Real-time payment systems seem to be inevitable, and that’s with good reason. The growth of payment systems calls for the importance to use advanced payment processing services for eCommerce businesses. Who can help you with the right low or high risk merchant account? What should you know about real-time payments?
Global Commerce & Real-Time Payments
Did you know that the global cross-border payment system registered over $27 trillion worth of international payments last year? And 2020 wasn’t considered a successful year. By the way, that number is forecast to account for more than $35 trillion by the end of 2022.
The real-time payments trend in global commerce isn’t surprising. After all, commerce is getting faster, consumers more and more often rely on their smartphones to complete real-time payments or transfer money instantly, and businesses in the U.S. and the U.K. wait an average of 32 days to get cross-border business payments, as a PYMNTS report shows.
Global eCommerce retail sales are projected to make up over 2.7 trillion dollars this year. In 2025, they’re anticipated to account for 3.4 trillion dollars. One of the trends in the eCommerce space has to do with offering multiple payment options to customers, basically, quick payments, so the checkout process can get easier and more agile.
With all this in mind, get down to finding a respectable payment processor in the U.S. that offers the latest, cheapest and safest merchant processing services to help you grow your business. With a leading merchant services provider that offers the most advanced low risk or high risk merchant account, credit card equipment, supplies, and accessories to businesses in the U.S. and internationally, you can be sure to succeed.
The Growth of Instant Payments
With borders gradually dissolving around the globe, consumer behavior keeps changing, thus resulting in changes in eCommerce trends. That’s the reason why on-demand payment options are something you can’t ignore.
Did you know that payments giant JPMorgan Chase & Co (JPM.N) is now offering a real-time payments option aimed at meeting the rising volumes of global digital payments?
In addition, financial companies Afterpay and Square intend to build one of the world’s top payments networks. Square’s merchant payment network and its consumer payments service Cash App are designed to help consumers transfer funds in just a few taps.
Real-Time Payment Trend in Global Commerce
The large-scale implementation of real-time payments is more than vivid. Financial technology firms are going to tell a completely new story in the space, thus supporting next-generation economic empowerment.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.