Payment processing

Backed by its consumer survey acknowledging a significant shift in payment preferences to contactless options since the COVID-19 pandemic, Fattmerchant is launching software that can quickly add contactless payment acceptance for its merchants.

The Office of the Comptroller of the Currency has endured a fairly choppy legal ride since unveiling its idea five years ago to establish a special charter for non-bank fintech companies to access a nationwide financial system for lending services without worrying about being licensed to do so in all 50 states.

Borrowers say getting the loans forgiven is just as complicated as obtaining the money; payment companies are holding some merchant funds in reserve as chargebacks spike.

Nobody knows what the next six to 12 months are going to look like. That means AP needs to focus on conserving cash while keeping operations moving, says Nvoicepay's Josh Cyphers and Derek Halpern.

APEXX Global has completed a Series A fundraiser, bringing in $8 million from existing and new U.K. and Scandinavian investors to expand its payments platform.

Even in the face of a threat as substantial as coronavirus, cash is not apt to ever fully go away.

Payments processors are keeping a portion of payments as a reserve against potential disputes between cardholders and merchants. Small-business owners say the practice is eating into their profits.

Electronic payments are spiking during the coronavirus, but access to different automated versions is needed, says Qualpay's Penny Townsend.

The immediate lockdown of the nation’s economy in response to attempts to flatten the coronavirus infection curve has had a widespread impact on the revenues of all businesses, particularly small ones that are more susceptible to economic disruptions.

As innovation proceeds faster than expected, small firms will need to work with larger firms to meet the new demand, sayd DealRockit's David Carmell.

In a sign of the rapid shift to digital transactions, MoneyGram reported that its digital transactions grew by 100% in May, compared to the same time last year.

Manual work is time-intensive and resource-draining, especially when it involves high volumes of data across disparate systems. When it comes to payments, this can get really complicated with all the moving pieces, says Global Payments Integrated's Ashley Jones.

Mondial Bony has partnered with Credorax to launch the MondialPOS merchant acquiring solution in Italy to address the country’s shift to e-commerce amid coronavirus.

Meeting customers where and how they want to pay is critical for completing transactions, and while retailers want to offer as healthy and safe of a solution as possible, but that can be expensive and complex, says Merchant Advisory Group's John Drechny.

As treasury departments modernize, new ways to serve consumers also arise, says Icon Solutions Lauren Jones.

B2B space will have a permanent shift towards digitization, a desire for contactless experiences, and a greater need for efficient and reliable cash flow, according to Billtrust's Nick Babinsky.

Cryptocurrency and blockchain technology embodies a unique set of properties that enable a rapid response toolkit for governments in times of crisis, says CoinFlip's Daniel Polotsky.

As merchants are challenged to adapt their business just to survive, and consumers push for greater control over where and how they spend, the payments industry is in a position to align the various needs, says Splitit's Brad Paterson.

Merchants will need to adopt practices to curtail the surge in chargeback activity and protect their businesses, even after the worst of the coronavirus outbreak is over, says Chargeback 911's Monica Eaton-Cardone.

The challenges may seem daunting, financial institutions and fintechs must focus on identifying meaningful opportunities based on the financial priorities of consumers and businesses to help them weather these difficult times.