PSPs Redesign The Payment Industry With Millennials In Mind

Jul 22, 2016

This is the most exciting time ever for the payments landscape. Today’s omnichannel business model is powered by millennial shoppers who easily make purchases using various devices. Modern merchants can target a great number of international consumers and grow their business without major difficulties.

The Difference between Legacy Platforms

Years ago, payment service providers developed their platforms due to a shopper-merchant relationship, based on previously available ideas and tools. Modern legacy platforms need to be ripped up. PSPs should build powerful and adaptable solutions to suit the present relationship and future innovations.

With this in mind, it is critical to turn to an extremely reliable payment processor like eMerchantBroker to get the best for your business. EMB is the top high risk merchant account provider in the US and has an A+ rating with the BBB.

Key Points to Consider

Building legacy platforms to meet modern requirements is not an easy task in fact. It requires a great amount of knowledge and experience. Below you can find several important issues to focus on:

  • Split Payments

Marketplaces will control 40% of online retail by 2020. The number of merchants acting as intermediaries between buyers and suppliers is going to increase. So PSPs have to support automated split settlements by all means.

Funds split between 3 or more parties make everything even more complicated. Each of these portions should be calculated, ripped up, converted into the correct currency, and then transferred to the right account at the right time. Moreover, in some regions, it will be required to hold funds in escrow until the product/service is delivered.

To successfully manage this and avoid making errors, merchants should adopt an automated system. The latter should have the capacity to divide, convert, and release the payment in a reliable and simplified way, meeting each region’s legal requirements.

  • Localization

Card payments are expected to dominate the US and the UK. The majority of other markets will have a popular alternative to use. Thus, it is important to have cross-border checkouts equipped with the right mixture of alternative payment options to suit the target customer.

  • Centralized Channels

Thanks to modern omnichannel retail, your shoppers can make purchases using their mobile devices, POS, or desktop. Bringing these channels together into a single, centralized system, you can build a truly holistic buyer experience around it.

The payments industry is going to have a bright future. It will be available to anyone. Merchants trying to increase revenue will need to look for dynamic payment service providers. This way, they will be able to meet the new payment expectations of consumers.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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