Banks are under a tremendous amount of pressure to change payment systems to protect consumer information and provide more convenient processing. In the last decade, an array of solutions aimed at processing larger volumes, mobile payment, more access channels, and enhanced technical support have forced banks to bulk up payment systems. In addition, growing compliance and security concerns are also pushing banks to invest in more creative, customer friendly payment processing solutions.
In the last five years, there has been a shift from traditional silos to organized central hubs in banks. This shift is spurred by the desire for many banks to integrate systems that link various channels like mobility, internet, and ATM. To compete with new and innovative payment processors, banks must ensure they too have the ability to validate identities quickly, while meeting real-time or almost real-time settlements.
To keep customers in the future, banks must also focus on need based payment solutions with creative payment models. At the same time, they must also consider regulations, location support, available technology, and other factors that may affect the back office. Striking a balance between supporting higher levels of modernization and working within the constraints of bank infrastructure is now their number one priority.
Currently, all signs point to banks finding ways to retain customers by embracing new payment processes. As banks discuss strategies to integrate technologies, they might reconsider the types of customers they have turned down in the past. High risk merchants like those in the adult industry are a customer base ready to do business with traditional payment processors. Many in the adult market have to rely on digital payment processors like WePay and PayPal. However, these processors can be unpredictable or unfair to adult merchants who often have their accounts frozen or shut down due to morality policing. Support from established banks would secure payment channels and help merchant accounts grow, leading to a more profitable relationship between adult merchants and banks.
But for now, most banks still shun high risk ventures; even those whose industries are seeing unprecedented success. EMB knows that your adult merchant account deserves the protection of a legitimate payment processor. Our integrative systems give your customers a variety of payment options to obtain services at home and on the go. Start your application today and learn about all of our processing options today.