Merchants don’t want to be left out from faster payments. As a result, payment processors and other merchant acquirers get a big opportunity. In our modern days of living, faster payments aren’t just a choice anymore: they’re a growing necessity. How are you going to get the right merchant services to grow your business? Where can you obtain a high risk merchant account for your business? This article is here to help you!
Modern Payments Industry: Faster Payments
There’s a shift in the payments industry towards real-time and near-real-time money movement. Payment processors can take advantage of the situation to get good funds into merchants’ accounts instantly, as merchant-acquirer executives note.
The growth of faster payment systems all over the world is making it possible for payments to move between parties at striking speeds. What is more, such growth makes a growing share of companies to start rethinking their traditional business models so that to be able to benefit from more efficient payment tools available these days.
One of the currently existing examples of the market of what’ll bear for faster funding shows that funds can be delivered to merchants within seconds. The fee for this accounts for only 1{37093a1e488f90272f3cc953627e4f314733c269ca98560d9607a73721c3dd3d} of the funding amount on top of ordinary transaction fees.
In the US, one of the commercial payments providers has recently launched a blockchain-based pilot program in cooperation with an enterprise blockchain solutions firm and international payments company Cambridge Global Payments. The purpose is to improve international settlements.
With all this in mind, you can’t do without offering better payment services to your customers. For this, you should work with a reputable payment processor that can provide you with the latest and the most affordable merchant services.
So, no matter you need a high risk merchant account or any other merchant service, turn only to a respectable credit card processor in the industry. With a true professional, you won’t need to worry about fees, security, or service.
Faster Payments and the Best High Risk Merchant Account
Faster payments are valuable for a large variety of use cases. Let’s take the P2P space. Here, parties get an opportunity to quickly deliver gift money, split a check, pay a babysitter, etc. In the business-to-business or B2B space, faster payments allow for integrating payments or paying invoices.
The payment volume value in the mentioned segments alone is expected to make up more than $15 billion by 2025.
As one of the leading processors in the US says, they’re focused on managing faster funding and delivering quick refunds to customers when they return merchandise to stores. The company notes that, lately, it’s been harnessed for fast transfers to businesses, as well.
The birth of faster payments systems may result in certain challenges. However, this type of payment systems is becoming more and more widely available in global markets. Consumers and merchants all across the worldare increasingly interested in receiving their funds quickly. Quite naturally, institutions that aren’t able todeliver faster payments are likely to get left behind.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers exceptional merchant services, including a high risk merchant account. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.