Invisible payments come with visible advantages and risks. Given merchants are now dealing with a rapidly evolving market, invisible payments are gaining more and more traction. Follow the lines below to dig deeper into the topic and find an exceptional payments expert to work with.
Invisible Payments
The explosion of new technologies has accelerated the growth of the payments industry. Both individuals and businesses can now enjoy faster and more efficient processes related to payment transactions.
The invisible type of payment is already a reality. The realization is made possible via recurring billing, queue-less and cashier-less checkouts.
These payments have already brought a huge impact on the physical and online retail experience. They can even lead to the eradication of cash and payment cards from the payment journey. Let’s take Amazon Go: it’s removed point-of-sale (POS) systems from its payment processes to deliver an enhanced in-store experience for its consumers.
The fast-growing payments industry makes it more critical than ever to use advanced payment processing services for your eCommerce business. To get them, you just need to apply to an expert processor like eMerchantBroker.com.
Being voted the #1 high risk processor in the U.S., EMB is dedicated to offering the latest, most secure, and cheapest merchant processing solutions to both large and small businesses. Besides, EMB carries an A+ rating with the Better Business Bureau.
The Impact of Invisible Payments
The impact of invisible payments is going to grow in the years to come. Let’s look at the points below to see what you should expect from payments:
- If you own a large business related to big-ticket items, don’t expect your consumers to go beyond traditional payment options in the near future.
- Retailers can’t do without the application of invisible payments.
- According to Strong Customer Authentication (SCA), under the 2nd Payment Services Directive (PSD2), identity verification will be a must for financial institutions and 3rd-party providers (TPP) in need of payment information exchange.
- The majority of customers prefer changing the retailer if the latter doesn’t offer their preferred payment method. So, if you want to boost conversion, you should accept the payment option that your customers prefer.
Invisible payments will further evolve and undergo changes. This will impact customer experience for casual or daily purchases, so be equipped with the right knowledge and techniques to fight the competition in your field.