New payment technology such as wearable innovations and biometric tech are the new things that are going to make shopping a breeze. Some of these include being able to pay with their sunglasses, face, ring, and palm.

Pay with Your Sunglasses

The most interesting new option is the payment-enabled sunglasses from Visa. They unveiled a prototype at several events simultaneously on March 13^th. The Visa company installed a chip in the side of the glasses and to pay, all you have to do is take them off and tap them on a Visa terminal. No cards or ID required. While it is not available to the public yet, Visa is trying to determine whether there is a big enough demand.

Pay with Your Face

Paying with your face seems like something from a science fiction movie but Samsung Electronics is trying to make it a reality. They are planning to use facial recognition software for mobile payments from your Galaxy S8 smart phone. The phone will mix eye, fingerprint, and facial detection to identify the users for Samsung Pay. Using the iris in your eye is already being used but Samsung believes that facial recognition is faster and more accurate.

Pay with Your Ring

Customers in the United Kingdom can already use the world’s first payment ring that lets you pay for your shopping or public transportation with your finger. The Kerv ring will give each customer a personal prepaid Mastercard that they can even add funds to. According to Kerv, you can even use it to unlock your front door if you have a contactless lock. It does not need to be recharged and you do not have to pair it with your phone so you can use it even if your phone is dead. This means you will not need to get out your wallet or phone when getting on the bus or paying for your shopping.

Pay with your Palm

There is also a new biometric payment system called Keyo that lets you pay for things just by holding your hand over a scanner. To sign up, all you have to do is create an account with your credit card details. Then when you visit a retailer that has a Keyo terminal, the scanner reads your palm and maps the patterns that are unique to you. With this, you can just wave your hand and pay for whatever you want without a wallet or purse. Right now, it is being tested in Chicago but it has plans to expand to other areas of the world.

In the future, there may be even better and faster technology for paying for things. In addition, companies are trying to create technology that can successfully block all hackers to make this new tech safer to use.

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Now more then ever, we can simply shop almost every product and service that would aid in making our lives better and process a quick online payment in seconds. Online transaction is undeniably speedy and convenient. Now no wonder several businesses have hoped the boat of technology and rowing smoothly.

As for the concept around online credit card processing.

What is Online Credit Card Processing?

Online credit card processing is the easiest method to allow your customers to make online payments using their credit/debit cards like Visa, American Express, Master Card and Discover.

There are multiple tools available such as Virtual Terminal or an Online Payment Gateway.

To accept electronic payment card transactions on the web, a business needs a merchant account. Which acts as an intermediate to transfer funds between customers’ and businesses’ bank accounts. When a customer buys a product, the merchant account processes the transaction using a payment gateway & payment processor to authenticate and deposit funds in the merchant’s account.

Many new business owners think that when setting up online credit card processing, you just need to go with an online provider like paypal/stripe and square. Only to learn they didint pick the best option 2-3 months down the line with inflated payment fees.

What are my options for online credit card processing?

• Accepting online credit card processing can help you engage your tech-savvy buyers and serve them even better. For example, many of our customers like utilizing the Clover Only account for invoicing and virtual terminal transactions.
• We also provide integrations with all major shopping carts and gateways such as Woo-commerce, Magento Etc. This is done by connecting the best gateway that connects to your website based on the type of business you operate.

How to avoid Money holds from big companies.

Alot of the times the big companies do not understand your business inside out, which leads to consistent money holds. This is why we help business owners be properly set-up right from the start by telling the online credit card processing companies in advance everything there is to know about how you recieve payment and how fast you provide service. This can also help business owners alot when it comes to avoiding chargebacks since it keeps the merchant payment provider on your side.

We at Virtuous Payments aim to help businesses thrive in our digital era. By providing secure integrations at the lowest rates for merchant services/payment processing solutions for business owners,  which means you get to keep more of your money towards other aspects of your business.

To learn more, Contact Us here to get started!

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