Provider

Today, the concept of the payments landscape has changed over a gradual amount of time because the customers are much more influenced by the newer, more efficient, and more seamless and robust payment methods than ever. It is one of the reasons why businesses have to walk this ever-changing industry to enable their customers to experience the best and most efficient services from their end.

For all business owners, who have established to recognize an online shop or an eCommerce website online, a payment gateway is one of the essential elements to cope with because it allows all the currency-based transactions that occur on your online site. In this advent of the COVID’19 pandemic, to sustain delivery apps, payment gateways are vital.

Payment Gateway Provider

According to research, 82% of consumers use smartphones for online shopping as they consider it an easy way to do online shopping. It has also been mentioned that social media influences over 80% of the generation for online shopping metrics.

Hence, you would have understood why choosing the right payment gateway provider for your business is essential. Choosing an inadequate payment method can result in losing potential customers, and you are not ready for that particular instance. It is necessary to track your eCommerce store’s payment bottom line so that you can aim for long-term business, profitability, and success.

If you want to find an accurate and suitable payment gateway provider will be time-consuming as it has a vast list of features and things to consider for a long-term business, profitability, and success. But before selecting your payment method, ask yourself the questions for better clarity and efficiency.

Does the Payment Gateway Provider Support your Online Store’s Region?

Your questions should revolve around these questions:

  • What will be the cost of your service?
  • What features would you have given?
  • Is a payment gateway suitable for your online store?

Hence, you need to narrow down your overall process and some essential things to consider to select a suitable payment gateway provider for your online business.

Pick up a Suitable Payment Gateway

If you’re planning to start an online store, adding a payment method is essential. Every website must adhere because it enables us to buy the service or product using a conventional payment platform such as debit card, UPI, digital wallets such as PayTM, or vice versa. 

Multiple businesses sell instantly to the customers; on the other hand, some enterprises constitute a third party involved in the payment distribution strategies. Hence, if you want to choose a payment gateway provider that must be adopted by specific changes and embed them easily into any type of business model, this is the reason why it is essential to consider that your payment gateway is available for all the relevant payment platforms.

Focus on the Processing Speed

The question arises about selling your products or services online. There are essential matters such as processing time. The speed of money transfers from your online customer’s bank account to your account is important. It is classified as an end-to-end solution.

For the business owners handling the eCommerce websites, customer exposure and satisfaction are a must-have process. Hence, always ensure that your customers are not facing low payment to the process via choosing the suitable type of payment gateway. If you want to attain an enhanced processing speed, cloud transfer can be considered your helping hand as it improves the efficiency of operations with seamless workflow for business owners.

Be Aware of the Fees & Service Agreements

As multiple payment gateway providers are available across the globe, there are various fees and services-related agreements to be followed by the business owners. 

The pricing parameters of payment gateways are usually based on multiple types of business transaction, consistency of revenue, business sales, transactional frequencies, etc.

Hence, the service provider decides on fees or contracts upon the transaction volume proceeded by the business owners. 

Merchant Analytics & Dashboard

What will you do if you aren’t liable to access or know how your customers make purchases? With the help of payment gateway providers that offer business owners deep insights into how their customers purchase from their website, businesses can identify the demerits and scope of improvement when required.

Hence, in this way, the business owners will have a clear concept of RFM analysis of potential customers, geographies, and payment methods.

Simple & Easy Integration Process

Online stores are always connected with a financial proposition consisting of various payment methods. Hence, it is also essential to integrate payment processing on your business website. 

In such circumstances, a payment provider that sends your customers to the third-party site to add their credit card information is an ideal solution. Once the transaction is completed, the service provider moves your customer back to your online store. For Instance, WP EasyPay is an integrated payment solution that connects Square Payment Gateway to your WordPress site safely and securely to make your transaction seamlessly.

Final Words

To choose the best payment gateway provider for your online store, you must ensure that your business needs, customer requirements, and essential security metrics are in your mind. Suppose you want to choose an accurate payment method for your website. In that case, it will increase the long-tenured aptitude, seamless customer satisfaction, customer trust, online recognition, and durability of your business. Hence, In this way, you can make your eCommerce business proceed a long way ahead.

10 Best Practices for Safe and Secure Online Payment Processing?

Online Payment Processing

When it comes to online payment processing, safety and security should be your top priorities. After all, you don’t want your customers’ information falling into the wrong hands. That’s why following the best practices for safe and secure online payment processing is essential.

