Author: Opt-ic Team
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One Battle After Another: National Minimum Wage, Business Rates & Payments Fees
The Autumn Statement has initiated changes, including rising minimum wages and business rates, impacting retail and hospitality sectors. These factors heighten trading costs and squeeze margins, as payment fees also increase with transaction values. Retail margins have decreased significantly due to these enduring cost pressures, requiring businesses to scrutinize payment processes for optimization.
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If You Don’t Control the Exit, You Don’t Control the Revenue
Subscription models are evolving as banks gain control over payment management, prompted by regulations and customer behaviour. Banking apps are simplifying cancellation processes, increasing the risk for merchants if exits are complicated. As subscription visibility improves, businesses must prioritize transparent exits to maintain customer relationships and manage costs effectively.
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Optimising the Payments Ecosystem: Cost, Revenue, and the Future of Payment Rails
Payments have evolved from simple processing costs into strategic components critical to business performance. As merchants adapt to new technologies like open banking, they can achieve lower costs and enhanced flexibility. However, maintaining consumer protection is essential. Rethinking payment ecosystems can optimize costs while improving customer experience and adaptability.