The Financial Technology industry has a development area of its own. With the subtle changes in the technological world and the profoundness of finance, the growth rate has been tremendous. Furthermore, it becomes the driving force for online payments and digital grounds.
In addition, multiple social media platforms are accessing online payments through dedicated channels. It tells the tale of the evolution of online payments. Thus, it is safe to say that the FinTech adaptations are making a mark on online payment processing. The change in any area defines its future and provides a better ecosystem to the new companies.
How Oncoming of Service Provider Changed the Online Payments?
The online payment segment is the product of FinTech development. With multiple online payment solutions, payment processing became firm. Furthermore, the local banks tend to serve businesses with low-risk factors. It significantly funneled the corporations in the medium to high-risk factor zone. It brings Payment Service Providers to the forefront of the payment scene.
How Payment Service Providers changed the Payment Processing?
With the payment service providers, the monopoly of the Banks and pre-established financial bodies depleted.
It was the oncoming of tremendous change in the FinTech environment. The Payment Service Providers offered seamless solutions and enhanced services.
These solutions resolved multiple problems through a better payment processing channel.
The Consumer Experience was a factor that got the best definitive boost.
However, it wasn’t enough for online businesses.
What About the High-Risk Sector?
The High-Risk Business Sector used to get heavy blows for the payment service providers.
The merchant account and the payment gateway brought specific solutions for online businesses in certain business types.
Which is a High-Risk Business?
High-Risk Businesses are nothing but volatile businesses. Furthermore, they cross the other thresholds of financial institutions. The thresholds are determined variedly by different financial institutions. In other words, every service provider uses its parameters to determine if a business is a High-Risk one.
However, with the development of the fintech industries, the High-Risk industries are getting a boost. Multiple Payment Service Providers are working precisely for high-risk businesses.
How does FinTech add valuation?
The Digital Payment Industry’s valuation is increasing every day. On the other hand, the global fintech investments hit records. Furthermore, the investment amounts and returns were tremendous.
The growing world even had some of the best lineups in 2021. Till June 2021, the global investments hit $98 billion. (KPMG)
These FinTech investments became a fruitful result. With a tireless upward trend of Digital Payments, the corporations found firmer ground. The businesses skyrocketed with multiple clienteles. As a result, the FinTech world got some of the best support.
The digital payment era got reinforcement through enhancement of the new-found technologies. In other words, the advancements in automation streamlined digital payments.
The Enhancement in the Global eCommerce Department
eCommerce is one department where FinTech and Digital Payments made an exclusive mark. The Digital Payments in the FinTech industry made a corpus through the eCommerce department. The pandemic and post-pandemic era made a surge in the eCommerce businesses. Therefore, the payment service providers became prominent.
Modernizing online payments through multiple payment methods made a significant mark on businesses. Furthermore, FPS, chargeback management, enhanced visibility, and improved accuracy are some benefits.
These services provide precise solutions and make businesses stronger. The FinTech uplifts are not limited to their businesses, but the eCommerce profit a lot.
As an eCommerce business falls under the High-Risk category, the Payment Service Providers come in handy. The Payment Gateway is a service that interacts with the consumers and provides particular solutions to make payments easy.
What are the Features of a Payment Gateway for eCommerce Businesses?
There are many features of a payment gateway. These features provide solutions to merchants for processing payments on the website.
Card on File
The card on file feature is the most prominent part of the Payment Gateway. It allows the consumer to save their transaction details. And, they can pay next time without entering all the information again. It will significantly reduce the time for the payment checkout for the consumer.
Furthermore, the payment processing becomes quick and seamless. The Merchants get to showcase a better consumer experience.
Payment processing is not enough. Smooth checkout and re-directionless payments are pretty crucial for a better solution too. The Easy Checkout enables just one window for the complete payment. It removes the redirects from the picture.
Reports suggest that consumers tend to drop a payment if a single payment has multiple redirects.
The Payment Gateway is PCI Compliant that ensures payment and revenue security. The PCI Compliance is the standard protocol for the payment processing, acceptance, and storing of information. PCI Compliance will keep your business secured from data breaches.
Furthermore, it will also ensure that your business is compliant with payment processing on the website.
Fraud Prevention Tools
On the other hand, dedicated fraud prevention tools work actively and passively on the payment processing channel. The payment gateway uses AVS, CVV Checker, GeoLocation Tracking, Fraud Scoring, and more. These work actively to keep the payment gateway secured from fraud payments.
Multi-Factor Authentication is another tool that has dynamic support to the payment processing for your online business.
Real-Time Transaction Monitoring
The real-time monitoring of online payments gives powerful control to the merchants. These dashboards and monitors keep a business over the edge. FinTech provides advancement in the visibility of the payments. Therefore, eMerchantPro offers a powerful dashboard for the merchants to witness these payments.
What makes eMerchantPro profound?
eMerchantPro became a major part of the online change with the FinTech corp. With technological advancements came the ravaging solutions of payment processing. eMerchantPro offers High-Risk Payment Gateway Solutions to Merchants around the globe. Moreover, you get two major reinforcement to your business.
1. Complete Merchant Assistance
eMerchantPro helps the merchants to get personalized solutions for the business. In other words, integration of the payment gateway to the website becomes easy. We provide a dedicated executive for your business to get a solution according to your whims and fancies.
Furthermore, it will also help you get the merchant account going. The Complete Merchant Assistance streamlines your business.
2. 24 x 7 Technical Support
After-Sales support plays an equally important role in businesses. With an entirely in-house team of professionals, eMerchantPro offers 24 x 7 Technical Support. We understand that payment processing is not your forte. Therefore, with our technical support team, you can reach out to us and get the solution you require for your business.
Hence, The technical team is always ready to resolve your query at any time of the day.
In conclusion, The FinTech world is getting some profound solutions. Furthermore, this is an era of change for the businesses working in the Digital Payment department. Furthermore, eMerchantPro provides solutions that are not only dedicated to the FinTech industry but also makes the High-Risk business reach a global platform.