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Consumers order groceries online and receive an immediate confirmation.
Shoppers see an ad for a shirt and order it with a few clicks.
Amoney transfer appcan send to a friend via a mobile gear, within seconds.
Fundamentally, payments are becoming more instant, frictionless, and embedded within customer journeys hence invisible.
PayTechs will continue to drive transformation, Ernst & Young noted in a report.
Latest trends in consumer payments
First, just look at the latest trends in consumer payments.
Users of B2B payments face many additional challenges.
For one, it is time-consuming to reconcileinvoicesand payments coming from many different sources over various time frames.
The challenge of international payments
Everything is even more challenging with international payments.
Indeed, the G20 has been implementing a roadmap to increase the speed of international payments.
The G20 wants 75% of cross-border payments to be credited to the beneficiary within an hour.
Of course, such plans take a long time to come to fruition.
Closing the gap between business payments and consumer payments is a necessity.
After all, small business owners behave as consumers and have similar expectations.
B2B payments are becoming as seamless and fast as C2B ones.
The real value is in not just making payments more quickly.
Flexibility
It is the same flexibility that consumers have always had.
When people pay for something in a store, the cashier will usually say, Cash or card?
Just imagine that the business world is that simple.
In addition to flexibility, small businesses need simplified, intuitivepayment gatewaysand workflows.
Now is the time for businesses to assess the innovation enabled by PayTechs.
We’ve listed the best merchant service.
The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc.
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