The part of digital transformation that Payment Service Providers (PSP) have missed

technologi
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Our technologi MD Carl Churchill recently recorded a video with PYMNTS.com, hosted by Karen Webster (PYMNTS CEO), with added guests Kirk Simpson (Wave Financial CEO) & Igal Rotem (Credorax CEO).

This video outlines the need to align the expectation of consumers and businesses in a secure and compliant timely manner. See some excerpts along with the video link below.

‘The pandemic has accelerated change. Consumers expect instant fulfilment. We’re in this world where nobody wants to wait for anything. Many PSPs have missed the shift in the market.’ Carl goes on to provide an example regarding the transparency of income needed by merchants – ‘Joe with his 5 guys in the warehouse want to know – it helps him make business decisions.’

‘It’s a painful process. No small business owner wants to then take all of the payments data and have to reconcile it into software.’ ‘A lot of small business are afraid of the fees etc. But what they’re not calculating is just the devastating affect to cash flow that lack of payment over 30, 60, 90, 120 days has on their business. That’s an education that we need to do. We need to give them more tools to help them understand who their best fit customers are.’ – Kirk Simpson

‘No one talks about a business that is going to be only online or offline. Now they talk about building offerings that can support customers — anywhere. Period.’ Igal explains that since the pandemic, there has been many blurred lines within the payment industry.

It’s vital to know when and how much working capital is within the business – Karen Webster explains. She goes on to say – ‘Make it easy for the customer to pay. We talk about payments as a commodity. For many of these businesses being able to enable a digital payment in different forms of payment is something consumers want.’ Kirk adds ‘If you don’t make it easy for them [consumers] you can’t take advantage of them.’

pymnts.com – FEBRUARY 7, 2022
watch the full video at pymnts.com

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