Payments Archives

December 1, 2023December 18, 2023 byPriti Gaikwad

Redefining the relationship between PSPs and merchants

The current relationship between merchants and Payment Service Providers (PSPs) is ripe for a reset. Merchants are grappling with consumer demand for greater payment flexibility whilst managing costs amid market turbulence and rocketing inflation.
Now acquiring has become a commodity, PSPs are struggling to justify higher margins and feel extreme pressure from players like Adyen, Stripe, and Checkout.com, who are aggressively going after the small-to-medium-sized SME merchant base. A race to the bottom on pricing is no longer working.
But this doesn’t mean there’s no hope for the future. If PSPs can expand the services for merchants to turn a pure acquiring relationship into a full banking one — innovation and growth opportunities are unlocked on both sides.

By Ivo Gueorguiev, Co-founder and Chairman of Paynetics

The next level

Being a PSP in the current climate has become increasingly difficult. Pure acquiring services have become a commodity where client loyalty is short-lived, and margins are under pressure. Add increasing regulation, ever-changing card scheme policies and the growing redundancy of hardware Point of Sale (POS) — a pure acquiring relationship can feel like more pain than profit.

PSPs looking for longevity need to rethink their relationship with merchants, as they won’t win by continually under-pricing their competition and endlessly selling POS terminals. PSPs should instead consider how to compete with the big players, either banks or large acquirers, and add value to merchants.

Reducing merchant churn

An answer is moving from a pure acquiring relationship to a complete banking relationship. PSPs can offer bank accounts and corporate cards to bring down the acquiring cost and give immediate settlement to customers. The result? Increased margins and sped up transactions for merchants, enabling PSPs to draw in new customers, improve loyalty and reduce churn.

When a corporate card is issued within the same environment as card acquiring, merchants no longer have to wait three business days to move money from an acquiring account to a bank account. If a merchant can get a corporate card from their PSP, they can pay for their supplies and earn cashback, reducing the supply cost.

Another way PSPs can add value is by offering further lending facilitation through products like merchant cash advances reserved for banks and direct-to-merchant players like Viva Wallet. PSPs can leverage the transaction data to help lenders have a more precise underwriting of merchants, resulting in laser-sharp customisation of the loan profile and improved pricing.

Embedded finance to help PSPs step up

Fortunately, PSPs don’t need to figure out this new banking relationship alone. State-of-the-art instruments are available to providers wanting a deeper merchant relationship and additional revenue streams.

With the right financial services partner, PSPs can now offer fully functional International Bank Account Numbers (IBAN) accounts, open banking connectivity, and provide corporate cards. For instance, a fully functional IBAN account offers the same facilities as a regular bank account. Yet, with lower administrative costs and reduced complexity, making multi-currency, cross-border payments a breeze. Then there are the benefits of facilitating open banking. It enables merchants to embrace automation and leads to greater financial transparency by giving consumers more choice and control.

Another area of innovation is the latest software POS solutions, which only require a phone to accept card payments, leaving behind clunky, expensive hardware. Such features provide distinct advantages to merchants.

Benefits to both parties

Offering a suite of services enables PSPs to step up and compete with commercial banks and direct to merchant players so they do not get pushed out of an increasingly crowded field. In payments, doing one thing very well no longer cuts it — providers must offer more services to the same high standard.

Yet pursuing a complete banking relationship with PSPs is also in a merchant’s best interest. They gain a more user-friendly banking relationship, lower acquiring costs, immediate settlement and access to working capital.

Change is possible thanks to digital financial innovations and is desirable due to the significant economic benefits it could bring. A complete banking relationship benefits PSPs and merchants greatly, helping both maintain an edge in an increasingly competitive market.

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October 21, 2023December 18, 2023 byJeet Vasa

How to be a disruptor in the payment card market

True disruption is hard to achieve and rarer than you think, but when a company addresses a real consumer problem and rides the wave of consumer change, you see the birth of a major market player.

By Jeremy Baber, CEO of virtual payment card provider Lanistar

We often see the biggest disruptors thrive in times of change, very often as a result of economic challenges. It will come as no surprise, therefore, that the likes of Netflix, Uber, and even Airbnb all rose to prominence after the financial crisis in 2010 simply because they all provided solutions for consumers facing very real problems in a time of change.

Each brand delivered convenience and financial savings, using the very latest technology and a shared economy model that created new, exciting, and inherently better experiences for consumers. This is exactly what consumers wanted, and it helped spawn a host of new markets.

