With the appearance of new technologies, Fintech, development of digital payments, PSP competition and recent regulations (such as PSD2 – Payment Service Directive 2) all the stars are aligned to offer merchants an opportunity to further embed themselves in payment.
Doing so merchants will further build brand recognition, embed deeper into the relation with their customers, create unique value proposition and offer them frictionless experience which ultimately will generate additional revenues.
Technically, retailers shouldn’t be too afraid: these new offerings don’t require to build everything in-house. They could leverage numerous Payment Service Providers, the multitude of APIs as well as the “Bank as a Service” solutions, allowing them to focus on the value proposition and customer experience.
There has never been a better and easier time for merchants to take ownership of payment, both in accepting payment and more importantly in offering new payment solutions, becoming a payment provider themselves.
In my next publications, I will focus on these Acceptance solutions and Payment provider solutions.
To be followed…