53% of merchants plan to expand payment methods in 2022 (Global Payments).
This is in reaction to a colossal shift in customer behaviour, which started in March 2020. That’s when, for the first time ever, the volume of card-not-present transactions surpassed card-present ones. 2+ years in, the shift has not reverted back yet and is expected to continuously grow.
The next few months will be crucial for both emerging and established payment service providers (PSPs) looking to expand their customer base and grow their business.
If companies want to stand a chance in the race to digital payment dominance, they need to offer a fully digital and seamless onboarding experience to their merchants.
However, with growing AML scrutiny by regulators across the world, proper due diligence is a must for any payment business.
If your business is currently struggling to offer the onboarding experience merchants deserve, we might be able to help.
In our 10-step checklist, we explore how Know Your Customer can help you cover all your basis and deliver exceptional merchant onboarding.