It is this model that is powering a revolution in the card payment market today- one that has so often been at the forefront of change and innovation in its own right. Today’s consumers – banked or unbanked – are demanding more from their suppliers, forcing them to reinvent themselves and their product offerings. This is happening while the financial services industry as a whole is facing increased regulation.

The Disruptive Consumer

Historically, brands and service providers have always relied on consumers basing their purchasing decisions on basics such as service levels and fair pricing. But the modern consumer has developed far higher expectations based on a host of new metrics such as personalised interactions, proactivity, and even whether a company can offer a connected digital experience.

Today’s consumers are disrupting traditional buying patterns and businesses, demanding elements such as cloud, mobile, social media, and AI to deliver an immediate, valuable, and personalised experience. They have learned from Netflix and Uber, and any business that fails to address this will fall by the wayside.

But the disruptive consumer does not stop there. According to research from Capita, over half (56%) of all consumers said it was important to them that their bank or building society acted sustainably and/or ethically. This does appear to be a direct result of the pandemic and increased awareness of the climate crisis, with consumers taking time to reappraise what’s important to them.

Put bluntly, these views have been extended to those businesses where they wish to spend their money. Millennials are leading the charge in this ethics revolution, with 60% claiming it’s important, followed by Boomers (57%) and Gen X (39-53 years old) 55%.

Democratisation Of Financial Products

Financial inclusion matters and is the cornerstone of economic development. When people have a bank account, it enables them to take advantage of other financial services like saving, making payments, and accessing credit.

According to The World Bank, 71% of people have a bank account in developing countries today, up from 42% a decade ago, while globally, 76% of adults around the world have an account today, up from 51% a decade ago. These tremendous gains are also now more evenly distributed and come from a greater number of countries than ever before.

But this still means some 1.4 billion people remain outside of the traditional banking sector. These tend to be the hardest people to reach – very often women, the poor, the less educated, and, very often, those living in rural areas.

While digitising payments is the way to go, much more is needed. Governments, private employers, and financial service providers – including FinTechs – should work together to lower barriers to access and improve physical, financial, and data infrastructure. This means FinTechs need to build trust and confidence in using financial products, develop innovative new products, and implement a strong and enforceable consumer protection framework that will include these aforementioned individuals.

After all, the unbanked and the underserviced sector is today the greatest untapped market opportunity for many fintechs.

The Integration Of People And Technology

The evolution of technology is at the heart of efforts to better serve customers. Adopting new technology is, therefore, critical for financial services organisations to thrive.

Progressive financial services companies are on the lookout for new technologies to improve efficiency and speed of service, as well as provide a better customer experience. This is without doubt a direct result of the competition faced from consumer brands like Amazon, Facebook, and Google.

Even before the pandemic, customers increasingly expected easily accessible and fully personalised digital products and services. As a result, financial institutions were already rethinking processes, expanding tech investments, and testing new applications.

Incumbents have traditionally looked for technologies to increase efficiency and lower costs. FinTechs, by contrast, start with a customer problem, identifying ways to address it with digital tools, then build new business models around digital solutions.

The digitisation of financial services is ongoing. Enterprises have a choice: make innovation the focus of a stand-alone organisation, or integrate it throughout the business. The winners in this race will be the ones that marry technological innovation with the expectations of today’s consumer.

The Progressive Consumer

Over the last few years, some of the most influential global financial institutions have committed to reducing emissions attributable to their operations. They have also pledged to reshape their lending and investment portfolios to produce a net zero carbon footprint by 2050.

ESG is big business. Banks are restructuring to adopt green pledges, and fintech is developing new solutions to address climate-related consumers and issues, all as part of detailed, overarching ESG strategies. ESG-focused FinTechs in particular have a unique ability to achieve rapid growth, deliver sustainability-focused innovation, and attract investment capital to support their efforts to improve the environment and society, all while generating substantial returns. All of this is being done due to the requirements of an ever-evolving and demanding consumer.

The climate-centric FinTechs in the payments sector driving the biggest change are the ones focusing on influencing the spending behaviours of sustainability-minded consumers. By engaging with this demographic, FinTechs can sustain their revenues by aligning financial transactions with ESG goals.

Over the past decade, new digital FinTechs have begun to transform and disrupt the financial services sector. Technological advances in finance are not new, but progress has arguably accelerated in the digital age due to improvements in mobile communications, AI, machine learning, and information collection and processing technologies. This revolution was matched by an extraordinary increase in consumer expectations.

