Payments used to be just transactions between consumers and businesses. If the process was slow, inflexible or required manual work, that was part of the deal. Now, however, payments are a central focal point in the customer experience.
Demand for consumer credit is still on the rise, despite recent years of escalating inflation and recession rumors. And as interest rates may start easing downward, competition among lenders will heat up. Banks, credit unions and consumer lenders are all vying for a piece of the consumer credit pie, estimated to top $24 billion by 2032.
Bill pay has come a long way since the days of writing checks. Yet many billers still struggle with how to modernize and ‘future-proof’ payment experiences with more flexible options.
When trying to understand the true cost of acceptance, transaction fees don't tell the full story. Here are four inefficiencies driving up the cost of taking payments.
Automotive Partners Funding partnered with PayNearMe to offer a wide range of payment options for their customers and a flexible payments platform for their employees.
For companies that rely on payments as a lifeline, AI and ML has the potential to dramatically improve business outcomes and bottom-line profitability.