The payments solutions sector is one of the fastest-changing industries todays. Consumers today expect fast, seamless transactions from the places where they do business, no matter what the transaction is for. They also have come to expect a wide range of convenient digital payment options.
Business owners that utilize payment processors are increasingly seeking payments solutions companies that are comprehensive and offer the options they need to streamline their businesses, and that their customers want. It is subsequently imperative that businesses stay ahead of both domestic and international payment processes. Let’s take a look at industries that are leaders in the payment revolution, why now is the time for payment changes and how VeriCheck is helping businesses stay at the forefront of the payment industry.
Industries Experiencing a Payment Revolution
There are many different reasons why industries undergo payment revolutions. The cannabis, construction and transportation industries (sometimes considered “high-risk” industries) are some that are at the forefront of payment revolutions, each for different reasons.
Businesses in high-risk industries have a more difficult time gaining the cooperation of financial institutions such as banks and payment firms. This difficulty stems from regulations or the tendency to exchange large sums of money. Without the cooperation of financial firms or the development of alternative processing solutions, businesses are often left only able to accept cash. This is severely limiting and puts these businesses at a higher risk of falling victim to frauds and scams. This has led to the need for changes in the payment industry.
The Cannabis Industry
Businesses in the cannabis industry are leading this revolution. Cannabis companies are considered high-risk due to the fact that cannabis itself has yet to be legalized in all 50 states and there is still a great amount of disapproval, stigmas and skepticism within the population. Banks worry that the cannabis industry is more of a fad that will not endure in the long-run, and for this reason cannabis companies must look for non-banking payment firms to work with.
The Construction Industry
The construction industry is another sector that is experiencing a payment revolution. The issue in the construction industry is that companies are receiving slow pay for materials. In fact, many suppliers are willing to discount their invoices if they received payment within a shorter amount of time. The utilization of digital forms of payment processing allows vendors to receive payments more quickly. These vendors are then able to offer builders discounts. These help the builders save money, therefore also saving the money of their consumers.
Paid parking lots and public transportation may be one of the industry sectors that sees the most changes in payment processing. More and more parking facilities are moving toward digital forms of payment as opposed to physical tickets. Now, customers can link their payment information with the facility’s account and let smart terminals handle the rest. Public transportation companies are making a move towards allowing users to request, schedule, reserve, and pay for transportation from their mobile devices.
Why Now is the Time to Make Payment Processing Changes?
A huge opportunity awaits in the payment processing sector of the economy. Gone are the days of only having the option to use cash, checks, credit or debit cards from either a traditional checking or savings account. Payment institutions such as PayPal and Stripe are changing the way customers are able to purchase goods. With Apple Pay, Samsung Pay and many others, consumers can digitally purchase goods without the need for a physical card, check, or cash. The increasing use of ACH payment processing allows funds to be transferred from one account to another without the need to handle paper checks, cash, cards or devices.
With the growing demand for more convenient ways to purchase goods and services, investors are taking notice, and more money than ever is being invested in the payment industry.
How is VeriCheck the Front Runner in Payment Processing?
The world of payment processing is quickly changing. In order to appeal to and attract more of your target audience, you must be able to stay at the forefront of these changes. VeriCheck offers businesses innovative payment processing technology and has been a leader in the space for more than three decades. We pride ourselves on being one of the few financial technology companies that has a person at the end of your customer service phone call, and offers 24/7 customer service. Companies who choose VeriCheck can rest assured that they will have the ability to offer businesses and consumers state-of-the-art payment processing.
Offering Digital Payment Options
Expanding payment options to include digital non-bank related digital options will give your consumers more payment options that better suit their preferences. Digital non-banking firms are quickly gaining prominence in the payment industry and should be incorporated in your business model.
Leading the International Payment Processing Demand
Making international payments has been a pain point of international commerce for quite some time. These payments are difficult to track, leaving buyers more vulnerable to scams. There is also the issue of slow payment times when sending transactions across international lines. Offering models that allow for more transparent international commerce will make consumers feel safer purchasing products overseas and therefore increase sales.
Increase sales, decrease your bottom line, and attract more consumers by using VeriCheck for payment processing. Contact us today for more information.