Payments Industry Anticipates Major Growth in Mobile Offerings in 2015, According to CAN Capital Survey
Industry looks forward to transition to mobile and EMV, but small businesses are slow to keep pace with payments trends
NEW YORK, May 26, 2015 /PRNewswire/ -- A new survey released by CAN Capital, the leading player in alternative small business finance, found that the shift toward mobile payment technologies and capabilities is seen as the largest area for growth and disruption over the coming year by industry professionals.
In a survey of payments and alternative finance professionals conducted at this year's ETA TRANSACT '15 conference in San Francisco, seventy percent of respondents said mobile payments have shown the most growth among merchant-focused product offerings over the past twelve months, and 44 percent feel new payments technologies will gain the most momentum in 2015 within the processing industry. When asked what trends will have the largest impact on consumer spending habits in 2015, 36 percent of respondents said mobile wallet technologies, followed by 27 percent who said online/mobile marketing practices.
Many of the industry's clientele however, do not appear to be keeping pace with this rapid innovation. According to the CAN Capital Small Business Health Index, 87 percent of small businesses do not currently accept mobile payments, and only 11 percent say mobile targeting is an important component of their digital marketing strategies.
"As the payments industry shifts toward mobile offerings and EMV-enabled credit cards, we must make sure we continue to engage with and educate the small businesses who will be using these new tools in their everyday business dealings," said Dan DeMeo, CEO of CAN Capital. "Our team at CAN Capital is committed to working with small business owners to make sure they have access to the capital they need in order to invest in new technologies and remain competitive in the marketplace."
Small Businesses Face Disruptive Technologies
The transition to EMV (chip and pin) credit cards in the U.S. is another topic that is top of mind for today's payment professionals. Twenty percent of professionals surveyed said the adoption of EMV will have the largest impact on the spending habits of consumers this year. Yet, despite the predicted impact on consumers, many small businesses are not prepared for the transition to EMV. The CAN Capital Small Business Health Index found that though over half of small businesses (55 percent) are familiar with EMV, only 18 percent have taken steps to update their POS systems to be compatible with chip and pin cards.
Perhaps this lack of preparedness explains why so many in the industry see these technologies as significant disruptions to the marketplace. Of those respondents at the ETA TRANSACT '15 conference, 40 percent of professionals cited the proliferation of mobile wallet use and 30 percent cited the adoption of EMV as the most disruptive trend.
Investing in Small Business
To bridge the gap between industry innovation and small business preparedness, business owners may need to invest in education for employees and new equipment for their businesses.
"Whether it be mobile, EMV or the next payment trend that is coming around the corner, our mission at CAN Capital is to help small business access the capital they need to invest in their futures," continued DeMeo. "When small businesses have the funds needed to build their businesses and improve their operations, they can better serve their customers, hire more employees and continue to help drive the growth of the overall economy."
To learn more about CAN Capital and see the full findings from this survey, please visit www.cancapital.com.
Note to Editors
CAN Capital conducted a survey of attendees at the ETA TRANSACT 15 conference held in San Francisco, CA on March 31-April 2, 2015. The survey was developed to gauge the sentiment of payments professionals on major trends and issues facing the industry today. Respondents included professionals from various areas of the payments industry including processors, POS systems, ISOs and software and security providers. Percentages are based on 210 responses.
About CAN Capital
CAN Capital, Inc., established in 1998, is the pioneer and market share leader in alternative small business finance, having provided access to $5.0 billion in capital for hundreds of thousands of small businesses in a wide range of locations and different business types.
As a technology-powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way.
CAN Capital, an Inc. 5000 fastest-growing company, makes capital available to businesses through its subsidiaries: Merchant Cash Advances by CAN Capital Merchant Services, Inc., and business loans through CAN Capital Asset Servicing, Inc. (CCAS). Business loans obtained through CCAS are made by WebBank, a Utah-chartered Industrial Bank, member FDIC.
For more information, please visit: www.cancapital.com. Follow CAN Capital on Twitter and Facebook.
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SOURCE CAN Capital, Inc.
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