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Rethinking payments in a high-speed, digital world


In the fast-changing world of payments technology, merchants and service providers of all types and sizes are adopting advanced payments technologies, mostly due to customer demand. Many of the conveniences that consumers expect when they transact in apps, stores and online have made their way into the B2B world. Payments analysts expect these trends to continue.

Today, even small merchants expect to be onboarded quickly and given the necessary tools to deliver a frictionless customer experience. Small and midsize merchants want customers to enjoy their shopping journeys without being interrupted by time-consuming, complicated checkouts.

Upstream from small, midsize and enterprise retailers, service providers search for ways to outperform competitors in a crowded market. Many are implementing off-the-shelf payments solutions to get to market faster. But many of these generic, white label POS and ecommerce solutions are not commercial grade and lack the infrastructure to support a growing enterprise.

Payfacs to the rescue

Payment facilitators were among the first to leverage automated technologies for fast onboarding and seamless commerce enablement. Payfacs recognize that merchants and consumers don’t want to wait. Merchants will walk away from a pended payment processing application; consumers will abandon a complicated checkout process.

Payfacs also recognize that no two service providers in any given industry are completely alike. Each has a unique business model and differentiator. Each has a brand story and heritage that deserves to be front and center of their customers’ experience. This requires the sophistication and industry know-how to deliver customized solutions that evolve and grow with each partner.

Payfacs deliver value by consolidating the tools that service providers need to be secure, agile and compliant with card brand rules. By embedding intelligent, automated technology directly into software applications, payfacs free software service providers to focus on high-value, core business priorities, while managing payment transactions and fraud detection in the background.

Smarter, faster systems

As technologies reshape the purchasing experience, analysts expect to see more data science, machine learning, and artificial intelligence in the retail sector. A study by Intelias, titled Evolving RetailTech: Winning Competition in the Digital Era, predicts artificial intelligence (AI) will power 80 percent of retail technology by 2023.

“Experts expect that chatbots, recommendation engines, and audio-visual search analytics will be new trends among retail companies in the near future,” Intelias researchers wrote. “While eCommerce steers the market, brick-and-mortar retailers also intend to disrupt the industry, though at a slower pace.”

Intelias researchers additionally noted that data and AI, when handled properly, will enable retailers to manage their growth. Citing insights from Datafloq, they suggested that retailers will need help to ensure that the data they collect is accurate, verifiable and compliant with security standards. The ability to draw the right insights while earning customer trust in order to capture their data will also be critical to success.

Why VyaPay?

VyaPay, a certified payment facilitator (payfac) and PCI Level 1 certified payment gateway, combines convenience, security and data-driven decisioning with a better payfac solution. VyaPay’s technology suite includes VyaShield, a chargeback automation system that helps merchants recover more revenue by reducing or eliminating chargebacks. Graphical reporting tools and real-time analysis save VyaPay partners time and money.

VyaPay processes a range of in-store and Card Not Present electronic payments, including major card brands, ACH, eChecks, 3D Secure, 3DSv2 and cross-border payment schemes. The company partners with merchant acquirers, ISOs, ISVs and VARs to help merchants of all sizes and industries transform the B2B experience. For more details, visit www.vyapaypayments.com or contact us directly at 833-4-VYAPAY.

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VyaPay is a registered ISO/MSP of Citizens Bank, N.A., Providence R.I., Eagle Bank, N.A., and Fifth Third Bank

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