As technology advances, more businesses turn to artificial intelligence (AI) to optimize payment processing, improve customer service, and reduce costs.
AI significantly impacts merchant services by improving authorization rates, lowering payment processing fraud, and increasing chatbots’ effectiveness in answering queries. Although, whether the benefits from lower payment processing costs will be passed on to merchants remains to be seen.
Scott Conti, CEO at Bankbrokers US, explores how AI has the potential to reduce costs for payment processors significantly. As AI continues to develop, it will likely have an even more substantial impact on the payment processing industry regarding payment routing, forecasting and automation.
As AI continues to develop, it will likely have an even greater impact on the payment processing industry. AI has the potential to revolutionize how payments are processed, and it will likely lead to significant cost savings.
However, ensuring that these benefits are passed on to merchants is less clear and likely to require negotiation and benchmarking to ensure this takes place.
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