PHOENIX –

BillingTree chief executive officer and president David Roberts recently outlined three trends that he believes will drive the payment processing market in 2014.

Those trends include:

Mobile

Roberts insisted companies need to be prepared as mobile will take over in 2014.

"With spending on mobile devices up 118 percent on Black Friday 2013, there is no doubt that mobile will take a significantly increased role in the buying process," he said.

"Vendors will increasingly need to build mobile-optimized sites to enable consumers to pay their bills on-the-go wherever they are – and ensure that they can process those payments quickly, safely and in full compliance with regulations," he continued.

QR codes

Roberts pointed out that with mobile advancements come mobile apps, text and QR codes.

"Watch out for a surge in QR codes in 2014," Roberts said. They provide the consumer with instant access to a wealth of content about product specifications to help them make informed purchasing decisions.

"QR codes will play an important role in helping organizations interact with their consumers — particularly I think in the auto finance market," he continued.

Compliance

Roberts emphasized compliance played a massive part of business operations in 2013.

"But in 2014 we will see the industry and the (Consumer Financial Protection Bureau) coming to terms with the issues," he said.

"This will result in more effort from companies but in many cases they will see a better service as a result," Roberts added.