Although they work behind the scenes, payment and card service providers form an essential part of the global financial chain. They connect merchants to a broader financial system and facilitate credit and debit card payments from customers. While being invisible to most but essential to all, payment and card service providers make modern commerce possible by bringing all financial parties together to deliver a simple payment experience.
Payment and card service providers handle the entire payment transaction, from authorization to settlement. Some providers offer just the basics, while others provide consultation and support solutions to their merchant clients. Beyond these, payment solutions are differentiated by offerings such as merchant financing, security and fraud protection services, and regulatory compliance assistance. Payment and card solution providers also specialize in online payments or in-store processing. There are third parties like gateways, and payment facilitators are also involved in payment processing services. Payment gateways provide a connection point between different systems, such as point of sale systems and card processing platforms, and provide connectivity for businesses to access the payment processer of their choice.
The payment and card solution market is undergoing an unprecedented change, driven by new channels and technologies, along with evolving customer expectations for more personalized and seamless solutions and products. A variety of new entrants such as mobile network operators, payment solution providers, transit operators, handset manufacturers are making their entrance to the payments market. With different vendors offering diverse pieces of omni-channel payment and card solutions, the payment ecosystem is becoming more diverse. Moreover, the connected generation demands more seamless connectivity across all channels and instant payment services with 24/7 availability. Payment and card solutions enable businesses to maximize revenue, increase customer acquisition, improve retention, reduce expenses, minimize risk, and increase wallet share.
At this juncture, there is a wide variety of Payment and Card Solution companies entering the industry with a set of advanced offerings. To help companies navigate through the best-of-breed Payment and Card Solution Providers, Banking CIO Outlook has compiled a list of Payment and Card Solution Providers 2020.’ The enlisted organizations offer comprehensive management of the entire life cycle of credit, debit, and prepaid card products for payments across all channels and devices. Besides, the magazine also comprises Payment and Card Solution Providers insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Banking CIO Outlook’s “Top 10 Payment and Card Solution Providers - 2020”
