5 Payment Trends To Watch In 2023

The business community has been through more challenges and transformations over the past three years than at any previous point in time. The IT side of operations has been extremely busy, from the global pandemic-inspired push to ramp up cloud adoption and remote/hybrid workplace options to the immense and ever-shifting threats cybercriminals pose.

Economic concerns are forcing even more changes. Most companies are dealing with the ongoing threats of recession and continued high inflation rates, seeking to keep the pace of revenue increases in line with expenses and making more conservative yet wise investments. No matter how the economic pendulum swings in 2023, business leaders are hedging their bets to ensure success—or, worst-case, a softer landing.

What do all these changes mean for MSPs? Whether halfway through a year or approaching the next, providers are the purveyors of transformation, especially concerning IT-centric systems and business processes. Knowing what concerns and opportunities lie ahead and how the proper solutions can ease their operational transitions is a critical value proposition for MSPs. Many small business owners depend on their providers’ “clairvoyance-as-a-service” capabilities to assess the future landscape and recommend improvements to maintain their competitive edge.

One of the prime areas of change over the past few years is payments. A number of factors contribute to the shift in how people and businesses purchase goods and services. From the growth of online procurement options to the convenience of technology-based payments—in-person and virtual—these trends impact IT infrastructure, cybersecurity measures and business policies.

Electronic transaction capabilities are essential. With global cashless payments expected to increase more than 80% between 2020 and 2025 and nearly triple by 2030, according to research from PwC and Strategy&, every business needs to evaluate its options.

MSPs can play a significant role in those activities for their SMB clients.