Medium and large businesses are fast discovering how progressive the payment services sector is, and how important it is to offer flexible payment solutions to customers.
Companies now need a strong internal payment services directive that is expansive and takes into account all of the disruptive software that has entered the financial market in recent years. This is an essential if they hope to enter new markets and complement future growth, especially as the UK payment services sector is on the verge of a serious boom.
The UK’s fintech sector is one of the strongest in the world, dedicated to providing better financial solutions to people by offering innovative payment solutions
beyond traditional banking methods.
With the sector currently focusing on artificial intelligence, though, it’s important that companies adhere to proper payment services regulations for the benefits of their business and their customers.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.
Why you need a payment services directive that understands compliance
Trends in payment services are set to change dramatically both in the UK and on an international level over the next decade, according to research from Payments UK.
Payment services have already changed rapidly in less than a decade, with the 2008 financial crash helping to prompt the rise of disruptive services such as e-Wallets and online crowdfunding.
Probably the most essential bit of information – which has been echoed across other surveys – is that cash payments are set to seriously decline over the coming decade, as people commit to other payment services using contactless cards and alternative financing solutions.
In contrast, the exchange of money through online payment services is set to increase over the coming decade. In 2015, 1.2 billion payments were processed, while 2025 is set to see 2.2 billion payments processed through faster payment services.
Businesses that adapt along with those trends, and recognise how their current and prospective consumers are spending their money, can attract greater visibility with a flexible payment solution.
It’s never been more important to adhere to payment services regulations
Flexibility is going to be key to the growth of new financial solutions over the coming years. It’s also essential that companies and executives looking to adopt those services comply with the regulations and due diligence surrounding them.
The right services can help those people to implement advanced payment systems and keep on top of their other business activities.
With mCommerce set to play a big part in the growth of alternate payment systems and advancing financial trends, companies can start capitalising on this trend right now and build strong foundations for themselves and their customers in the future.
Businesses optimising their financial digital distribution is just one factor for them to consider in 2017. The better companies embrace advanced technologies, the better they can communicate with their customers now and in years to come. However, it’s essential to partner with the right payment provider in order to achieve these goals.
Fibonatix is an online payment provider dedicated to helping companies refine their payment solutions for customers and suppliers. We can help your business become more flexible and navigate the intricacies of regulation and due diligence. Get in touch to find out more.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.