Meet financial trends with the right online payment service provider

Who would have thought that in the space of 10 short years the financial technology (fintech) industry would have grown to such a stage that the payment services it’s producing could eliminate cash and the traditional banking system sooner than we think?

Borne from the global financial recession just under a decade ago, international services such as PayPal, Apple Pay, Google Wallet and others have made processing payments for billions of consumers and businesses easier than ever before.

Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.

The fintech revolution doesn’t look like slowing any time soon. The UK’s fintech sector is the biggest and most creative in the world today; Revoult is set to be the next app that will transform the way people handle their money thanks to its zero-fee, zero-commission foreign exchange service.

Fintech is also growing at such a rate that financial managers and CEOs at larger firms who don’t keep their eye on the sector’s growth could potentially be losing business by sticking with traditional payment services.

Modernise and streamline with a global payment service provider

The sheer impact fintech has had – and continues to have – on the financial world simply cannot be overestimated and highlights why it’s worth partnering with a global payment service provider to reinvent your business’s financial strategy.

The advance of eCommerce also shows why it’s essential to work with an online payment service provider. According to a survey from American Express, 20% of consumers don’t carry any cash in their wallets while 46% say they rarely use cash to make a purchase. A lot of retailers recognise the trend, with 36% ‘very’ likely to go completely cashless and 31% ‘somewhat’ likely.

Coming back to the fintech services we mentioned before and 70% of shoppers say they’ve also previously used mobile wallets and one-click payment services (such as PayPal) to make a purchase. Those business who have let the speed and rate of fintech growth pass them by can join the revolution sooner than they think with the right online payment service provider.

Why you need to update your payment services ASAP

The market attraction to digital payment services isn’t just a flash in the pan. As American Express also point out, 71% of merchants they surveyed have seen growth from the previous year when focusing on conducting commerce through their digital channels.

With 18% of consumers saying they’re very or somewhat likely to make purchases through voice-activated services (such as Amazon Echo and Google Home) in the future, financial managers and CEOs need to beware they aren’t left behind by advances in eCommerce.

Ease of service when completing a purchase is one of the key drivers behind consumers adopting new digital payment services, but at the same time the right services can also provide businesses and consumers with greater security when they manage their money.

Working with the right payment provider to update, optimise and streamline your business’s internal and external financial services and solutions can add a new dimension to your growth strategy, attract new markets at home and abroad, and give you more time to focus on your role within the business.

Working with the right provider can also make achieving financial compliance easier than ever before. Contact Fibonatix today to find out more about how to modernise your business finances and boost company growth.

Share