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The electronic payments industry does not stand still even for a moment. In the last year alone, the number of new popular payment methods, including cryptocurrencies, QR-payments, One-click payments, etc., increased many times.
One of the most pressing issues identified by payment providers (PSPs) is improving the efficiency of their work processes and business performance. To address them, PSPs spend a lot of time trying to solve problems on their own by trial and error. However, it takes much time, and in most cases, comes to naught.
On the verge of starting your own payment processing business, you are faced with the choice: either develop payment software or look for another path. There are several factors to consider, namely financial resources, time, developers' team, and experience in fintech software development.
The main goal of automated merchant onboarding is to simplify your work and save you countless hours that can be used for more significant tasks. For instance, if now you have a department of 3 employees in charge of merchant onboarding, after its automation, one employee will be able to handle it.
We refer to payment processing when we pay in an e-commerce store, purchase movie tickets on a website, and receive money for goods or services sold online. Payment processing is the process of collecting, verifying, and transmitting payment information from customers in order for the merchant to receive a payment.
The shift from in-store to online shopping has required retailers to be more creative and skilled at marketing their products, staying competitive, and satisfying customers' needs at all stages of the purchase process.
Juggling between several payment providers when you have a high-volume gambling business can be exhausting, time-consuming, and financially inefficient. No wonder such an approach is gradually receding into the past, giving way to more efficient and tailored to the needs of high-risk business payment solutions.
Each online merchant strives to grow business and increase profits. There is no better way to do it than by choosing the right payment solution since it affects the conversion rate and processing costs.
Every business needs to track its financial activities to achieve growth and operational efficiency. The best way to ensure the foundation of your financial operations is to maintain proper financial records by tracking every payment.
With the rise of online transactions, so too comes growth in the rate of online payment fraud. According to estimates, eCommerce lost around $20 billion in 2021.