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Paymetric Featured in Market Guide for Digital Payment Gateways & Payment Providers

Published: 21 July 2016 by Analyst Penny Gillespie

For IT leaders supporting digital commerce payments, Gartner’s analyst Penny Gillespie published a Market Guide featuring Paymetric: Digital Payment Gateways and Payment Service Providers. The Gartner Market Guide helps explain the key market components and industry direction along with vendor profiles including Paymetric as a leader. Below are highlights from the report.

Key Finding Highlights:

  • While payment routing and processing is a mature technology, it is also a critical component of digital commerce. Clients are expressing a renewed interest in these technologies, primarily due to geographic expansion and the need to support new payment types.
  • Payments are complex due to the numerous vendors and the differing roles they play; for example, gateways, processors, payment service providers (PSPs), acquiring banks and issuing banks. The technologies that support them (switching, routing, authorization, authentication, settlement, fraud and reconciliation) are also complicated and intricately woven. Clients struggle with both the complexity of payments and the nuances among the various vendors while simultaneously trying to reduce payment risk.

Market Recommendation Highlights:

  • Work with constituents across the company to identify the anticipated payment volume for a three- to five-year period, and the channels, geographies and payment types that must be supported when starting this analysis. Treasury requirements for operations and settlement should also be taken into consideration.
  • Consider vendor consolidation to simplify operations and to reduce costs, as payment transaction costs are typically based on transaction volume. For example, many processors offer gateway functionality. Vendors offering gateway functionality are starting to support POS and vice versa. Coupling vendor functionality can reduce cost while also streamlining operations across channels as long as all the desired payment types are supported, which may or may not be the case.

Video - Lenovo InterviewVideo - Global Businesses are Facing Challenges EverydayFor more information or questions on how to navigate the complexities of the payment landscape contact Paymetric at 1-855-476-0134 or please reach out via email to pmmarketing@wpauthor-paymetric.coresecure.com

For a complete Market Guide for Digital Payment Gateways & Payment Providers click here or go to www.gartner.com. 

What's in a B2B epayment solution

PYMNTS.com: What’s In A B2B ePayment Solution?

How does a company choose the right ePayment solution provider to help protect its data, enhance payment processes, and ultimately drive revenue? The very first step is to consider whether to go with a SaaS cloud-based payment solution, or choose hosted or on-premise solution.

Security is also a major concern that’s top-of-mind among businesses and consumers, as data breaches are constantly flooding the news. It is important for enterprises to look at a security landscape across all different channels. Our data security solution, XiSecure, is a form of tokenization that uses a Flex Token capability, allowing it to secure any type of sensitive information and reduce the scope and financial burden of PCI compliance.

To find out how choosing the correct ePayment solution provider could dramatically impact your business’s data security, processes, efficiencies and ultimately your bottom line, register for the upcoming webinar:

Making the Right Choice: Your ePayments Solution and How It Impacts Your Business

Tuesday, November 18 at 2:00 PM (EST).

Click here to register.

This article originally appeared on PYMNTS.com.

Faster Payments? The Fed Investigates Payment System Overhaul

When it comes to electronic payments, it’s almost as if they are instantaneous, whether the transaction is debit, credit, or ACH direct debit. And the same can be said for typical card-not-present environments—the payments seem to happen in real time.

But if you are involved in the process—let’s say a merchant for example—you know that’s an illusion. While real-time payments have been the center for discussion for sometime and are thought to be inevitable, they are still a long way from happening.

But there is progress being made. The Federal Reserve Bank, through its Financial Services unit, launched a process in 2012 designed to uncover “gaps and opportunities” in the U.S. payment system.

In the gaps and opportunities study, released in 2013, it showed several areas where improvements need to be made, including the persistence of check writing, the lack of capability in the U.S. payment system for real-time payments, the lack of market penetration for new payment innovations, a need for faster authentication and payment notification – especially in regards to ACH – and the difficulties with cross-border payment transactions.

Connie Theien, vice president at the Chicago Fed’s Financial Services office, said, “In parallel, we’ve been conducting a number of research and information gathering efforts, one of them focused on understanding end-user demand for fast payments and other payment attributes.”

What key findings were found from that secondary research? Merchants want fast availability of funds. But how fast? When presented with a choice of payment speeds of instant, one hour, 12 hours, 12-24 hours or 2-3 business days, 69 percent of consumer payers and 75 percent of business payees indicated a preference for instant or one-hour payment speed.

So when will the Fed begin pushing for faster payments? Probably not for months as security and fraud prevention need to be addressed before fast payments become a huge part of the U.S. payments system.

 

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