The next wave of payment solutions will be all about offering cloud-based, modular payment services to support business growth, Visa SVP, Acceptance Solutions Andre Machicao writes in the new PYMNTS eBook, “What’s Your Plan? Payments Strategies for a Strong 2022 Finish.”
Modern digital payments present an opportunity and challenge for businesses that rely upon them: they’ve grown in scale but also in the complexity that comes with managing them. They are at once strategic, critically important and demanding at the same time.
As the payments industry approaches the end of 2022 and begins mapping out the year ahead, expect companies to double down on solutions that help make issuers, acquires, payment facilitators (PayFacs) and merchants agile and future-proof — traits that will be critical in meeting the rapidly shifting expectations of digitally driven consumers.
How will this happen? The next wave of solutions will be all about offering cloud-based, modular payment services as a critical component in helping create and support more business growth. In a business environment dominated by the need for flexibility, we’ll see companies turn their focus to solutions that can power acceptance and create a seamless experience for customers across any payment method or channel.
In short: we’ll see the industry focus on digital payments tools that are available how clients want them, when they want them.
Enabling On-Demand Access to Payments Services
The future of payment acceptance will be global and scalable — with on-demand access to the complete ecosystem of payment services. This could mean providing businesses with a full range of payment products and services a la carte — letting financial institutions, PayFacs and merchants build the most efficient and effective experience possible.
Other industries have proven how modular and cloud-based services and products can be essential in making solutions more accessible and easier to manage for customers. The vast world of payments isn’t far behind.
Managing Hyper-Growth and Improving Payment Experience
Complex payment systems can have a big impact on customers. As it stands, 57% of merchants agree that their businesses need to reduce the time spent managing complexities related to payment functions.
So how does a business in this position handle varying payment types in a global market? Or keep payment data secure while absorbing the cost of sensitive data management? It starts with on-demand payment services. Token management services can help link payment credentials to varying networks or channels, simplifying payments. Integrated, on-demand payment services enable growth by enabling access to local acquirers, cross-channel customer experiences, risk detection, and revenue optimization.
Creating a seamless and secure payments experience today requires businesses to think further ahead into the future. Watch closely as the industry zeroes in on cutting through the complexity of modern payments to support greater business growth and put issuing and acquiring banks, PayFacs and merchants in a position to deliver a seamless and easy experience for customers.
