Merchants all around the world still see payment as a necessary hassle to get their business going and growing. They spend a lot of money in managing different payment methods in different countries and from different channels, on face-to-face payments and in their e-commerce environment. Regarding payment channels, for example, payment service providers that want to remain competitive need to think about becoming mobile as merchants are going mobile for sure.
With new developments in the mobile payment area and the growing demand by shoppers and merchants to utilize mobile devices to do their business, the market is clearly looking for global payment solutions for all channels. payment service providers have to be innovative and invest in new technologies to serve the arising needs in this ultimately fast changing environment. Accelerating boarding times for merchants and reducing costs to do so is key; especially, when we are looking at merchants processing on many channels in different markets with the best mix of payment methods to maximize their conversion rates.
In addition, merchants look for one-stop solutions for one-click-payments across all channels, to add, for instance, loyalty and/or voucher solutions, or offer shopper wallets to their system to make the life easier for their customers.
Very often we still see merchants dealing with many payment service providers to handle their business for all required payment methods in different countries. In addition, they deal with different payment service providers for card present and card not present processing. This means huge efforts on the payment side, but even bigger efforts on the reconciliation side of things in their accounting departments.
PAY.ONis one of a handful of payment processors in the market, able to process all channels through one single platform, offering single reporting and reconciliation across all countries and channels. This leads to dramatic cost savings on the merchants’ side. In addition, merchants bundle their volume from all channels and negotiate better fees with connected acquirers. The same applies obviously for payment service providers, they save costs, but also have a competitive advantage in their market: payment service providers act faster and offer flexible solutions according to their clients’ demand.
In a nutshell, this all opens a lot of new business opportunities for payment providers running on a multi-channel platformlike PAY.ON. The market is changing fast, merchants will be choosing to work with providers that enable and support them in saving costs and maximize their revenues by offering the right mix of payment methods across all channels and countries with optimized conversion rates.