On May 10, 2022, the European Commission published three consultations that will help shape the regulatory future of payment services and PSPs across the EU and EEA. This marks the beginning of the shift from the Revised Payment Services Directive, PSD2, to its updated version that will tackle the current needs and challenges of the payment industry better.
Apple embedded QR code scanners in the iOS 11 Beta’s native camera app in 2017, and the majority of other brands followed suit shortly after that. This innovative feature was said to be “QR codes’ second chance”, giving this technology hope to avoid repeating CurrentC mobile payment app’s downfall.
Nowadays, merchants and financial institutions alike face the need to address bigger audiences, process larger payment volumes, and scale efficiently. Thus, software that tackles FinTech-related challenges is in high demand.
eCommerce sales boomed in the past few years, with the online share of total spending globally increasing from 10.3% in 2019 to 14.9% at the peak of the pandemic in 2020. Such rapid growth of online sales has transformed the landscape for retailers and raised the need to implement optimized payment solutions.
Organizations providing financial services exist in an ever-evolving and highly competitive environment. Aside from that, they also face a wide array of challenges created by factors like the changing consumer demand, national and global regulations, tech innovation, and beyond.
There’s a whole lot of terminology to keep in mind when it comes to payment processing. While for the consumers, a credit card transaction typically takes no longer than a few seconds, the algorithm behind it is quite complex.
Online purchases are considered to be way more efficient than the transactions conducted offline due to increased security, lower risk of human errors, and faster processing times. Besides, the clients returning to shop at the same eCommerce store are likely to have an even smoother shopping process. This is due to the fact that their information is already stored on the merchant’s website.
Payment processing as we know it today hasn't existed in this form for long. What's more, it continues to develop rapidly; hence we can expect many exciting innovations and changes ahead.
As a merchant, you probably know that you pay interchange fees after every credit and debit card transaction. While these charges typically come as a part of your business’s card processing fees, it’s still critical to understand what exactly they are to ensure you’re dealing with fair pricing. Read ahead to find out the definition of interchange fees and learn how they are calculated.
The payment industry is changing at an unprecedented pace. It’s easy to see the ongoing transformations in eCommerce, data security, preferred payment methods, and beyond. One of the spheres that have to adapt to the new circumstances fast is direct selling.
The protection of consumer data and privacy is considered to be one of the top three trends with the greatest impact on businesses in 2022. However, the focus on these critical aspects is sure to last beyond the end of this year.
Historically, B2C payments have always been digitized sooner than B2B transactions. Now that the world is recovering from the pandemic, this gap is becoming even more prominent. Due to this, 2022 is marked by a transformation in B2B payments characterized by a strengthening focus on meeting the expectations of suppliers and merchants.
We live in an age of rapid technological progress and drastic changes in sales and consumer behavior. To remain competitive and thrive in such a fluctuating environment, businesses have to be flexible and agile.
The platform economy has caused a revolution in the world of commerce and has become its backbone across a variety of industries. Read this guide to find out how digital platforms have achieved such prominence in the global market and which technological solutions can make them reach even greater heights.
Online marketplaces and sales platforms have shifted commerce, shortening the distance between merchants and shoppers to just a few clicks. Thus, it is no coincidence that this business model is continuously growing and infiltrating an increasing number of niches.
eCommerce is transforming at an unprecedented pace. With digital innovation being on the rise, the marketplace business model as we once knew it is no longer the same.
The Payment Card Industry’s Data Security Standard (PCI DSS) states that entities should refrain from storing cardholder data unless there is a legitimate reason to do so. However, with the technological solutions that are currently available, it turns out that the merchants and PSPs hardly ever have an indisputable reason to keep such sensitive details.
The rise of eCommerce has launched a new prosperous era for merchants worldwide. However, online sales are imminently followed by increased risks of fraud. What’s more, dishonest activity can be expected not only from fraudsters but also from consumers.
The rapidly increasing interest in online shopping and the need for secure digital payments that comes with it make a variety of businesses search for smart FinTech solutions. Thus, the integration of a payment gateway has already become a key aspect of every business conducting sales online.
