CardX COO Michael Tomko Interviewed by BankBeat
“From a payments perspective, the pandemic has accelerated digital commerce and electronic transactions at an unprecedented rate, with more people paying by card than ever before.
This rapid acceleration has led to some challenges for payment service providers.
There are once-popular models that are suddenly outmoded — technologies that allowed commercial cardholders to write checks from their cards, for example, are less effective when accounts payable processes for handling checks are disrupted.
Similarly, payments models that encourage payment by cash (e.g., ‘cash discount’) are facing real challenges, especially as businesses are impacted by coin shortages and diminished access to physical bank branches.
In the current environment, what businesses want is faster payments, better reporting across payment channels, and lower transaction costs, all of which have led to a significant increase in surcharging in 2020.”