Payment processing is always changing, especially for small- to medium-sized business owners. In the digital age, business owners must learn how to adapt to the B2B space or risk falling behind in sales quotas. I encourage all business owners to seek out the latest technology in payment processing through training and seek immediate action.
If you need help with payment processing, don’t hesitate to reach out to me, because I’m an expert in the space. I can help you create a payment processing strategy that’s actionable and leads to automatic results like cost savings. To learn more about the services I offer, visit Richmond Financial Services or call 617-843-5700. In the meantime, here are three things to plan for in the future of payment processing.
Highlighting the Distribution Model
For many years, financial companies guided new merchants into payment processing plans when new businesses signed up for financial products. However, this dynamic is changing as the payments industry continues to evolve and produce more technology, according to Forbes.
SaaS providers including Toast and Jobber are streamlining payment processing services and are helping the businesses they serve. “Offering a payment processing service embedded into a broader software proposition has allowed these companies to enhance the user experience, further entrench themselves in their customers’ operations and capture a lucrative new revenue stream,” according to Forbes.
Real-Time Payments
Real-time payments are becoming the standard for many businesses and allow the instant transfer of funds in the B2B space. This type of payment operates on a separate network than ACH or wire transfers and works 24/7, according to Payments Journal.
Faster payments are a big factor in whether business owners are able to move forward and create more revenue streams. Plus, they’re more likely to retain clients and customers if they’re able to move money quickly and accept streamlined payment methods.
Shift to Technology-First Mindset
The role of technology is increasing in payment processing and is often put above finance and risk management. Many enterprises are looking for tightly woven payment systems that are a catalyst for revenue growth. Since this shift to more technology is no easy fix, business owners are spending significant money on integrating new payment methods or focusing on AI and machine learning.
I hope you find this information useful and aligned with the current climate in payment processing. If you ever need my payment processing expertise, don’t hesitate to reach out.
