We spoke to attendees at the Money 20/20 conference in Las Vegas to ask them their views on payment trends, predictions for the coming year and what the ideal payments ecosystem looks like.
Here’s an excerpt from our chat with Stephen Sheinbaum, Founder of Bizfi, a business financing marketplace.
PYMNTS: What were some trends in 2015
SS: Disparity in price points between what the banks are charging and what over-capitalized companies are charging is reducing and, simultaneously, products are becoming well accepted.Technology will be used for dual purposes: For front end processes, to make the interface easy for consumers, as well as for backend processes by merchants. And there will be greater emphasis on transparency, with regulation being key.
PYMNTS: What About Predictions in 2016
SS: We will see a rise in regulatory pressure pushing toward more transparency and accountability. Will see more products with weekly pays than daily remittances. The average term for loans will be longer, extended by six months. Companies will want to be versatile platforms, almost like a one-stop shop. Technology will embolden the ease of use with regards to financial products.
PYMNTS: What Does The Ideal Payments System
SS: Sales offices, especially the likes of mortgage brokers, will have a tough time competing in the business as more marketplaces and lending companies enter the market. A lot of white-label offerings will be more prominent. We’ll see a Kayak-like platform for financing companies