The payments market in particular has experienced a rapid proliferation of digital innovations that make payments faster and cashless. Consumers in advanced and emerging markets have increasingly adopted fintech services because of their convenience and lower cost. The challenge for both new and existing firms is to create and deliver new financial products and services as they strive to compete.

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October 21, 2023December 18, 2023 byJeet Vasa

Navigating the transformation of online payments in 2023

The year 2023 is off to a rocky start for retailers. Recent events including the COVID-19 crisis, the ground war in Europe, and rising inflation are all having a toll on how consumers are shopping – and merchants need to adapt to the new landscape.

By Amal Ahmed, Director, Financial Services and EMEA marketing at Signifyd

One of the biggest developments is the constant change in payment preferences, as new and innovative payment methods enter the scene. But rather than be a hindrance, this shift presents an opportunity for European merchants to thrive in the age of uncertainty, with retailers being urged to diversify their payments stack in line with consumers’ demands.

Signifyd’s eCommerce fraud report explores payment methods as a way to navigate the complexities of the uncertain eCommerce landscape in 2023. Here, we outline the approach that will help merchants stay afloat in 2023.

Rigid payment acceptance is driving customers away

One of the biggest disappointments for consumers which are harming sales and revenue is not finding their preferred payment method on a merchant’s website.

In a world where consumers are looking for a fast and efficient customer experience, and where Strong Customer Authentication (SCA) is already creating friction in the checkout journey, one inconvenience can have detrimental effects on transaction approval.

A 2021 survey by UK Consultancy Merchant Advice Service found that one in five consumers in the UK and European Union would abandon their purchase if they’re unable to pay the way they want to. As a result, merchants are losing £1.8 billion a year.

For merchants, it is time to embrace the new when it comes to payment trends. Research firm 451 Research found that merchants who put a strong emphasis on payments during the pandemic saw their sales increase much more rapidly than others.

Considering payments as a highly strategic area led to an increase in sales for 55% of those who agreed that payments are an essential part of the revenue optimisation mix.

451 analyst Jordan McKee said, “Merchants that had scalable payments infrastructure accepted a diverse mix of payment methods, and put automated fraud-prevention processes in place weathered the storm. Many even thrived.”

Europe’s payment trends in eCommerce

What are Europe’s payment methods that are defining the eCommerce landscape today?

Europe’s eCommerce market is growing at a rapid 11% CAGR (compound annual growth rate) year-on-year and is expected to increase that through 2025. Diversified payment methods are a vital part of that growth across all European countries.

While credit and debit cards used to be the most popular payment methods, sales through them have dropped by 22% in 2022 compared to the year before, shows Singifyd data. Meanwhile, digital wallets are on the rise. In 2021, they accounted for 26.7% of the transaction value – the highest of all. eCommerce sales through PayPal and Apple Pay in particular increased by 274% and 70% between 2021 and 2022.

Buy now, pay later (BNPL) is another payment method that is gaining momentum in Europe, as the eCommerce sales conducted via this method accounted for 8.1% of ecommerce spend in 2021, more than in any other region.

BNPL and digital wallets are leading the way in the Nordic countries, where they’ve had exponential growth, as well as in Germany, France, Poland, and the UK.

While in some countries, such as Germany and France, sales through bank transfers are in decline, in others, such as the UK, Poland, and Turkey, they are projected to grow. Poland, they have a 54.5% share of eCommerce transaction value, and it’s projected to reach 58.6% by 2025.

Payments data is paving the way to a better transactions flow

Understanding payment trends and implementing them into your eCommerce strategy is key. But what’s also aiding merchants in optimising their transaction flow is leveraging payment data and utilising it.

Payments data holds the key to unlocking insights about consumers’ trends and behaviour and then using it to improve approval rates, drive more loyalty, and target the prime consumers that are bringing the most revenue in.

Collecting payment data is all about adopting machine learning to optimise the process and drive better results. It also helps reduce friction caused by SCA, as data helps develop a better understanding of exemptions and approval performance. According to Signifyd’s report, European retailers who have optimised their payment stack have increased sales by 5% to 9%.

Understanding and tapping into the latest payment methods can be a golden key for merchants to unlock their full eCommerce potential and reduce the friction in the customer journey created by SCA.