On April 12-14, the largest global event for gaming operators in Europe, ICE London 2022, will take place at ExCeL London. This gathering is widely recognized as the ultimate meeting spot for gaming industry leaders, decision-makers, experts, and policy regulators.
Electronic commerce is experiencing rapid expansion globally and on the European continent in particular. In 2019-2020 alone, its European share has grown by 10%, hitting the mark of €757 billion. What's more, the revenue in the European eCommerce market is projected to reach €685 billion in 2022 and €974 billion by 2025.
Buy Now, Pay Later is a relatively new payment method that has taken the eCommerce industry by storm. Keep reading to find out why it has become so popular, what advantages and challenges it has, and how merchants can maximize its potential benefits.
Ecommerce business expansion on online marketplaces inevitably goes hand in hand with the increasing risk of facing fraud. This is majorly due to the fact that modern marketplaces with embedded payments often act as payment facilitators for the merchants. Despite the fact that this practice allows transaction processing to be more intuitive and easily scalable, it also makes it more prone to malicious attacks.
In the ever-changing global environment, it’s incredibly important to build and maintain a merchant payment infrastructure that can withstand anything that comes its way. The overview you’re about to read focuses on the best practices of increasing payments resilience applicable to both merchants operating exclusively online and those pursuing an omnichannel strategy.
Companies in the financial sector are going through major adjustments in the environment that experienced a drastic shift throughout the global pandemic. Apart from keeping up with the massive adoption of payment technologies, businesses had to update their strategies while remaining compliant with the new regulations.
The Second Payment Services Directive (PSD2) is the current set of guidelines that regulates payment services across the European Union and the European Economic Area. This directive is being regularly updated to suit the evolving technology and confront the emerging fraud methods. It is also continuously monitored to ensure its effectiveness.
Every business strives to ensure a seamless payment process for its customers. While this puzzle has many pieces, one of its critical elements is a smooth online checkout procedure. It can be achieved in different ways, yet one of the best options is to implement a hosted payment page.
A fast and frictionless checkout process is essential for a positive customer experience. However, what is equally as important is how secure the transaction is.
Schemes define payment processing on an international level, so it’s essential to stay in sync with all the emerging updates. There are currently a few initiatives for new payment schemes, one of them being the SEPA Payment Account Access (SPAA). Find out everything you need to know about it in this detailed guide.
As soon as SWIFT announced the rollout of ISO 20022, it became clear that it would be a revolutionary step for cross-border payments. Here we will discuss how this standard will influence the current state of affairs of international money transfers and explore whether it is enough to solve the interoperability problem the industry is facing.
In general, it takes from one to five days for a cross-border money transfer to get to the recipient. With the modern pace of life, this is way too long of a waiting time for both individuals and businesses.
Here’s the news: starting from 1 July 2023, banks and credit unions will discontinue issuing Maestro cards for good. With over 400 million cards currently in circulation worldwide, this decision is sure to require significant adjustments.
With the payments market evolving rapidly, the existing rules and regulations require adjustment. In this article, we’ll uncover which changes are likely to take place in the industry and how the EU could respond to them.
Providing a brilliant customer experience is among the top goals of businesses worldwide. Achieving it brings plenty of benefits, from increased brand awareness to boosted revenues.
Payment fraud keeps the world in a constant state of alert. The numbers speak for themselves - Q3 of 2021 has seen over 56,000 payment fraud attacks globally. That is 14% more than in the previous quarter and equals to a 274% year-over-year increase.
As a person involved in business, you’ve probably heard of chargebacks. These operations are rather common yet extremely disadvantageous for merchants.
We live in an eventful time that requires flexibility and innovation. In the past few years, we’ve seen many spheres of our lives undergo significant changes, from healthcare and education to retail and logistics. The payment industry is a link between all these key areas, so it keeps adjusting alongside them.
The pandemic that started back in late 2019 and is still going strong years from then led to changes in shopping dynamics. Lockdowns and social distancing measures imposed significant challenges to brick-and-mortar stores and forced retail businesses to adapt to the constantly fluctuating situation.
