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Top Payment Trends for 2024: A Rescue Guide on trends to watch in 2024

a lady holding her phone in one hand and her credit card in the other while paying for her coffee

Sarah Janssen

Account Lead

Payments Trends to Watch in 2024

  • The payment industry is witnessing rapid evolution, driven by technological advancements and shifts in consumer preferences, highlighting the importance of implementing the correct digital acceptance products for Canadian businesses. This includes new payment methods, the rise of wallets, contactless payments, offline and online payments and more.
  • For Canadian small and medium-sized businesses, staying updated with payment trends and new technology is crucial for leveraging growth opportunities and enhancing customer satisfaction. Are you a businesses that primarily sells to other businesses? Talk to us about Level 2 & Level 3 data opportunities.
  • Rescue Payments offers innovative solutions aligned with digital payment trends, including compliant surcharge merchant accounts and advanced features found in smart android-based devices.  Rescue helps businesses to implement both traditional and surcharge credit card programs, some of which lead to virtually zero-fee processing.

Key Trends in Digital Payments: Digital Wallets, Contactless Payment, Offline Payment Methods and More

Understanding the Appeal of Mobile Wallets

As digital commerce accelerates, mobile wallets (think Apple Pay, Google Pay and Samsung Pay) add convenience and security, while also streamlining transactions and fostering a smoother checkout process through innovative payment gateways. Wallets are not just a trend; they’re becoming the norm, especially when considering the rapid adoption of smart phones and embedded payments in environments such as ecommerce checkouts.

Rescue’s Support for Contactless Payments

Rescue Payments embraces the shift to contactless payments by providing devices capable of NFC (near field communication), which support all forms of tap, as well as wallet transactions, like Apple Pay and Google Pay. This payment acceptance method ensuring businesses can meet their customers’ preferences without skipping a beat.

The Rescue Terminal and Offline Payments – What are offline payments and how does a device capture them?

An offline transaction occurs when a payment is processed without a real-time connection to the payment processor, typically due to an internet outage or connectivity issue. In such cases, the payment device stores the transaction details and processes them once connectivity is restored. Offline payments allow businesses to continue sales operations without interruption, but they carry a higher risk, as the transaction is not immediately authorized, increasing the potential for a declined payments once connection is reestablished.

The ability to take offline payments is a must in 2024, as even the most robust network services can experience issues. The Rescue Terminal, which can connect to a network via WIFI or LTE provides merchants with options even when the internet goes down, but if for some reason both your internet service provider and the cell networks are down, our state-of-the art device allows you to process offline transaction, so your business can continue to operate!

Don’t be caught in 2024 without all of the payment options! Talk to us today to ensure your business is always payment ready.

Biometric Payment: The Future of Secure Transactions

How Biometric Authentication Enhances Security

Biometric payments, using unique physical characteristics for verification, are setting new standards in security, shaping the future of consumer payment experiences by making transactions not only faster but significantly safer.

The Role of Rescue Payments in Implementing Biometric Payments

Our integrated gateways for online and ecommerce transactions allow for the use of wallets, which authenticate using a biometric method (think FaceID), to allow the completion of an online transaction. These payment solutions provide businesses and consumers with additional peace of mind and a high level of security in the global payments market.

Real-time Payments: Meeting the Demand for Instant Information

Advantages of Real-time Reporting & Host Draft Capture for Businesses

The instant nature of real-time reporting and next business day deposits can drastically improve cash flow, enhance customer satisfaction, and provide a competitive edge in today’s fast-paced market, marking a significant shift towards more efficient payment methods. Rescue’s systems utilize host draft capture to keep merchants on top of their payments instantly. In a host draft capture system, transactions are authorized in real time, and the data is captured and stored by the host (the bank) rather than on the individual payments terminal. This allows for centralized processing and management of transactions, making it easier for merchants to track, settle, and reconcile sales, while also enhancing security and reducing the risk of lost data.

How Rescue Payments Offers Next Business Day Funding

Unlike some of the Silicon Valley processors (who can take over 7 days to pay a merchant), Rescue Payments offers merchants a system that provides next business day funding, streamlining financial operations and supporting business growth. Why wait a week for your money? Choosing Rescue as a payment provider gets you paid faster.

