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.
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.