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October 21, 2023December 18, 2023 byJeet Vasa

Why the time is right for Buy Now, Pay Later

As UK shoppers face the impact of the cost of living crisis, customers are even more scrupulous in the choices they make online. Checkout finance options, such as Buy Now Pay Later (BNPL), are helping to ease the financial pressures on necessary purchases, enabling consumers to spread the costs of items across a period. Therefore, it’s not just how customers shop that matters today; it’s how they pay.

By Melanie Vala, Chief Commercial Officer, Deko

Technology’s impact on retail has invited expectations of instant access to the best options; the choice is now the primary concern for consumers in a competitive retail climate.

A central issue for merchants is being able to offer consumer finance solutions that address the needs of consumers today. For example, how mobile apps have permeated daily living over the last few years has accelerated consumer transactions – and expectations. Consumers will shop where they have the most choice – and that no longer just extends to products; it extends to the best deals and, therefore, finance options. The consumer experience at the online checkout must be as frictionless as the rest of their user journey, or they will simply look for better options. Businesses must adapt or risk losing out to competitors. This is the difference an effective BNPL solution affords.

BNPL has existed in one form or another throughout the entire history of commerce. Once known as installment plans or payment plans here in the UK or layaway programs in the US, the contemporary version is now digitally savvy, and brand driven.

Today BNPL is a central strategy for any retailer looking to not only diversify buying options for consumers but to also expand their buying power in an era of constrained budgets.

This is a market that has shown extraordinary growth in recent years. The BNPL gross merchandise value in the UK is expected to reach $55.1 billion by 2028, according to research by ResearchAndMarkets.com. Globally, the BNPL market size is expected to reach $39.41 billion by 2030.

What is BNPL?

BNPL, at its core, is a point-of-sale installment loan. The most common type of BNPL service is split payments, which is simply a charge that is split into four payment installments. The other commonly available product is installment loans, where the cost of the good is likely higher, and the length of the payback schedule is longer, with periods that range from six to 24 months plus.

The question then becomes: what is driving BNPL’s massive growth? It was not just the pandemic that added accelerant; two years after the economy opened up, the BNPL revolution continues to march.

All the research is pointing to one clear reason – BNPL lowers the barriers to purchase which has combined with the convenience of digital platforms. This perfect storm has made BNPL hugely attractive for Gen Z and Millennials in particular. Nearly a third (30%) of millennials aren’t currently in possession of a credit card – even fewer for GenZ. Instead, they opt for alternative payment methods when buying online as these options provide the flexibility and ease of use they demand. Findings have indicated that 55% of Millennials now cite convenience as their top online shopping preference.

However, its popularity amongst more mature demographic cohorts, who currently account for the majority of retail spending, should not be ignored. According to research by Pymnts.com, older generations with higher income levels are expanding their footprint in BNPL usage.

Why BNPL matters today

As we have seen the premise of BNPL is repayments by installment, making purchases more affordable for consumers. The customer journey then extends; the final cost is no longer the only indicator of affordability. Instead, it becomes about the financial solutions on offer: BNPL.

As a consumer begins a buying journey, the knowledge that an item’s final cost can be made afforded removes one central barrier to purchasing. Importantly, it also removes a psychological barrier and increases motivation and willingness to buy which, in turn, means increased revenues for merchants.

Whilst BNPL effectively increases cart values and reduces cart abandonment rates, perhaps even more importantly, it encourages consumers to stay engaged with a brand. Offering more accessible finance options increases trust between retailers and consumers, leading to increased sales and a higher frequency of purchases overall. This is even more valuable amid a cost-of-living crisis; customers can afford necessary but higher-value items.

BNPL gives consumers a more budget-friendly way to buy the things they want when they want, which in turn increases consumer satisfaction. Central to this is the transparency and ease of use afforded to consumers of BNPL products. As we have already stated, there is a younger generation coming through who are actively looking for alternatives to traditional credit cards. And with good reason. Credit cards very often have a high barrier to entry, come with high-interest rates, and have long and cumbersome application processes. For a generation looking for a funding solution with the same benefits as credit cards, but without the pain, BNPL is the go-to.

Not only are BNPL platforms more accessible than traditional credit cards, but the way these platforms integrate with major retailers creates an easy-to-use option for consumers as well. While the customer will invariably go through a separate BNPL portal for payment, this ability for an integrated digital experience allows consumers to have a consistent payment experience throughout their digital journeys with a brand.

