In the dynamic payments landscape, industry leaders need to continuously adapt to evolving business and customer needs.
Navigating payments in the US presents a unique challenge. Businesses have to strive to address these demands within the constraints of the vast payments infrastructure underpinning the world’s largest economy – including its complexity, regulatory disparities, and reliance on legacy systems.
To better understand the payment ecosystem in the region, we collaborated with Oxford Economics to survey over 500 US merchants and launch our first US Payments Guide. We also engaged directly with payments experts from top US brands to gain insights on the optimal strategies for navigating US payments.
This is their advice to payments leaders and the innovations that most excited them for the months to come:
Justin Kim, VP of Product, Vimeo
The customer experience is the most important thing to consider when you make decisions about payment processes, tech and anything else in your business. Meaning, payment professionals need to resist the temptation to create friction during cancellation flows. There are some businesses where signing up for a subscription is easy as pie, but the cancellation process is made tedious. This strategy doesn’t work in the long run. If it takes you one click to sign up for a subscription, then it should be one click to cancel. The key is to develop products for the customer and solve actual customer problems.
Overall, the state of US payments is interesting because payments are constantly evolving with new payments tech, new solution providers, and new payment methods. On the flip side, there are also new regulations and attack paths that bad actors can take. So, I think the biggest trap or mistake is for companies to rest on their laurels and become complacent. Payments require constant attention in both good times and bad times.
Kelsey Dowling, senior staff technical product manager, GE Healthcare
When considering the current state of payments in the US, carefully consider the factors that are important to your business when selecting a payment services provider. Choose a trusted partner with comprehensive transaction transparency, industry expertise, and a proactive approach to address your unique challenges.
Insist upon transparent reporting from your payments partner, allowing for detailed data exploration and insights that help you formulate and execute an effective payment strategy tailored to your business requirements.
Ahmed Siddiqui, Author of “The Anatomy of the Swipe” and Chief Payments Officer at Branch
My advice to payments leaders in the US is to maintain a curious mindset and continuously question the existing payment systems. The current card infrastructure in the US is already fast and reliable, so it's crucial to ask the hard questions and challenge the status quo, even if we have become accustomed to the way things are. When newcomers enter the payments industry, they often bring a fresh perspective and ask, "Why is it done this way?"
While new technologies like cryptocurrency and blockchain are exciting, we must evaluate if they truly address new problems or if we are just adding complexity without substantial benefits. By staying curious and open-minded, we can drive meaningful innovation and create great payment experiences.
Eric Christensen, global director of payments at Getty Images
When it comes to payments innovations, I believe we are entering a fascinating era, particularly in the US, where significant changes are expected in the payments landscape. While cards have long dominated, we anticipate a shift in the next few years.
Personally, the innovation that excites me the most is real-time bank money movement. The prospect of instantaneous transfers and payments holds tremendous potential for transforming the way we conduct financial transactions. It will be crucial for businesses to closely monitor new regulations, such as debit routing rules and faster payment initiatives, as they will shape the future of payments in the US. This evolving landscape presents exciting opportunities for us to embrace innovation and redefine the way we handle monetary transactions.
To learn more about the current state of payments in the US, we invite you to download our first US Payments Guide, which sheds light on industry trends, emerging technologies, and best practices in the region.
Gain valuable insights and equip yourself with the knowledge to stay ahead in this evolving industry.