In a world where technology shapes our daily routines, digital payment apps are transforming how we manage our finances. Gone are the days when cash and physical cards dominated our wallets. Today, with the advent of digital payment apps and wallets like Google Pay™ and Apple Pay®, mobile payments are becoming central to our financial activities. This shift from traditional methods — such as chip cards to digital platforms — marks a new era in financial management.

The need for modernized payment processes for financial institutions has never been more critical. With consumers demanding convenient and efficient methods for managing their loans and payments, financial institutions must keep up with these expectations. This article explores the necessity and benefits of modernizing payment processes within financial institutions, shedding light on how REPAY’s solutions can facilitate this transformation.

The collapse of the Silicon Valley Bank (SVB) in March 2023 signaled an uncertain outlook for the U.S. economy and emphasized the need for businesses to consider several aspects of their payment processing approach while taking into account an ever-changing regulatory environment.

In today's fast-paced world, convenience is essential, and businesses are always looking for new ways to improve their payment processes. An increasingly popular solution is text-to-pay, or Text Pay, which allows credit union members to make payments quickly and easily using text messages. 

As the world moves toward digital payments, some sectors have hesitated to shift. For example, when it comes to B2B accounts receivable (AR) and accounts payable (AP), you rarely see digital money transfers. Many businesses are still clinging to the friction-filled legacy systems that require manual processes such as cutting checks and initiating ACH payments. However, while these methods may be tried and true, they're also time consuming, unreliable and can hinder a business, especially in times of...

Customer expectations and demands constantly change. We live in a digital age where customers value seamless, convenient and flexible experiences that allow them to pay wherever they are and however they want. According to McKinsey, over three-quarters of Americans use digital payments, including contactless in-store purchases, browser or in-app online payments and person-to-person payments. 

Payment digitization has transformed how businesses and consumers pay. Consumers, including borrowers, are looking for faster and more convenient payment options and are not afraid to seek out providers who offer their preferred payment technology.

Over the past few years, credit unions have been at a major disadvantage when it comes to attracting new members. Contactless payment technology quickly became the norm during the first few chaotic months of the pandemic, forcing many businesses, especially those in the financial sector, to scramble toward implementing this new technology.

Most people dread tax season, a typically chaotic time when we scramble to get our documents organized in a timely and accurate manner. Some of us get them done quickly, while others wait until the last minute.