Can artificial intelligence really manage a secure payment solution?

Your company’s ability to offer a safe payment solution both in-store and online is one of your key selling points, and part of the reason you may be growing to surpass the small business status.

The typical online payment solution is changing, though. Alongside contactless payments in physical stores, mobile solutions such as online wallets and services like PayPal are finding favour with consumers.

Facebook has also recently rolled out a system whereby users can transfer money and pay for services through its Facebook Messenger platform. Some brands are leveraging Facebook Messenger to offer a new payment solution for their customers, while rumour has it that Twitter and Snapchat may also enter the market.

For the senior manager who has spent years navigating business growth, though, how can they be sure such services offer a secure payment solution compared to systems the business already has?

Partnering with an experienced and supportive payment service provider can be one of the best ways to keep your business and its customers safe. Read our blog ‘Can an online payment service provider keep your customers safe?’ to learn more about payment security.

Does your online payment solution need to consider the rise of AI?

Artificial intelligence (AI) is also fast being adopted as a factor in payment solutions by many online companies. AI is being used in traditional institutions, helping to identify fraudulent activity, as well as interacting with consumers whenever they require customer service.

AI solutions are even being considered and trialled by financial institutions, providing investors with chatbots which help them to make financial decisions based on key industry trends and data.

AI may very well be a way to offer a new level of service to any business payment solution, but how can a senior manager or CEO be totally confident that this new technology not only enhances the reputation they have spent so long building, but also offers genuinely improved customer service?

It depends entirely on the service you choose. There’s little use in generalising an entire industry in black and white terms; you need to implement the right changes that best suit your company, and align with the strategy and values that have helped your business grow over the years.

Choose a secure payment solution that comes with incredible service

Consider that the Bank of England is putting programmes in place to explore the financial technology (fintech) sector, and the AI solutions it can provide. This gives a sense of the trend’s importance to the way business is done now and in the future.

The fintech sector is enormous and is constantly innovating to provide more streamlined and secure services for businesses and consumers to make their lives easier.

Instead of trawling the market looking to trial and experiment with new solutions, why not build a relationship with the right financial service to help your business unearth the ideal financial solution, giving you the time to focus on the business instead?

Fibonatix is more than a payment solution provider. We’re a team of financial experts working closely with companies to provide a consultative service and resolve financial and payment issues quickly and efficiently. We even provide a dedicated account manager to maintain strong, close working relationships.

Partnering with an experienced and supportive payment service provider can be one of the best ways to keep your business and its customers safe. Read our blog ‘Can an online payment service provider keep your customers safe?’ to learn more about payment security.