While much of the world has gone digital in the last decade, the next decade will be all about bringing the holdout segments of the payments and commerce ecosystem online. Whether that’s the cash-based customer, the check-trapped accounts payable department, the legacy-locked credit union, the struggling SMB or the financial institution trying to raise the level of its digital game, the solutions are out there – but getting them locked and loaded into place remains an operational issue.
Data:
$3.1 trillion: Value of outstanding receivables in the U.S.
177: Number of credit unions in the U.S. that have closed over the last year.
78: Share of FIs that report they struggle to innovate.
24: Number of hours Amazon customers have after completing a purchase to pay cash at a Western Union location.
1-2: Number of days merchants working with Square’s EIN Assistant can expect to wait for an employee identification number.
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