The subscription payment model is adapted by more companies these days. What’s the secret behind this uproar? Let’s investigate
In light of pandemic issues, consumers choose to avoid cash. Now, payment preferences lean toward phones, facial recognition and… cars.
Businesses are no longer limited by geography. Entering the global market has never been easier, all thanks to eCommerce.
In-app payments are a crucial step in setting up your business. They provide a smooth customer service, quick checkout flow and help to increase the venue’s revenue.
Every business owner aims to provide a top-notch shopping experience for the clients. While excellent customer support and the quality of products and services delivered are extremely important, no commercial platform would be successful without decent payment security measures. One of the essential tools to conduct and safeguard the purchases at your store is a payment gateway.
One of the world’s largest iGaming exhibitions, SiGMA Europe, will be taking place in Malta from the 15th to the 19th of November 2021.
Nowadays, the majority of consumers expect all merchants to accept credit and debit cards. So, if your company still doesn’t live up to that standard, it is highly recommendable that you introduce card processing as soon as possible.
Not so long ago, accepting cash and credit card payments was enough to keep the business going. However, these days, organizations offering their customers only traditional payment options risk being outplayed by their competitors. Think about it: in 2021, approximately 7% of people abandoned their shopping carts because the merchant didn’t offer enough payment methods.
Processing card payments is a great responsibility for businesses, especially when it comes to the transmission and storage of confidential information. Even with the modern security measures, in the first half of 2021 alone, there were 1,767 publicly reported breaches that exposed 18.8 billion records.
The 2021 Q2 volume of eCheck payments reached a 7.3 billion count with a value of $18.4 trillion. That’s a nearly 25% increase compared to last year. Such rapid growth makes more and more business owners consider offering this payment method to their clients. But what is an eCheck and how does it work? Read ahead to find out the eCheck meaning, how such payments get processed, and whether your business can benefit from them.
Smartphones and tablets are the mobile devices that the majority of consumers have at hand at all times, making them even more convenient to use for payment than a credit card or cash. Thus, no matter if you sell your goods or services online or in-store, integrating a way to pay via mobile in addition to traditional credit card processing methods is vital for offering a smooth shopping experience for your clients.
Online payments have become an integral part of everyday life. However, as e-commerce develops, so does cybercrime. To prevent fraud and protect user data, online payment services are implementing various security protocols.
For a nonprofit, every donation counts. That’s why it is crucial to provide the public with the most convenient ways of making contributions. Thus, if your organization is still not accepting credit card payments, it is about time to fix it. This comprehensive guide has all the information you need to get started with credit card processing for nonprofits, including an overview of its benefits and useful tools for implementing it.
Every retail business strategy aims to build customer loyalty and ensure an excellent shopping experience. To succeed at this, it is important to track the consumer journey and have a competent strategy that covers every point of interaction with the customers.
The sales process constantly evolves to improve communication, customer satisfaction, and commerce profitability. Before, one sales channel, such as a physical store, was enough. Later on, technology advanced, and merchants started interacting with the customers via multiple channels, so email marketing, websites, chatbots, etc., added up.
Payments are traditionally considered to be a high-risk sphere. This is due to the complexity of the procedures and tools used, the rapid development of new technologies, and the threat of fraudulent transactions. These risks are dangerous not only for the service providers and their users but also for the economy as a whole. That’s why the payment risks must be identified, monitored, evaluated, and managed. Read ahead for an up-to-date overview of the payment risks and compliance!
Electronic payment systems provide access to international financial markets, allow persons from different countries to pay for goods and services free of territorial limitation. Features of electronic payment systems function are helping carry out the transfer of finance funds such as money, conditional payment units, securities, certificates in electronic execution. The growing popularity of e-commerce and the possibility of convenient payment for goods (services) directly from home increases the number of users of various international payment systems exponentially. This method of calculation is convenient and reliable. Its reputation is getting higher every day.
