Our CCO, Koen Vanpraet recently wrote an insightful article in Bobs Guide, an online resource for financial technology. The article, entitled “Smarter Acquiring in the Era of Global e-Commerce”, describes the e-commerce challenges faced by merchants and PSPs and how smart acquiring can solve them.
According to Ever Merchant, worldwide e-commerce generates more than $1.2 million every 30 seconds. To efficiently process all of these sales over the course of an entire year, merchants need more from their acquirers on a daily and even hourly basis. Cross-border acquiring, which a few years ago might have been a daily need for only a few major merchants, has now become a necessity for any small to medium business that wants to be successful online. The big question in payments today is how can smart acquiring best serve e- and m- commerce merchants of all sizes?
We sought to answer this question by presenting it to the merchants and partners in our client network. The following excerpt from the article sheds a little more light on how merchants and PSPs can maximize the relationship with their merchant acquirers.
Surveying our merchants and payment services providers (PSPs) around the globe, it became quickly apparent that these constituents are expecting more from their acquirers. They want them to be able to create value that extends innovation beyond the invention of something ‘new’ but instead tailors its product, service, or proposition to yield a positive business impact. The findings of our research show the top 7 scenarios that PSPs and merchants grapple with most:
How best to leverage cross-border business opportunities while containing associated inter/intra-regional processing costs
How best to manage multiple acquiring relationships across multiple countries each with different output and functionality
How to improve operational efficiencies and control the overall cost of payment processing by not having to maintain multiple vendor relationships with different processes and reporting systems
How to gain a consolidated view of all payments through intuitive online reporting and simplified reconciliation that includes statements and an operations dashboard
How to determine what technology to use to attain one single accurate view of the customer in order to optimise revenue growth and market penetration initiatives.
How to achieve higher authorisation rates to increase the bottom line
How to develop a secure end-to-end payments process that eliminates the headaches and delivers better client experiences.
Click here to read the rest of the article to learn more about how smarter acquiring can help e-commerce merchants create businesses without borders.