eCommerce Is Here to Stay and The Challenge for Payment Providers

Thursday, April 29th, 2021

COVID-19 has resulted in a rapid increase in online transactions in the payments industry. In truth, eCommerce sales were already growing before COVID-19 and now, they’ve risen exponentially. Find helpful information below on how processors can overcome eCommerce challenges and how you can get fast and easy access to a secure and low-cost eCommerce merchant account for your business.

eCommerce Industry & eCommerce Merchant Account

Globally, online sales have increased by 19% regarding the rates registered in 2020, as BusinessWire reports. In fact, the payments industry digitization has accelerated by 2-3 years because of COVID-19. Gradually, you, as a merchant, should adapt to the global eCommerce landscape that’s changing fast. Otherwise, you won’t be able to succeed in your online activities. 

Did you know that the majority of B2B leaders find eCommerce solutions essential? Today, manufacturers are more focused on building transparency and trust in B2B eCommerce transactions. For this, it’s critical to work with a reliable payment specialist offering advanced and affordable merchant processing services.

To find one, look no further: just turn to BestPaymentProviders.co.uk, a trustworthy and experienced merchant processor comparison specialist in the country. Best Payment Providers UK pays special attention to terms, complaints, and integration, reviews contracts, rates, and fees to make sure you can stay away from unclear terminology, hidden costs, and dishonest sales tactics.

Payment Providers & eCommerce Challenge

Let’s go through the points below to see what payment providers can do to overcome eCommerce challenges:

1. The focus should be placed on offering more integrated partnerships to not only maintain but also grow businesses.
2. It’s getting more important to enable complex data for merchants that can help with predicting customer shopping behavior, offering preferred payment methods and currencies, getting a better idea of the financial situation consumers are in. 
3. Merchants are getting more interested in unsaturated, fast-growing markets like Eastern Europe and Latin America as they see the potential of becoming market leaders there, so this is an important point to take into account.
4. Merchants are focused on delivering enhanced consumer experiences and want to work with payment specialists that can help them balance data protection and fraud prevention across all channels.

In 2020, online retail sales reached a record-breaking point, which was driven by COVID-19 restrictions almost everywhere in the world. By the way, the increased spending on smartphones played a particular role in this. The majority of manufacturers report they’re already selling directly to consumers.

So, given the developments in eCommerce and payments, digital transformation is a priority around the globe. It’s no surprise that real-time payments and the use of diverse new payment methods are becoming more popular than ever before. Thus, payment providers should keep their finger on the pulse to be able to navigate the challenges with ease.