Payment Acceptance and Facilitation: WePay's Week In Payments
The top theme we ran across this week was payment acceptance, facilitation and compliance. Basically the complex process of deciding to accept payments, setting up to do so and the web of regulation that you have to comply with as a result.
PYMNTS.com has a story from an interview with WePay customer ecwid about the core requirement SMBs have for accepting payments and the challenge of helping them to do so as easily as possible and as transparently as possible. According to ecwid, “SMBs don’t typically have the deep pockets of big-name retailers and are left struggling to keep up with rapidly evolving technology and to offer a seamless payment and shopping experience.”
PaymentFacilitator.com takes a sterner look at the complexity and underlying issues in a piece that highlights some of the regulatory challenges facing anyone who decides to take payments. Not surprisingly, it suggests Payment Facilitators are in a stronger position to help businesses with the process than other entities.
Here at WePay we obviously believe that technological solutions to taking payments are a good idea but it turns out that traditional financial executives are reluctant to dive into Fintech. A study by Capital One takes a look at the reasons for these executives to avoid jumping into technological solutions and concludes it is a combination of lack of knowledge, fear of the unknown and difficulty in proving ROI – even though everybody believes the ROI is there.
In other news there has been a rash of acquisitions in the credit card and processor space as reported by PaymentFacilitator.com. Finextra reports that Google has teamed up with five banks, including BofA, to allow customers to add Google Pay from within the banks’ own apps.
The other good articles we ran across this week included a good summary of the steps merchants can take to avoid chargebacks from Let’s Talk Payments. Good advice to pass on to the merchants and businesses you know that take credit cards. We also found an interesting summary of the issues with credit card factoring from CardFellow, why it is illegal and how to avoid it.