Payment service providers (PSPs) today face multiple evolving, and interconnected challenges. Hundreds of competitors entering the marketplace are driving PSPs to discount their services, cutting into profit margins.
Meanwhile, although onboarding new merchants as quickly and efficiently as possible can keep PSPs competitive, it can potentially expose the business to risk. Merchants that cannot protect themselves against fraud leave PSPs vulnerable to losses, reduced profitability, and even regulatory action.
On top of all this, the stakes have never been higher: with social media, it will not take many complaints before the reputation of the business take a hit.
“Winning new merchant business and retaining existing accounts is becoming more challenging,” according to anti-fraud tech providers Kount. So how can PSPs deal with this new competitive climate while protecting their merchants from fraud, and their profits?
This ebook by Kount identifies seven of the major challenges faced by PSPs in today’s market, and suggests five best practices for enterprise-class fraud prevention.
But it’s not all bad, according to Kount – in fact, these competitive pressures and challenges “provide an opportunity to transform a source of constant friction between merchants and processors… into a business-building ‘win-win’ for both parties”.
From appointments at Broadrigde to AEVI, we report on the latest announcements in the fintech industry.
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