But what are the best practices? And how can you implement them? In this article, we’ll answer those questions and provide tips for keeping your customers’ information safe and secure.

The Risks of Online Payments

When processing payments online, it’s essential to be aware of the risks involved. After all, you don’t want your customers’ information falling into the wrong hands.

That’s why it’s essential to use a secure payment gateway. This is a system that encrypts your customers’ information so that unauthorized individuals can’t read it. In addition, a secure payment gateway will keep track of all the transactions on your site, so you can rest assured that your data is safe and sound.

Another thing to remember is never to store your customers’ credit card information on your own servers. This is a significant security risk and can leave you open to attacks from hackers. Instead, use a third-party provider to store this information for you.

By following these best practices, you can ensure that your customers feel safe and secure when they’re making payments on your site.

Best Practices for Online Payment Processing

The following are some of the best practices for safe and secure online payment processing:

1.     Link the Billing & IP Address Details

If you take the time to verify the details during the checkout, you may get hold of all the fraudulent transactions and manage to save your business from losing money. AVS (Address Verification Service) is a process in which the IP of the buyer is compared with the billing address of the credit card utilized. This will verify if the cardholder is using his personal card to make the payment.

2.     Data Encryption

Transport Layer Security and Secure Socket Layers are security protocols that encrypt and authorize data online. If you want all the information on your website to stay secure, you should encrypt it and make it accessible to the concerned person only.

3.     Set Up the SSL Certificate

Ensure that the website where your customers make purchases is SSL-secured. The first clue is the padlock icon in the address bar of your browser window when you are accessing your website. To let the client know you are who you claim you are and that your certificate is valid and current, you should be able to click on the icon that will reveal that your company is, in fact, the website’s owner. The second is the “HTTPS://” in your website’s address.

The SSL certificate must be installed on your website or, at the very least, on the payment page where you accept and send credit card information, per payment providers’ requirements.

4.     Utilize Strong and Tricky Passwords

Cyber goons are always on the hunt to get access to user accounts that use easy passwords like data or birth, names, familiar words, and personal phone numbers. You can make their lives a whole lot more complex by adding another layer of defense by simply requesting a solid password. Make it necessary for all users to use a password with a combination of numbers, upper-case and lower-case letters, and characters.

Do you know that a 12-character password takes 62 trillion times longer to crack than a 6-character one? Well, now you do!

5.     Request the CVV or Card Expiry

A CVV (Card Verification Value) is the number printed on the back of a credit card. These digits are used to verify if the customer making the payment physically has the card or not. By chance, if the card is stolen, such information that is only written on the card can help you check criminals.

You can also request the card’s expiry as this information is also available on the card. This will add an additional layer of security to protect your store from dealing with thieves.

6.     Use Strong Customer Authentication (SCA)

SCA is a regulatory requirement that applies to companies that process payments online. It’s designed to help reduce fraud and protect customers by requiring them to authenticate their identities with two or more factors.

This could be something as simple as entering a password and a security code or using a fingerprint or facial recognition scan. The idea is that by using more than one verification method, customers are less likely to be the victims of fraud. So, if you’re a business owner who processes payments online, you must familiarize yourself with SCA and ensure your system is compliant.

7.     Streamlined Monitoring

In order to instantly catch a cybercriminal, you need to introduce the concept of streamlined monitoring in your store. All store owners need to go for a payment gateway that instantly flags and deals with fraudulent actions. The built-in monitoring facility allows store owners to have the power to set specific rules and benchmarks as per their business requirements. This will help in rejecting any transaction that seems harmful or suspicious.

8.     PCI Compliance Management

A merchant must be PCI compliant in order to process, store, or transfer credit card data. For a non-compliant organization, a data breach can have serious repercussions, including expensive fines and penalties and severe reputational harm.

However, businesses should take a proactive approach to understanding their obligations and compliance standards. Payment processors play a significant role in helping merchants manage and maintain compliance.

9.     Do Not Store Customer Information

Storing customer data for your next newsletter or huge sale could sound like a good idea, but it isn’t.

Particularly with regards to credit card information. According to PCI Compliance standards, retailers are not permitted to hold all card information. Unless the customer chooses to set up a secure account to access later, you should securely discard all payment information. Even in that case, this information should not be kept on your premises but rather saved on a PCI-DSS-compliant gateway operated by a regulated gateway provider through tokenization.

Establish a structure for what is kept and what is thrown out. Your clients should be informed of this information, so they know that payment details aren’t being saved. This will also encourage them to buy from your site as they’ll feel safe.

