With customers increasingly using tap-and-go (contactless) payments in-store and shopping online, payments acceptance costs are rapidly rising. This also means that the reliability of payments systems has become even more critical.
New payment features like least-cost routing (AKA merchant choice routing, smart routing or ‘tap and save’), new payment types (Apple Pay, Samsung Pay, Google Pay, AliPay, Azupay, POLi), and new payment methods (smart phones, smart watches, QR codes) create opportunities, but increase complexity at the same time.
Now is an ideal time to check out the different payments service provider options in the market. However, working through the different options can be difficult particularly with all the different pricing structures and ways least-cost routing can be implemented.
A payments industry expert like Payments Consulting Network will find the best way to optimise payments acceptance costs and functionality.