The Future of Payments: Surcharge Payment Programs in 2024

As we head into Q2 of 2024, the landscape of payment processing is shifting, with surcharge payments becoming an increasingly popular strategy for Canadian small and medium-sized businesses looking to offset transaction fees. This shift represents both opportunities and challenges for merchants, requiring a thoughtful approach to implementation of new payment terminals. Please read our surcharge guide here. Rescue can have surcharge ready in as little as 48 hours.

Implementing a surcharge program can be a seamless process with the right partner, integrating easily with current payment systems and enhancing the overall payment experience. Rescue Payments equips businesses with the tools and guidance needed to introduce surcharge payments in a way that is both compliant and customer-friendly, representing a shift away from traditional payment practices. By leveraging our advanced payment solutions, businesses can ensure that surcharging is transparent, efficient, and in line with customer expectations, thereby maintaining trust while optimizing revenue. Reach out to us today and find out how a surcharge program can get you ready for payments in 2024.

Protecting Your Business Against Payment Fraud

In 2024, the digital payment landscape continues to evolve, bringing new challenges and opportunities in fraud prevention for Canadian small and medium-sized businesses. Staying ahead of payment fraud requires vigilance, advanced technology, and an understanding of emerging threats in the payments market.

The Landscape of Payment Fraud in 2024

Fraudsters are constantly innovating, but so are payment security technologies, including new developments in processor security features, including improvements to terminal permissions, velocity rules, refund flags and additional fraud settings. Ensuring that you work with a partner that can help you avoid fraud is a must in 2024. That is where we can help. Included in every Rescue Kit is a comprehensive guide on reducing fraud and actionable steps you can take to try and avoid losses due to chargebacks.

PCI DSS Compliance and Fraud Prevention with Rescue Payments

Rescue Payments is committed to helping businesses fortify their defences against payment fraud, utilizing the latest in payment service technology. By adhering to PCI DSS (Payment Card Industry Data Security Standard) compliance, we provide a secure foundation for transactions, reinforcing the robustness of our payment system and staying ahead of payment trends for 2024. Our systems are designed to detect and prevent fraudulent activity, offering peace of mind to both merchants and customers alike, through advanced payment service technologies including embedded payments. Implementing advanced security measures, including encryption and tokenization, ensures that your business remains a step ahead in the battle against fraud, utilizing state-of-the-art payment services.

Maximizing Efficiency: The Role of Level 2 and Level 3 Data in 2024

As we move into 2024, Canadian small and medium-sized businesses have a powerful tool at their disposal for enhancing payment processing efficiency and securing cost savings through Level 2 and Level 3 data. This advanced data offering, primarily for B2B transactions, passes along detailed transaction information, which can lead to lower processing fees and provide valuable insights into spending patterns. Are you a businesses that primarily sells to other businesses? Our level 2 and level 3 data package might be a perfect solution to help drive down costs and meaningfully increase revenue for your business.

How does it work?: Enhancing Transaction Details with Level 2 and Level 3 Data

Level 2 and Level 3 data enrich the transaction process by including additional information like customer codes, tax amounts, and product codes, elevating the efficiency of our payment method. This not only helps in achieving compliance and securing lower interchange rates but also streamlines the reconciliation process, representing a significant advancement in payment systems.

Unlocking Cost Savings and Insights through Data Analysis

The inclusion of this detailed data allows businesses to analyze purchasing trends and enhance financial reporting with the aid of sophisticated payment systems, shaping the future of the payment experience. By leveraging Level 2 and Level 3 data, businesses can uncover opportunities for savings and optimize their payment strategies for the future.

Final Thoughts

As we look towards 2024, the payment landscape for Canadian small and medium-sized businesses is rapidly evolving, marked by the surge in digital payments, the rise of surcharge programs, advancements in data reporting and the imperative to combat payment fraud. Adopting modern payment solutions like Rescue Payments becomes critical, offering tools that align with these trends. Embracing these future payment technologies is not just about security or compliance; it’s about positioning your business for growth, efficiency, cost savings, and increased revenue.

Want advice on setting up a surcharge program?

We host weekly live trainings teaching you how to get the most out of your surcharge program, and if you want to get learning right now, you can download our Surcharge Canada Guide.

Download the Surcharge Canada Guide
Surcharge Canada Guide