The growing demand for seamless payment experiences is driving businesses to go digital, and merchants are exploring the benefits of omnichannel and unified commerce. This has sparked a growth in businesses offering payment acceptance services, with more and more providers stepping into this arena.
With the total global digital transaction value projected to reach $16.5 trillion by 2028,1 Payfacs will want to keep pace with change and differentiate themselves with connectivity that enables them to swiftly onboard and activate merchant payments while expanding their offerings to new segments.
What’s the challenge?
Merchants want their payments solutions to be easy to integrate, deliver seamless experiences for shoppers, and take little effort to run. From super apps to social commerce and blockchain, they need to keep up with the next big thing—and they’re increasingly looking to external providers like you for support.
With more than 60 million “untapped” merchants that don’t yet accept digital payments,2 you will want effective and reliable payment services that can help you to stand out in a competitive market by being able to onboard and activate new merchants quickly. And you want to maintain those services while embracing constant technological change.
Making connectivity easy—by offering modular services that help merchants overcome complex infrastructure and long lead times for integration—you can also strengthen your relationship with existing merchants while potentially even attracting new ones.
Objectives and obstacles
Ultimately, you and your merchants are likely to have a shared objective: secure and easy-to-manage payments that can help your businesses grow—and boost your bottom lines.
But as the number of connected partners continues to grow, you and your merchants may also face similar challenges. The complexity of connecting to multiple providers through clunky integrations can drain your time and money. This can also lead to disrupted services that leave you, your merchants, and shoppers frustrated. And it never ends—no sooner have you connected to the latest payment method, shoppers have already moved on to the next one. So having the right payments partner is likely to be as crucial for you as it is for your merchants.
Make it fast. Make it easy.
Offering fast, easy onboarding and ongoing connectivity could be the key to becoming merchants’ preferred choice for payments acceptance.
In the Asia-Pacific region there are more than 250 registered Payfacs with Visa already, and with more than 60 million merchants who aren’t yet accepting digital payments,2 this number is set to grow. In fact, the global gross payment volume processed by payment facilitators is expected to exceed $4 trillion by the end of 2025.3 The opportunities are enormous.
A single integration to an open payment platform can enable your competitive advantage: from streamlining onboarding so merchants can start processing transactions quickly in over 160 countries and territories globally, to maximizing your speed to market by reducing integration and costs to deploy the latest capabilities. This is key to strengthen relationships and build merchant loyalty.
Offering fast, easy onboarding and ongoing connectivity could be the key to becoming a merchants’ preferred choice for payments acceptance.
Connect once and connect well
We’ve spent more than 30 years since the dawn of eCommerce developing payment products to solve challenges like these, making us well-positioned to help you expand your value proposition with value-added services. We can:
- Help you onboard new merchants quickly and easily with self-boarding, which can be achieved in as little as 15 minutes4 to minimise pressure on client support teams.
- Provide fast and easy access to a modular suite of payment services, whether it’s capturing transactions securely with a unified checkout experience, accepting payments in person with Tap to Pay, or even leveraging shopper credentials online with Click to Pay—and more.
- Support you and your merchants with our expertise to expand your payment solutions that suit you. You’ll find global developers, acquirers, and technology partners integrated onto our platform in a global payments marketplace that enables you to offer more services on demand, reducing the time, resources, friction, and risks associated with multiple integrations.
All so you can offer your merchants the payments services they need, now and in the future, driving both your businesses forward.
The right partner for Payfacs
The right payments partner can empower you with flexible and efficient solutions to help you keep pace with merchants’ evolving needs. Connecting to our open payment platform can save you time and resources, speed up merchant deployment, and help increase your revenue.
And thanks to our easy-to-access innovations, it’s simpler to upsell new products. All this frees up your merchants to focus on opportunities to grow, with our global presence and extensive partner network providing an open door to collaboration and innovation.
Interested to find out how we can partner together? Arrange for a consultation with our team today. Read more here.
1 https://www.statista.com/outlook/fmo/digital-payments/worldwide
2 https://www.pymnts.com/news/payment-methods/2023/billions-of-people-and-trillions-of-transactions-define-the-payfac-opportunity-in-emerging-markets
3 Payment Facilitators, How These Providers Are Eating The Payments Value Chain, by Insider Intelligence, June 2021.
4 Based on internal measurements from Visa Acceptance Solutions Product Management and Client Services for self-service client onboarding during calendar year 2024, reported on April 29, 2024.
Dislaimer: Case studies, comparisons, statistics, research, and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The Information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.