Payment processing systems have become increasingly important in our digitally-driven world. Now more than ever, particularly in a post-COVID economy, buyers and sellers alike are relying on digitized payment processing, quick e-commerce systems, and reliance on digitization to secure both ends at the same time. Daniel Shin is the co-CEO and founder of PortOne Global, an innovative payment processing company from Asia.
Already named by “Wharton Magazine” as CEO of the Year, Shin had some particularly prescient information to share regarding the future of payment processing in a post-COVID landscape.
A Fruitful Landscape
First and foremost, payment processing is becoming an industry titan and a giant sector unto itself. The Business Research Company stated that the global payments marketplace will see growth from 2022 to 2023 by an order of magnitude, close to 8.9%. The 2027 growth rate is expected to lead the global payments market to a cap of more than $847.59 billion.
Shin remarks that certain trends are driving the industry forward and that these trends can be thanked for such bountiful recent years.
- Automation – Workflow automation through the use of artificial intelligence has been incredibly streamlined in recent years. Machine learning algorithms are taking care of more processes than ever before. Shin says, “Reconciling payment data and automatic tax reporting to managing supplier payouts, a lot of this is getting automated.”
- Competition – With the market roaring to life, competitors are appearing out of the woodwork to drive systems forward. Daniel Shin predicts more competition in an increasingly lively market.
- Biometric Technology – Finally, Shin suggests that developing biometric technology can be thanked for the recent bountiful landscape that payment processing has enjoyed.
What Does a Good Payment Solution Offer?
When a company has a fully-featured payment solution center on hand, it makes everything that customers have to do easier. Daniel Shin advocates payment solutions that offer certain benefits, no matter the size of the business.
- Streamlines Sales – Offer familiar payment methods so customers can find the one that works best for them. This reduces cart abandonment rates while increasing sales.
- Reliable Transactions – If your payment processing system isn’t working, you aren’t profiting. Shin advocates payment processing companies that can handle issues and re-route payment options to save sales.
- Encourages Repeat Buyers – Finally, Shin suggests that the right payment processing system will encourage additional sales due to the streamlined experience.
Daniel Shin is a graduate of the University of Pennsylvania’s Wharton School, where he earned his B.S. in Economics in 2008. Since then, Shin has found success with Ticket Monster and Fast Track Asia along the way to his work with PortOne Global.