10.  Offer Training to Your Employees About Cyber Threats

By holding training sessions for your employees in which you offer knowledge about various cyber threats and skills to counter them, they’ll be able to deal confidently with such matters. In addition, the ability to respond, recognize and identify suspicious activity is crucial to keep online payment processing secure in your store.

Final Words

When looking for a payment processing service, it’s essential to ensure that they offer the best practices for safe and secure online payment processing. That way, you can feel confident that your information is safe and your transactions are protected.

Look for a payment processor with a good reputation and robust security features. Make sure that they use industry-standard encryption methods to protect your data and that their fraud prevention measures are up to par.

How is Digital Transformation Leveraging the Payment Industry?

Digital Transformation

Digital transformation is the process of transitioning from traditional business practices to those that are more reliant on digital technologies. It’s a way to use technology to improve your business processes and make your company run better and make more money.

Digital Transformation

One area where digital transformation has had a significant impact is in the payment industry. According to the report, the global digital banking platform market size is expected to grow from USD 10.87 billion by the end of 2027, at a compound annual growth rate (CAGR) of 13.6% from 2020 to 2027.

In this post, we’ll take a closer look at how digital transformation is leveraging the payment industry and how it’s benefiting both consumers and businesses alike.

What Is Digital Transformation?

You might be wondering what digital transformation is. Put simply, it’s the process of evolving your business to meet the demands of the digital age.

There’s no question that we’re living in a digital world. We rely on technology for almost all our tasks in modern times, from banking and shopping to communicating and learning. So, if your business isn’t embracing digital transformation, you’re already behind the curve.

Digital transformation isn’t just about operating a website or an app. It’s about using technology to create better customer experiences, make your processes more efficient, and increase your bottom line. And that’s where the payment industry comes into play.

What Are the Benefits of Digital Transformation?

The payment industry is one of the most crucial components of digital transformation. After all, this allows customers to pay for the products and services they want.

But what are the benefits of digital transformation? There are many, but some of the most important ones are more efficiency, lower costs, and a boost in customer satisfaction.

Let’s take a better look at each of these benefits. With increased efficiency, businesses can get products and services to customers faster and more efficiently. This is thanks to eliminating paper-based processes and introducing new technologies that make transactions faster and more accurate.

Reduced costs are another key benefit of digital transformation. Businesses can save a lot of money by automating processes and eliminating the need for human involvement. And improved customer satisfaction goes without saying. When customers have a good experience with a business, they’re more likely to return and recommend it to their friends.

How Is Digital Transformation Affecting the Payment Industry?

You might be wondering how digital transformation is affecting the payment industry.

Well, to start with, there’s a big move towards digital payments. More and more people prefer to pay for things online or with their phones, and businesses are responding by offering more and more ways to pay.

The problem is that this can be a bit confusing for customers. There are so many options, and it’s not always clear which is the best way to go. This is where the payment industry comes in.

Payment companies are working hard to make it easier for customers to pay for things online. They’re developing new technologies that make it faster and easier to pay, and they’re also trying to create a standard for online payments so that customers know what to expect.

So, as you can see, the payment industry is playing a significant role in the world of digital transformation.

What Trends Are Emerging in the Payment Industry as a Result of Digital Transformation?

Well, a few key trends are emerging as a result of all of this change.

For one, we’re seeing a move towards more digital payments. More and more people are using their smartphones to make payments, which is something that will only continue to grow. In fact, a recent study found that over 60% of people would prefer to use their smartphone to make a payment then use any other method.

Another trend we’re seeing is the rise of mobile wallets. This is an excellent way for customers to store all their payment information in one place, and it’s something that’s been growing in popularity over the past few years. In fact, a study by Juniper Research found that the value of mobile wallet transactions will reach $2.5 trillion by 2021.

These are just a few examples of how digital transformation impacts the payment industry. The bottom line is that things are changing rapidly, and businesses need to keep up with these trends if they want to stay competitive.

How Can Businesses Leverage Digital Transformation in the Payment Industry?

In the payment industry, there are a lot of ways that businesses can leverage digital transformation. Here are just a few:

  • Use digital channels to process payments. This can include online payments, mobile payments, and even contactless payments.
  • Use digital technologies to help you manage your finances. This could include cloud-based accounting software or invoicing tools.
  • Use digital tools to improve customer service. This could include chatbots or customer support channels that are available 24/7.
  • Use digital marketing tools to promote your products and services. This could include email marketing, social media marketing, or targeted ads.
  • Use data analytics to track and analyze your sales and marketing efforts. This could help you identify trends and optimize your campaigns for better results.

