For many people, e-commerce has become the preferred way to shop and it has become so mainstream that even the smallest of shops have an online presence.
The world of payment solutions is truly a jungle and at the moment it may seem impossible to keep up with all trends and statistics. Some merchants may think that the payment solution only is a small part of the buyers' journey, but that is far from the truth. In this article, we are going to show you some of the alternative options out there so you can make an educated decision when choosing your payment provider.
Topics: Real time payments, Direct payments, Instant payment options, payment options, Payment solutions, Payments, Ecommerce, improve customer experience, mobile payments, increase conversion rate, FinTech
As eCommerce is on the rise, so is the hunt for ways of ensuring high conversion rates. Consumers are getting more tech-savvy and now expect the shopping experience to be a seamless process. If a shopping experience somehow gets interrupted on the way because of technical issues, the chances are big that the consumer will abandon the cart and search for other options. Needless to say, this is something that needs to be avoided at all cost and therefore making sure the payment process is optimized is the key to success.
With the Revised Payment Service Directive (PSD2), being put into place, banks are being forced to keep up with financial innovations in order to stay relevant. As much as 88% of financial institutions are afraid of losing business to FinTech companies. If you are interested in reading more about what PSD2 actually is you can check out our article PSD2 - The regulation that will disrupt the financial industry. Here we will have a look at the PWC Global FinTech Report 2017 to see what steps banks can take in order to stay relevant.
The thing on people's minds right now is the PSD2 (Revised Payment Service Directive) that is being put in place within the EU this year. Bank's who used to have monopoly on their customers account information and payment services will be obliged to share open API's with third party providers. But what does this actually mean for the industry?
The e-commerce landscape is developing rapidly and merchants all over the world are doing their best to adapt. This quick development is creating challenges for merchants.