As we get ready to bid farewell to another transformative year, it’s a great opportunity to take a moment to reflect on the journey we’ve embarked upon and celebrate the strides we’ve made in the realm of payment processing throughout 2023. In this year in review, we’ll delve into some of the products we’ve launched to add to our merchant’s toolkit and explore some of the emerging trends in the dynamic realm of payments.
Our Triumphs
1. Debit Surcharging
Our launch of debit surcharging has redefined the dynamics of payment processing, providing merchants with a fair and transparent means to offset operational costs. This innovation not only bolsters merchant profitability but also showcases our commitment to dynamic solutions.
2. Electric Fund Transfers
Our EFT solution offers our merchants several advantages over traditional payments. Quick access to funds, the elimination of waiting for cheques to clear, and increased security are just some of the reasons why EFT payments are a efficiency tool for businesses. EFT payments can help businesses reduce expenses, mitigate chargebacks and fraud, and accelerate the receivables process.
3. Buy Now Pay Later
BNPL empowers consumers with flexible payment options, fostering growth for merchants and enhancing the overall shopping experience. BNPL allows customers to make purchases and pay for them over time, providing them with greater flexibility and affordability. It’s a win-win for both customers and merchants, as it can increase sales while also offering a more convenient payment option for customers.
4. Tipping
One of our standout achievements this year has been the integration of a seamless tipping functionality. With this feature, customers can easily add a tip to their transaction when making a purchase in-store, just like they would at a restaurant or other service-based business. This not only makes it easier for customers to show their appreciation for great service, but it also helps increase revenue for merchants.
Payment Processing Trends We Saw in 2023
Flexible Payments on the Rise
Responding to shifting consumer habits, more merchant sites offer diverse digital payment options. This trend, driven by the demand for seamless experiences, is expected to continue. Emerging opportunities include QR codes and innovative payment technologies like biometric cards.
Embedded Finance and Frictionless Experiences
Merchants seek frictionless experiences by collaborating with software companies and adopting embedded finance solutions. This trend, led by younger consumers, integrates payments into non-financial customer journeys, enhancing overall online interactions.
Global Demand for Buy Now, Pay Later
Buy Now, Pay Later (BNPL) solutions witness high demand globally, especially among millennials and Gen Z consumers. As new BNPL solutions emerge, significant growth is projected over the next five years.
Contactless Payments Surge with Mobile Wallets
Contactless payments, particularly through mobile wallets, continue to expand globally. Digital wallets are on the rise and wearable devices for payments are also gaining popularity.
Quick and Customized Payment Experiences
Offering multiple and flexible payment methods, from digital wallets to BNPL and cryptocurrency, remains essential. Providing consumers with control over their payment methods enhances satisfaction. Real-time payments, especially the ability to receive payouts and pay bills in real-time, are gaining traction.
Final Thoughts
As we take stock of the past year, it’s evident that the payments landscape is as dynamic as it has ever been. Through embracing new trends and developing innovative solutions for our merchants, we’re not merely adapting to change but actively shaping the future of payments. The journey continues, and we’re excited to embark on the next chapter, guided by our commitment to innovation, transparency, and customer satisfaction. Here’s to another year of growth, resilience, and progress in the ever-evolving world of payments.