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Payments have been around for centuries, from bartering practices, livestock, precious metal coins, and leather money to paper money, credit and debit cards as well as modern-day cryptocurrencies. The concept of payment is an important part of society in general.

Regardless of the form, payments have been an integral part of the daily lives of businesses and individuals in exchange for goods or services. For merchants, finding the right high-risk merchant account providers to manage the payment processing is crucial.

The constant technological and societal change improved the way customers interact with traditional financial institutions. The continued rise of the internet and smart devices paved way for the major shift to digital or online payments. 

The development of online payment gave different players the opportunity to emerge, including ride-sharing, express delivery businesses, retail companies, and more.

P2P Payments Are on the Rise

The ongoing restrictions due to the pandemic made in-person transactions more challenging, so online payments and transactions became more popular (Caminiti, 2021). Especially as many started making online payments for the first time, it is imperative to equip users with knowledge for informed and smart transactions.

P2P should be more viable and reach those “underbanked” or “unbanked” populations, offering full financial services. Also, the rise in P2P and online payments led to a parallel rise in fraud. As the online payment industry grows globally, P2P should adapt by improving its risk and security features. 

Although P2P today is secure, the system is not perfect. Appropriate data security policies and regulations governing the collection, maintenance, and storing of customer data and information must be implemented. Companies, financial institutions, and fintechs must always stay ahead of the fraudsters who are always present and will continue to improve their ways to bypass security measures.

P2P payment processing companies also need to consider the transaction time, which could still take 22-72 hours. In the modern era of payment processing, people are getting used to fast results, including faster transaction completion, faster funds transfer, and receipt. When adapting to global growth, P2P should also consider those who are financially vulnerable, those who need to send and receive money instantly instead of waiting hours or even days. 

Another thing to consider is human error. Sending money to the wrong email address can be stressful, especially to those who are technologically challenged and consumers who are not comfortable with gadgets and technology.

Takeaways on P2P Payments

Like other payment platforms, P2P payments are not perfect. But with its convenience and benefits, users are getting comfortable with these cashless methods.

For merchants, incorporating P2P in their payment options can aid in their business success. Reaching a wider market base and drawing more customers by offering quick transactions, convenience, and ease of use are a few of the perks of P2P payments for merchants.

Now, for your online payment concerns for credit and debit card payments solutions, reach out to a high-risk merchant account provider. 

If your business is prone to fraud or chargebacks, it’s difficult to secure a high-risk merchant account. The right payment processing partner will be able to secure a high-risk merchant account so your business can operate successfully and thrive.

Get in touch today and let the experts handle the messy work involved so you can focus your time and efforts towards the success of your business.


Caminiti, S. (2021, August 17). Digital payments soared during the pandemic and are here to stay. CNBC.