Do you need a complex payment service provider for the digital revolution?

October 26, 2017

There’s an inspirational quote that people like to use in business that goes ‘It isn’t the mountain ahead that wears you out — it’s the grain of sand in your shoe’. For many businesses that grain of sand is keeping up with the times in a digitally-connected world; something that the right payment service provider can help you navigate.

Especially for more traditional businesses who have spent their lives growing, only to see more tech-savvy online businesses pass them by. As a complex payment service provider, one of the main reasons we see for company growth stalling is a failure to adapt to new technology.

For instance, did you know that since contactless payments were introduced to the United Kingdom just 10 short years ago that two-thirds of consumers have made a contactless payment? That makes the UK the world leader in contactless adoption according to Visa. Can you say you’re keeping up with that changing trend amongst others?

Stay on trend with a complex payment service provider

Not just contactless card payments, but contactless payments made on devices such as smartphones, opening up a myriad of new ways for shoppers to complete purchases through apps including PayPal, Apple Pay, Google Wallet and many others.

As a complex payment service provider, it’s incredible to see the explosion of these new ways to pay over such a short period of time. The most interesting thing businesses at any stage of growth need to keep in mind too is that this is just the beginning; disruptive payment hardware and software is still incredibly new and constantly evolving, being adopted and driven by a much younger, millennial market.

It’s easy to see as a payment service provider why so many people are embracing a contactless, digital method of paying, and how traditional institutions are struggling to keep up. Some bank transfers still take up to 48 hours to complete while some larger banks have stopped offering international banking. With compliance costs predicted to double by 2022, it’s easy to see why businesses and consumers alike are flocking to easier digital financial solutions.

Getting digital with a payment service provider

That’s not to say that contactless and more complex digital payments solutions are the Holy Grail, though. As a payment service provider, it’s worth noting that apps such as Zelle continue to appear on the marketplace, fixing a lot of problems that current payment apps are experiencing that may have been labelled as revolutionary only a couple of short years ago.

With contactless spending limits edging upward all the time and new ways to pay constantly appearing, it not only pays to partner with a knowledgeable and experienced payment service provider to keep up to date with trends, but to provide you with bespoke internal and external payment solutions that have been adopted by your existing markets and ones you’d like to approach.

Not only can a bespoke approach get you in line with the evolving shopping habits of your audience, it can also help keep you in line and, in some cases, futureproof you against upcoming trends, keep you compliant in regards regulations and much more besides.

A culture of chargebacks and ‘friendly fraud’ is hitting businesses of all shapes and sizes. How can companies adapt to an evolving consumer chargeback philosophy, protect their profits and keep markets happy at the same time? Read ‘What is friendly fraud and how do chargebacks work?’ to learn more.

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