What Challenges Does Digital Transformation Present for the Payment Industry?

The answer is that it presents a lot of challenges. For one thing, the way people pay for things is changing. They’re using their phones and other devices to make payments, which is putting a lot of pressure on the payment industry to keep up with the latest technologies.

Another challenge is that as more and more businesses go digital, they’re becoming less reliant on traditional payment methods like credit cards. This is causing a lot of disorder in the payment industry as companies scramble to find new ways to make money.

It’s a challenging time for the payment industry, but I do not doubt it will find a way to adapt and thrive in the digital age.

The Verdict

Technology has progressed to the point where almost anything can be done online. This means you can purchase items online and pay for them without ever having to leave your home.

The payment industry has definitely taken advantage of this technological advance. It has made it possible for customers to pay for items without ever having to worry about leaving their comfort zone. In addition, the payment industry has also made it possible for customers to pay for items using various methods, including debit cards, credit cards, and even PayPal.

So, if you’re searching for an easy and quick way to pay for your online purchases, the payment industry has you covered. All you need is an active debit or credit card, and you’re good to go.

How Are Blockchain Transactions Impacting WordPress Payments?

Blockchain Transactions

Blockchain has become one of the most widely discussed technologies in the past few decades. Blockchain’s innovative functions and operations have immensely impacted the entire digital landscape. It is especially true for industries where data transparency and security are equally important.

Blockchain Transactions

WordPress is one of the most frequently used content management systems, empowering almost 40% of the world wide web (WWW). The emergence of the blockchain has heavily impacted the system, and there are various tools for integration between the two.

Websites developed with blockchain technology enjoy undeniable benefits, including faster transactions, reliability, lower business costs, and transparency. It is something that gets much attention later. That’s why WordPress development agencies look more in-depth at how Blockchain transforms the WordPress site to the next level.

“Blockchain” is linked with all business niches. It has become a platform for purchasing Ethereum or relevant products in the cryptocurrency market segment. Hence, this article discusses blockchain transactions on the WordPress platform.

What is Blockchain & How Does it Work?

Generally, blockchain is a tamper-proof-based encryption technique. Blockchain technology revolves around a decentralized suite of distributed ledger-based technologies capable of recording and tracking valuable data. It is nearly impossible to alter a blockchain. It is expected to rule the digital landscape in the future as several businesses can leverage it for a safer, more secure, and more transparent approach. It simply stores data in blocks, and this data cannot be triggered or changed.

The time-stamp of blockchain exchange data takes place on the platform. Once information is entered on the blockchain, everyone can view it, but it cannot be altered. Every block that makes up that chain will be affected. Perhaps, many see this technology as a transparent option to conduct activities.

For example, blockchain plugins are being developed to make it easier for users to conduct safe and secure cryptocurrency transactions. The people who made WP EasyPay, an integrated payment solution for WordPress, are also working on making cryptocurrency and blockchain payments work on the WordPress platform. This will make it easier for people to buy and sell things on WordPress.

Blockchain technology ensures that information is spread across the network instead of being stored at a centralized location. Furthermore, it stores in blocks, ensuring easier accessibility and traceability metrics. One block is attached to the other to make a chain, and that’s why it is called a distributed ledger.

In the same way, information is stored in books. It can be easily referenced how data is stored in this distributed ledger. However, the only difference is that anyone can alter a book, but no one can alter this distributed ledger.

Key Features of Blockchain

If you want to appreciate the functioning of Blockchain technology, which highlights various features, is a vital aspect to proceeding ahead. It might be difficult to exhaust all the mesmerizing features of blockchain technology. The following are some of them:

  • Visualized hash trees
  • Customization of certificate header
  • Both public and private certificates
  • Customizes the certificate header
  • Users, posts, pages, and custom post stamps

How Does Blockchain Benefit WordPress?

As technology advancements have gone beyond the cryptocurrency market segment to take over the world, blockchain themes are now available for the WordPress platform. Blockchain will impact WordPress in several ways.

For instance, if you’re a cryptocurrency user and tempted to accept Bitcoin or Ethereum as a payment gateway. Blockchain would be your sole contender in the marketplace. It provides a transparent, safer, faster, and much more accessible way of life.

1)    Cost Effectiveness

The incorporation of Blockchain principles and tactics into WordPress will eliminate the requirement for middleware. It not only makes things cheaper but also fosters trust in the records kept in the backup. It also helps one seek to accept Bitcoin or Ethereum as payment via the WordPress website to reduce costs. When compared to the current payment gateway solutions, Bitcoin and other cryptocurrencies have lower transaction costs.