As the younger generations begin to come into their own and gain further purchasing power — and as credit cards continue to decline in popularity — expect the desire for these alternative payment options to increase.

BNPL presents a flexible option that’s already disrupting the payments industry, stealing customers away from credit card companies and enabling them to spread purchase payments over time.

Digital financing options will only continue to grow, as the world becomes increasingly enmeshed with the digital world. For organisations who want to remain on the cutting edge — and meet a changing customer base — implementing BNPL into your online offering can only serve to benefit the merchant and no more so than in the age of the cost-of-living crisis.

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October 21, 2023December 18, 2023 byJeet Vasa

How to achieve growth and strengthen resilience using automated AR and digital payment

Times are challenging for businesses of all shapes and sizes as we enter the second half of 2023. Market volatility and slowing growth are being driven by high inflation and interest rates, economic instability, and geopolitical pressures, on a micro and macroeconomic level.

By Marco Eeman, Managing Director, Europe, Billtrust

Only resilient companies will flourish, but the IMF warned of the increased risk of a ‘hard landing’ for the global economy just last week. It predicted a 25% chance that the annual global growth rate could fall below 2% this year – double its normal level.

For businesses to rise to these challenges, companies across all industries are taking a good look at their income and expenditure. Those that will ultimately succeed recognise that it is not simply cash flow that businesses should pay attention to, it’s how that cash is flowing.

Drive growth during uncertain times

A well-executed, automated accounts receivable process can positively impact a company’s cash flow, working capital efficiency, customer relationships, risk management, and financial decision-making. By optimising this process, a company can enhance its financial stability, profitability, and long-term success, even in an extremely challenging economic climate. Digital payment systems can also deliver a series of interesting advantages.

Increased efficiency and faster cash flow

Automated AR and digital payment systems streamline financial transactions by automating processes, reducing paperwork, and minimising manual errors. This efficiency leads to cost savings and allows businesses to allocate resources more effectively, contributing to improved profitability.

Timely and efficient invoicing and collections are crucial for maintaining a healthy cash flow, which has never been more important than it is now, as it allows companies to meet their financial obligations such as paying suppliers and employees. Digital payments enable companies to receive funds quickly, accelerating their cash flow. Compared to traditional payment methods like wire transfers, digital payments are processed in real-time or with minimal delay, ensuring faster availability of funds. A robust AR solution also automates collections tasks so any overdue invoices are sorted out faster, freeing up time that can be used in more value-adding spaces.

Expanded customer base and global reach

Streamlining the invoicing process can help foster positive client relationships and prove reputationally beneficial. An automated approach will simplify the invoicing process and minimise errors. Also, by accepting digital payments, companies can tap into a broader customer base. Many consumers prefer the convenience and security offered by digital payment methods such as credit cards, mobile wallets, and online banking. By accommodating these preferences, businesses can attract and retain more customers, leading to increased sales and profitability.

Automated AR solutions and digital payment systems facilitate international transactions and enable businesses to expand their operations across borders. Companies can easily accept payments from customers in different countries, opening up new markets and revenue streams. This global reach enhances business resilience by diversifying customer bases and reducing dependence on specific markets.

Data insights and cost reduction

Digital and automated payment and AR systems, and the added use of AI-powered tools, generate vast amounts of transactional data which enable companies to make data-driven, risk-adjusted decisions that reflect current circumstances and offer more control during a period of significant uncertainty. By leveraging analytics and data mining techniques, companies can gain valuable insights into customer behaviour, spending patterns, and preferences. These insights can inform strategic decisions, such as targeted marketing campaigns, personalised offers, and product/service enhancements. By leveraging data, businesses can optimise their operations, tailor their offerings, and boost profitability.

Automated AR not only allows companies to optimise their way of working, but it also allows companies to save paper, printing, and postage costs and eliminate expenses associated with physical checks, cash handling, and manual reconciliation. Moreover, digital payments can automate recurring billing processes, reducing administrative overhead and improving operational efficiency.

Choosing the right solution

Businesses must focus on compatibility when looking for a modern AR provider and make sure the solution is integrated with the open Business Payment Network (BPN) and interoperable with the larger payments ecosystem. It’s also important to work with an AR partner that has an in-depth understanding of evolving payments legislation. For example, EU laws are currently changing: in December the EU published the VAT in the Digital Age (ViDA) directive which will mandate e-invoices. It’s crucial businesses implement processes that are fully compliant with all relevant trading laws and choose tech solutions that help, not hinder this.

