It’s no secret the world has been changing before our eyes, so why should it be different for payments?
From cash to digital, from plastic cards to mobile wallets, from cash registers at the front of shops to tablets brought to you, everything evolving with the shift of technology. And technology shifts even more as commerce demands new features.
Today, consumers are experiencing an outburst of choices when it comes to how they shop, pay, interact and conduct commerce. New financial and commerce solutions are introduced every day with a promise to simplify and improve customers’ lives.
Our complete trade system depends upon payment methods. Payment solution is that important pillar in trade and commerce, supply chains, securities trading, finance, which requires to be modified and updated timely for better performance.
In this instant noodles era, the consumer wants everything to be done instantly yet with full security. This gave rise to the payment revolution.
As the competition in market and expectations of consumers are rising continuously, financial institutions of all sizes have a big challenge in front of them to evolve their payments infrastructure to enhance speed, increase efficiency, provide best payment gateway, and maintain the greater standards of security and elasticity.
How we buy, sell and keep track of it all is also changing and not only for consumers but also for businesses.
The omnipresence of payments get combined with the speedy evolution making money transfer easy, creates massive opportunities for financial institutions.
With big opportunities come big responsibilities. Financial institutions is in danger of losing their reputation in market if they fail to stand out or missed the opportunity because of relentless image of payments as a commodity, rather than a differentiator.
Businesses and people desire for payments which easily adapt to the way they live and work, which makes it a difficult challenge for financial institutions.
Financial institutions who have taken comprehensive steps and stand out in the market with better payment methods and strategies to reach specific business goals are rising high with notable success. They understand that money and the idea of its exchange through payments have updated a lot from the time of its introduction. Over the last decade or so, payment technologies have been growing at a faster pace. Basically we have to focus at untangling operating models, complete shifting to real-time, and enabling more smart, high-information services. The expectations to pay with the same method whether buying in store, online or via a mobile device. The payment industry would be in a transformational state in coming years. To keep your infrastructure evolving introduce a new real-time payment rail and enable other payment types over time.
Be the best companion of your customer
Financial institutions’ foremost priority is to full fill the need of their consumers. Understanding and antedating people and their business requirements are important for financial institutions that are working to give proper guidance and helping in enhancing their business. Businesses expecting to expand their business across the globe by providing their business and consumers a safer and flexible mode of payment option at their discretion, whether credit cards, debit cards, ACH, or cash. In this huge competitive market a lot of financial institutions are trying hard to compete. As the payment revolution is on boom it has become the need for you to evolve your business infrastructure. To make a correct decision for your business you have to avail the best merchant services for it.
Financial institutions like iPayTotal, with professionals have been providing best for your business. If you have established a business and want to take it to a higher level and you are evolving your infrastructure to receive online payments, you may be required to open a separate merchant account. When you apply for a merchant account you are given to choose either of the two accounts. One is the offshore merchant account and the other is the domestic merchant account. At that moment you have to make a wise decision for your business’ bright future. Before moving towards to obtain a merchant account, it is necessary to make sure that your business lies under high risk label or not. High risk merchants face limited choices in processor, plus many financial institutions deny to provide them any services but established merchant account provider like iPayTotal offer High risk merchant account that are a subset of services which allow businesses to accept card payments from customers without much chaos.
There are many factors which make your business high risk; some of them are as follow:
- You are in an industry with high chargeback ratio.
- Your business is a startup with a very little card processing history.
- You have a bad credit card history.
- Your company’s viability or continued profitability.
- In the past, you have lost your merchant account because of excessive chargeback.
To minimize the risk inherent apply for high risk merchant account
Future of payments
Financial institutions that are evolutionary and are ready to accept changes will gain the most out of this payment transformation. More and More financial institutions are improving their infrastructure and also helping businesses to have a better infrastructure by enabling suitable payment gateway. In this journey of transformation changes may be uncomfortable for many but financial institutions and businesses need to find a way to handle this progress because this fact is no more hidden that urgency to prioritize payments is increasing. Future of payment revolution is bright. Apart from financial institutions entrepreneurs are working smartly, ensuring that their organization have the right partner one capable of providing them high merchant services. And there is no better option than iPaytotal for it.
Why to go for iPayTotal?
IPayTotal has always understood the payment revolution and has been offering the best services. They have evolved their infrastructure accordingly and still progressing in the same. IPayTotal with decade of experience and professionals work for the betterment of your business. We understand you and your business and can help you with all the important decisions for your business. We are always available to answer all your questions. We make sure to get your offshore merchant account even if you have been rejected as “high-risk” before.
So let’s get started!!