Wednesday, May 29th, 2019
The latest advances in tech go on improving the payments ecosystem for banks, payments processors, merchants, and consumers in ways that no one could imagine years ago. To learn about the impact of AI on the payments industry as well as find a reliable merchant account comparison company, just read below.
Merchant Account Comparison for Better Payment Processing
The advantages brought about by artificial intelligence are growing with each year. Undoubtedly, they’re shaping the future for finance by making the industry smarter, offering better customer service, and finding more customers than ever before.
With all this in mind, it’s vitally important for merchants to work only with a reputable merchant- services provider to get only the best for your financial needs. For this, you just need to turn to a reliable and experienced payments expert in the UK like Best Payment Providers that offers exceptional merchant account comparison to help you find the best deal.
Best Payment Providers:
- Pays special attention to terms, complaints, and integration,
- Provides the most honest snapshot of companies at the time of writing
- Reviews contracts, rates, and fees
- Keeps you away from hidden costs and deceptive sales tactics
And much more.
AI Role in Payments Tech
Each year, the European Union witnesses billions of digital transactions associated with bank transfers, debit/credit cards, e-wallets, as well as mobile wallets. Payments-technology companies are the most likely in the banking sector to be using artificial-intelligence technologies in their operations, according to Consultancy.uk. In fact, the potential for growth in the mentioned space is amazingly high.
So, what are the advantages offered by AI in payments?
- Machine-learning algorithms can help payments companies better analyze larger amounts of data to detect fraudulent activities in real time.
- Tasks that take a trader 45 minutes can be performed in less than 2 minutes.
- Resolve chargebacks better than ever, thus helping merchants, as well as offering more streamlined onboarding of merchants in an extremely affordable way.
Specifically, merchant-underwriting processes can be realized by creating a standard that’s constantly adapting, living in real time, and adjusting with every chargeback and fraud attempt.
- Behavioural coaching, meaning AI improves the digital interaction for consumers. By analysing consumers’ data and purchasing behaviour, AI can provide automated targeted promotions.
- Analytics-driven accounting, meaning companies can enjoy automated analysis of data.
- Predictive maintenance through smart monitoring, meaning companies can detect anomalies more easily and effectively.
- Real-time forecast through automated management and data processing.
- Enable merchants with a good track record to have a low-risk score, which can’t be said about an unfamiliar IP address, time zone or location. The thing is that special AI algorithms can comb through thousands of data points to determine customers’ creditworthiness.
- Deep learning and neural networks have revolutionized the automated speech-recognition systems (ASR). As a result, voice-enabled assistants play an increasingly important role in the process of making purchases.
- AI allows customers to walk into stores, choose the necessary products, and just walk out.
The number of digital payments has exploded. This is creating problems that AI can solve in exceptional ways. So, just keep your finger on the pulse and find a respectable merchant-services comparison company to scale successfully.