Eric Horgan, Head of Product at Elavon Europe, predicts that 2020 will provide an untapped opportunity for many SMEs to capture new sources of revenue and potentially grow into other markets.
The focus in our industry in 2020 will be on making payments as easy, convenient and secure as possible for businesses and consumers. Increasingly, consumers expect a frictionless checkout experience– face-to-face, online and via mobile.
Merchants are looking for a centralised data on payments so they optimise their operations and footprint to attract and retain customers in the year ahead.”
In terms of predictions, I think we will see more and more Small-to-Medium Enterprises set up eCommerce to complement their physical operations. Our research found that as many as 25% of UK SMEs still haven’t developed an online presence.
It’s an untapped opportunity for many SMEs to capture new sources of revenue and potentially grow into other markets.
Additionally, we are seeing certain sectors, specifically in luxury, retail, restaurants and hotels where customers are more likely to be tourists or foreign travellers requesting to pay with less familiar payments types that are
common in other parts of the world. . Businesses want to accept these payment types so as not to lose the sale.
Security and fraud prevention remains high on the priority list as PSD2 regulations are stepped up. Open banking is encouraging payments providers to work with merchants and issuers to develop new technology to boost security and reduce fraud.
Strong customer identification plays a crucial role in reducing occurrences of fraud in payments. We will see more use of artificial intelligence and machine learning to prevent fraud, and staggered rollout of 3DS 2.0 as the UK moves to full compliance with PSD2 in March 2021.