2023 Prediction from Payment Expert - Head of Sales at Trust Payments

  • Craig Brightly, Head of Sales at Trust Payments

  • 09.12.2022 04:15 pm
  • #payments

Deferred delivery transactions

The travel, hospitality and entertainment industry has had serious issues with its payment ecosystem over the past 12 months. We saw it with Ticketmaster overselling Taylor Swift tickets and supporters stuck outside stadiums for the World Cup in Qatar. In 2023, more merchants will turn to deferred delivery transactions to help manage the higher levels of risk that come with advanced sales. Travel, hotels, ticketing and events merchants will need a constant two-way dialogue between customers and data to manage the increase in consumer booking demand. Cancellations will be higher in the next 12 months due to the cost of living crisis and unpredictable economy, meaning more refund requests and chargebacks. Cash flow will continue to be a challenge as inflation pressurises businesses to make ends meet, so building resilience and transparency will be key, particularly as consumers look to manage their spending.

Payment rails

In 2023, businesses will look to deploy multi-payment rail strategies. As digital and mobile technology grows globally, merchants are always looking at reducing friction and improving payment settlement in different currencies and geographies. Choosing the type of platform or network to do so is via payment rails. When selecting a payment rail, businesses must consider the end-user needs. Regardless of currency, method, or whether it’s a business or consumer, the payer or payee wants flexibility, instant access and convenience. Businesses will need quick settlement times, foreign exchange capabilities and reliable payment processes to satisfy the modern customer. Simplifying the process of cross-border payments through multi-rail strategies will be a game-changer for those looking to globalise their business reach next year. 

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