Reduced friction in the payment process is an initiative that will continue into 2023. The main objective of this process is to streamline and simplify the payment experience for patients. With the critical expansion of capacity undergone by the healthcare industry over the past few years, it’s no surprise that many systems had to be entirely redesigned, which included billing across facilities. This is a trend we’ll see continue to evolve across multiple industries, but the healthcare industry is seeing them become increasingly relevant. You can find embedded payments on a final checkout page, through text-2-pay solutions, and other flexible payment options. They operate on a closed-loop, which means the merchant “owns” the complete transaction. Embedded PaymentsĮmbedded payment options are digital payment options embedded in non-payment apps. In 2023, we can expect that to continue to evolve in the following ways: 1. Their billing processes didn’t escape the sweep of innovations across the field. The COVID-19 global pandemic put increased pressure on facilities to expand their offerings and offer increased flexibility. The healthcare industry has been hit hard over the past couple of years. With the implementation of increased PCI regulations and other security measures, government agencies can expect to see a renewed focus on cybersecurity in their financial systems in the upcoming year. For government, security remains a top concern. There are few industries where security isn’t critical. Government organizations have traditionally relied on paper systems and online payment portals, but recently more agencies are expanding their offerings to include mobile payment processing. It’s not news to anyone that mobile payments are on the rise across businesses. Government organizations are seeing the benefit of implementing processing platforms that incorporate AI into their system. You can find increased use of AI technology wherever you look today and payments haven’t gone untouched. This isn’t a trend exclusive to government organizations, but it’s on the rise within the sector. These are the top three payment processing trends to watch for in government organizations this coming year. Government Payment Processing Trendsįinancial systems in government organizations tend to evolve slower than their corporate counterparts, but that doesn’t mean change isn’t continually happening. Here are some interesting payment-related trends surfacing in local government, healthcare, higher learning, and corporate spaces. Since each industry handles billing practices differently, separating them can offer additional clarity. When discussing trends in the payment space, it can be helpful to isolate individual industries. Top 12 Upcoming Payment Processing Trends by Industry In this article we’ve broken down the top payment processing trends across different industries and highlighted their unique value offerings. Keeping up with those advancements and trends is critical to: ![]() This is a formula that applies to payment processing technology across several industries. ![]() ![]() And every time we push the boundaries of technology further, we raise consumer expectations. If there’s one thing we’ve learned over the past several years, things can change rapidly in the tech world. Registered Payment Facilitation Services.Government Consumer Engagement Solutions.
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