Payment Facilitators & COVID-19 Payments: Banks Do Better?       

Owners of brick-and-mortar businesses who’ve gone online have changed their risk profile. This has resulted in conflicts with fintech companies such as Square Inc. processing their transactions. Can this be an opportunity for banks? Who can help you with payment-processor reviews, e.g., Fidelity Payment Services reviews? Let’s see.

Payments Industry & Payments Facilitators

Payments are undergoing seismic changes. COVID-19 has unprecedentedly accelerated the move towards digital payments. Besides, there’s a huge rise in contactless-card transactions and mobile payments across the globe. 

Modern merchants need more than traditional payment-processing services. Such need has given birth to companies providing services to meet the increasing payment needs. To operate, these new companies should meet various regulatory and scheme requirements to serve as payment facilitators.

The payment-facilitator model goes on gaining traction as a way to board merchants rapidly and with as little friction as possible. What does the payment-facilitator model mean for acquiring banks or payment processors? 

Well, they sign an agreement with a payment facilitator that allows for submitting the transactions of 3rd-party sub-merchants for using the payment facilitator’s merchant account to process transactions. 

Banks & Payments: Fidelity Payment Services Reviews

Banks and payments companies are now promoting digital payments. Payment transactions are also on the rise across national borders throughout the European Union.  

With all this in mind, it’s more crucial than ever to find a reliable and experienced credit-card processor to work with. So, where to find? No worries. Just turn to a reputable merchant-processor comparison expert in the UK that’s dedicated to offering the most honest review of payment processors, such as Fidelity Payment Services reviews. 

In this COVID-19 crisis, some payment processors like Stripe and Square are taking additional holdbacks and reserves from merchants. Such withholding could result in openings for banks that avoid holdbacks. This can put banks in a better situation as compared to fintech companies that’ve been attracting small-business clients for years. 

As you see, the payments landscape is under unprecedented changes. Payment facilitators are struggling with the risk of COVID-related payments. Banks could appear in a better position. When it comes to payment processors, work with a respectable comparison specialist to make the right choice. 

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can best help you with Fidelity Payment Services reviews. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.

 

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