Payment processing

Payments are slow, fees continue to increase, and merchants are increasingly feeling the pressure from holdbacks being imposed on them by acquirers. In the pandemic crisis, that's unacceptable, argues Nuapay's Nick Raper.

There is nothing in U.S. federal laws or general payment processes that stops businesses from taking a consumer's money and using it for payroll or to finance a marketing campaign.

Fears of catching coronavirus during the payment process has given a sharp boost in usage and awareness of contactless payments since the pandemic began, according to a new survey from Mastercard.

Think about all the people who started depositing their paper checks through a mobile app. Who tried that out and then thought, “Gee, I really preferred driving 15 minutes to the bank and waiting in a line”?

Whether presented at the teller line or through digital channels, the best way to prevent fraud is by triangulating items in real-time against a robust fraud database. To strengthen the database, fraud data needs to be contributed in return, says Advance Fraud Solutions' Ted Kirk.

At the start of 2020, the overriding security concern when it came to payments was fraud. After all, before the days of the global coronavirus pandemic, no one had really viewed hygiene as being a particular selling point.

Paytronix, whose technology enables mobile payments and ordering at restaurants, has received $10 million in funding to help support increased demand for its services through the pandemic.

Not everything is in decline. T&E approval processes need to be ready for spikes in invoices for streaming content, tele-meetings and remote technology rather than air travel and hotels, said AppZen's Uri Kogan.

The modern-day payment system was, over the last two decades, tailor-made for the shelter-in-place conditions many live and work under today.

The modern-day payment system was, over the last two decades, tailor-made for the shelter-in-place conditions many now live and work under today.

PayPal is temporarily waiving fees for consumers using its app to accept government and payroll checks during the coronavirus pandemic.

Today, in the era of choice, the U.S. remains unprepared for fast, digital, infrequent or one-time payments from one to many.

The payments landscape for U.K. farmers has long been fraught with inefficiencies at the best of times, particularly when it comes to the government’s processing of financial support payments. Now, with coronavirus wreaking havoc with administrative departments, farmers across the land are bearing the brunt of the crisis.

By embracing this new payment market and its associated technologies now, convenience stores will attract more customers, improving their bottom line while also preparing for the future, writes DigitalMint's Marc Grens.

While an EMV transit system is a form of account-based ticketing (ABT), this assimilation is problematic, says OSPT's Jean-Philippe Wolyniec.

Merchant acquiring is a very face-to-face, sales-oriented business. And that culture has to change before any acquirers can convince their clients that they know how to adapt to the coronavirus pandemic.

For the payments companies that have and will continue to support businesses during our current phase of survival and necessity, these partnerships forged in the fires of adversity will lead to strengthened relationships and long-term loyalty during the growth phase that is yet to come, writes Wirecard's Kevin Brown.

Businesses have turned to workarounds to accommodate the coronavirus’ impact on brick-and-mortar stores, emergency measures that will likely become permanent in order for these businesses to survive into the future.

The advent of open banking gives EMIs a once-in-a-generation opportunity to carry on doing what they do best, but doing it faster, cheaper, and with broader horizons, says Token.io's Stefano Paoletti.

Telecommunications company Tigo Tanzania has expanded digital money transfers, allowing customers to send and receive money from their mobile wallets with other providers in the East African region.