Noventis Examines Payments in 2019 Through Virtual Card Lens
’tis the season for predictions, especially as technology goes. Payments technology won’t prove any different here, as we’ve already heard from several corners. Recently, the COO of Noventis, Blair Jeffery, dropped word our way about his own predictions, with a particular emphasis on the virtual card.
Jeffery points out that the v-card, as it’s known, has seen skyrocketing use in the last year, especially by the small and medium-sized business (SMB) market. With good reason, too; the v-card has proven much safer and more convenient than the paper check ever could have dreamed.
The large business used to be the major beneficiary of the v-card thanks to its range of features and automated reconciliation, among other factors. Yet with 2018, the SMB market got its first real taste of v-card excellence and demanded more. That led to Jeffery’s biggest prediction: in 2019, this trend will continue, as financial technology (fintech) firms realize the value of a five million customer market.
One of the biggest new features that will follow the expansion, Jeffery notes, is the rise of “straight-through processing”. Formerly available only to the biggest firms, the SMB market will soon have access to this efficient and convenient form of payment processing.
This is particularly handy, as straight-through processing is just one desire currently on the hearts of the SMB market. SMBs are also eager to see v-cards accepted by several delivery methods, including secure fax, email, and phone agents, among others. Simplified user interfaces and streamlined authentication are also high on SMBs’ collective wish list when it comes to v-cards.
It’s clear that the SMB market has always had its own unique needs, and needs to be treated accordingly. With the v-card market seemingly cognizant of that fact, though, it’s likely to build on past successes quite well and produce excellent results. Sure, we’re all just whistling in the dark right now, trying to puzzle out the future from what we know today, but we know that the SMB market is massive, if fractured, and offering a service that could appeal fairly universally across it should pay substantial dividends.
With 2019 now only days away, we’ll start seeing the impact of these predictions soon. For now, however, Noventis’ COO has advanced an exciting set of ideas for the future.