Conclusion

Digital payments offer numerous advantages that can contribute to building resilience and driving profits for companies. By embracing digital AR systems, businesses can improve efficiency, accelerate cash flow, access a larger customer base, expand globally, enhance security, gain valuable data insights, and reduce costs,

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October 21, 2023December 18, 2023 byJeet Vasa

The gateway to success: Why businesses shouldn’t underestimate the importance of payment gateways

It can be very easy for businesses to assume that payment gateways come as standard and that one will do the job as well as the next, but nothing could be further from the truth. It shouldn’t be underestimated how important this juncture in the customer’s journey is, with many getting all the way to this point and then abandoning their cart because the process isn’t intuitive enough or, in some cases, downright confusing.

By Bob Kaufman CEO of ConnexPay

In this article, I’ll explore specifically what payment gateways are and what businesses should be on the lookout for to ensure they are using the best one possible.

What are payment gateways?

Payment gateways are the virtual equivalent of a point-of-sale system, allowing customers to pay for goods and services online from anywhere in the world, using a variety of payment methods. When done right, the end product makes it straightforward and convenient for customers to purchase goods, helping a business to grow its sales figures.

The best payment gateways are flexible and user-friendly, offering a variety of payment methods. They should be easy to integrate with any website and offer strong security features to protect customers’ financial information. When choosing a payment gateway, it is important to consider a business’s specific needs. If a business sells physical goods, it will need a gateway that supports credit cards and debit cards. If it sells digital goods, it may also need a gateway that supports PayPal or other digital wallets. Regardless of whether you sell physical goods or electronic goods, you need to offer multiple payment options.

The experience should be intuitive for the customer

If a customer in a store needs to wait for an extended period of time because the cashier doesn’t know how the cash register works, there is every chance the store will lose that sale. The intuitiveness of payment gateways is just as important. The interface should be user-friendly and the process of accepting payments should be simple and straightforward.

Equally, the process needs to work smoothly internally. A business’s finance team needs to be able to navigate its payment gateway’s user portal without any hassle to access financial information and customer purchase data. Information on customers’ payment processing fees, chargebacks and transaction are all included in this. A merchant being able to access this data and make meaningful sense of it is dependent on the payment gateway being easy to use, with intuitive navigation.

Actionable reporting and analysis

In addition to a user-friendly experience, another important feature to look for in a payment gateway is comprehensive reporting and analytics capabilities. A good payment gateway will provide a business with a payment management dashboard that gives them easy access to payment data. This data can be used to generate reports and insights that can help a business improve sales and marketing efforts.

For example, a robust payment gateway can use reporting and analytics to track sales and purchases, identify trends, and see which products or services are most popular with customers. A business can also use this data to improve its customer service by identifying areas where it can enhance the checkout process or provide better support. By taking advantage of reporting and analytics, businesses can make better decisions and improve its bottom line.

Better safe than sorry

Security is an essential aspect of the payment process. Customers need to feel confident that their purchases are safe, and businesses need to protect themselves from fraud, theft, and cyberattacks. As security technology evolves, so do the methods of cybercriminals. Therefore, payment gateways must be modern, sophisticated, and compliant with industry standards. They must be able to mitigate risks, reduce fraud, and accept legitimate transactions while flagging risky ones.

An integrated solution

Traditional payment systems are often siloed, which means that merchants must use multiple systems to manage their payments. This can be inefficient and time-consuming, and it can also lead to issues with data accuracy. A payment gateway that integrates with other business software can help to solve these problems. By integrating its payment gateway with its accounting software, inventory management system, and CRM, a business can get a single view of all payments. This will save time, improve data accuracy, and make it easier to track financial performance.

Enhancing customer support

Success depends on a business making sales, and sales rely on customers making payments. For payments to be made as easily and conveniently as possible, a business’s payment gateway needs to be reliable and efficient. If any technical issues or other problems arise, they need to be resolved quickly so that payments can continue to be made to the business without delay.

Effective customer support is essential for ensuring that a payment gateway is always up and running. Businesses need to be able to get help when they need it, quickly and easily. Look for a payment gateway that offers superb customer support, with clear instructions on how to contact support staff.

Making the right choice

Choosing the right payment gateway is an important decision for any business. Each of these factors is as important as the last. By prioritising all of them and seeking out a solution that facilitates them, a business can achieve their online payment goals and grow their business.

Payments

Redefining the relationship between PSPs and merchants