2)    Quick & Fast

As there isn’t any intermediary medium involved, cryptocurrency can be sent instantly from sender to receiver. You can securely and swiftly perform that if you want to buy Ethereum using your WordPress website. With blockchain technology, you don’t need to wait for your banks or gateways to process multiple payments on your transactions.

3)    Global Presence & Acceptability

Most countries around the world accept cryptocurrency; unlike other eCommerce payment methods, there are no restrictions on receiving Bitcoin or other crypto payments. Also, you can buy Ethereum, Bitcoin, or any other cryptocurrency via your WordPress website.

4)    Enormous Amount of Money

Significantly, Blockchain provides multiple benefits to the cryptocurrency market segment because it saves people from significantly losing multiple profits when cryptocurrency’s value fluctuates. WordPress powers more than 30% of the websites that exist on the Internet.

Most people visit their sites to create their websites. By keeping this information, you can benefit from this and make enormous profits from blockchain technology. You can also work as a merchant for people seeking to buy Ethereum blockchain payments.

5)    Improved Security Metrics

Today, WordPress is considered a leading Content Management System (CMS) website, empowering over 80% of the websites that disappeared in the Q4 of 2017.

Blockchain would be a great help to WordPress in controlling the security of the system and limiting what hackers and crackers can do.

6)    Safe & Secure Storage

Blockchain technology features cloud storage, which is the most relevant and reliable today. WordPress users can now safely and securely store more data than ever before thanks to Blockchain.

WordPress is already considered a well-preferred and suitable content management system. Hence, adding blockchain to it would be considered a welcome development. So, WordPress would be able to reach its full potential and grow in a way that is safer, more secure, and smooth.

Wrap Up

In a nutshell, blockchain technology is being used to increase the number of businesses these days. It integrates its usability and security metrics into WordPress, ensuring that your company stays ahead of the competition and meets the high expectations of currently prevailing users. Keeping all the benefits that Blockchain can bring to your WordPress website in mind, the way we use the content management system will undoubtedly trigger new features and functions. So, the WordPress platform has added blockchain themes and plugins so that users can try out new features and many other things.

WP Easy Pay v6.2.0 – Release Notes Blog

WP EasyPay v6.2.0

We are excited to announce the launch of WP Easy Pay v6.2.0. The new update features compatibility and support for AfterPay, a digital payment platform offered to online shoppers that allows them to delay payments on purchases. Users can make weekly payments on items purchased until they are paid in full.

WP EasyPay v6.2.0

We have also added new functionality to WP Easy Pay that includes:

Let’s talk about why we added support for AfterPay in WP Easy Pay.

Customers can sign up for a free AfterPay account, shop at select online retailers, and then use AfterPay to make purchases. AfterPay is an easy, convenient payment method for online shoppers.

If you choose to add AfterPay as your payment method at checkout, you can accept Square payments and also sell your products to customers on a budget. The shop now, pay later option allows your customers to pay for their item over 6 weeks without paying any interest.

Square Subscription API

Subscriptions enable sellers to generate a reliable cash flow and recurring revenue to grow their businesses. Sellers can easily create subscription plans and automatically charge customers on a recurring basis.

Benefits of integrating the Subscriptions API in your application include:

  • Simplified billing – Subscription billing can be hard, but Square has simplified the experience. You do not need to worry about when to charge a customer, who has paid, and who has not paid for their subscriptions. Square follows up with your customers based on the subscription plan by sending an invoice to the customer’s email address or automatically charging the customer for the subscription.
  • Seamless customer, card, and invoice management – You are often concerned about creating and managing customers, customer cards, and invoices when offering subscription services. The subscriptions API integrates with the rest of the Square platform, including APIs such as Customers and Invoices, which solve these problems.
  • Invoices are available in the Square Seller Dashboard – A seller can review the invoices generated by subscriptions in the Square Seller Dashboard.

Square Web Payments SDK

The Square Web Payments SDK supports various payment methods for a given payment scenario with a seller. The Square Web Payments SDK is a JavaScript browser-client SDK that provides a secure payment-card entry method, along with other secure payment methods. The SDK is the client part of the client/server Square payment solution.

The following payment methods are available to your application to accept payment with the Web Payments SDK:

Please read our technical documentation or visit our support channels for more information. 

Thank you for using WP Easy Pay.