2024 Trends & Predictions: Merchant Payments

Merchants are constantly being given new types of payments to accept and new solutions to incorporate, and they look to their merchant services providers for help in optimizing their payments operations because they aren’t payments experts themselves. Payments solutions are only going to grow more complex in 2024 and beyond, meaning merchant services providers must be ready to help merchants take full advantage of all the new tools they’ll be able to access. Payments innovations are quickly changing how payments can be handled in-store and online and how merchants can manage their entire payments ecosystem, but most merchants won’t be able to identify all of the opportunities and pitfalls they’ll face as they try to navigate the changing landscape. That’s why providers need to not only develop solutions that will benefit merchants but also show them how those solutions should be deployed to tap into their potential.

The coming year will see Tap to Phone technology quickly pop up in stores, the launch of Paze launch, and a solidification of the industry’s understanding of payments orchestration. It will fall to service providers to help their merchants deploy each tool effectively and maximize its value. The merchant services providers that are best able to help merchants navigate the ever-changing payments landscape and develop versions of new solutions that consider their most pressing needs will be able to win over merchants and rack up payments volume along the way.