As a consumer, nearly every person has encountered recurring payments in action. But, as a business owner, have you considered introducing this billing type into your company’s practice? If you are still undecided, this guide is for you. Here we will tackle all the main aspects of this tech solution and explain how to integrate it into your business.
In the era of economic globalization, cross-border payments have become a vital necessity. In 2019, their value totaled $130 trillion and is estimated to reach $250 trillion by 2027. Since the volume of cross border transfers is demonstrating such rapid growth, it is an absolute must for business owners to be aware of what these transactions are and how to make them efficient. Our guide is your key to mastering the intricacies of this topic.
The 14th of September 2019 was the day when Strong Customer Authentication (SCA) requirements for online payments entered into force as a part of the second Payment Services Directive (PSD2). These regulations drive change in online retail and payment security.
We are considering how to switch to new 3‑D Secure 2.0 protocol without spending a lot of resources on it. And most importantly, how not to lose in conversion and not to harm patency of payments during transition period.
Whether you are an offline or online merchant, it is most likely that you deal with credit card processing on a daily basis. While many sellers disregard the complex algorithm that launches after the client clicks the “Pay” button, it is best to know how it works.
Payment reconciliation is an accounting process, which allows you to keep track of the precise state of your company's accounts. We’ll review how it works and how your venue can benefit from it.
The conversion rate equals the success of your business. We’ll review the reasons why they can be low, and explain how you can fix that issue with card transactions and other payment methods.
A payment gateway is a tool that no e-commerce company can do without. Let's see why and which benefits it will bring.
PCI DSS is a security standard that was designed to protect credit/debit card transactions. Let’s see why your company needs it and which benefits it will bring.
Ecommerce transactions are a great opportunity to quickly transfer money from a client to a merchant, without errors, high fees, time losses, and long queues.
Online payment using a bank card is convenient for cardholders. However, there are cases when services or goods are not provided (or provided not in full). In such cases, a customer has a chance to get money back. A chargeback procedure is provided for this.
Trade (offline) acquiring is a service connected by banking institutions so that any retail point of sale, from a local store up to large supermarkets, can accept cashless payments. For this purpose, a specialized device – a POS terminal – is required to make payments using the client’s bank card.
An issuing bank and an acquiring bank are some of the required parties to make payments. It is important for merchants to understand what responsibilities each of the parties has, how they get involved in the payment process, and what the difference between these two notions is.
To accept card payments, a business needs a terminal. Stationary POS terminals are found in any store, but there are also portable readers that are connected to a smartphone or tablet. So, we dedicate this article to mPOS meaning and related issues.
Business goes digital more actively these days. Its two main pillars are electronic and mobile trade transactions. Let us tell you more about them.
Online acquiring is a crucial component of every type of business. We'll tell you why you need it, how it works, and how to integrate it in your company.
In 2021, bank cards have become the most popular means of payment in the world. It is getting harder to do business without acquiring, so in this article, we’re going to discuss how it works, who is involved in the process, and what needs to be done to get it up and running.
Choosing a merchant account provider to handle electronic check or credit card payments is one of the most important decisions you will make as a business owner. Pick the wrong service provider, and you’ll pay high rates and fees, getting poor quality of service and a payment solution that doesn’t meet your business needs. Choosing the right supplier means gaining a competitive advantage.
Platform providers and large merchants experience ongoing challenges with payments. They often have multiple PSPs, that are difficult to manage which leads to reduced acceptance rate, wasted time and resources, as well as errors in charges.
Without doubt, banks have come to the realization that a technology-driven strategy is essential for operational efficiency. Most of the industry’s giants went digital long ago in terms of the user experience with apps and portals. That’s crucial for their UX – in terms of how their customers see them.
PSPs and financial institutions often have needs that are unique to their business. These needs that go unaddressed can turn into pain-points, and revenue reduction.
It's no secret that the payment industry has come a long way. From 1997, when Authorize.net started it all by collecting transactions by fax and email, the developments have been extraordinary. Today, we are looking at a rapidly evolving industry, from instant payments, thousands of payment methods, global infrastructure, open API, remote KYC, to purchases for cryptocurrency