According to Rapyd’s State of Payments for Highly Opportunity Industries 2024 report, 73% of companies are struggling with payment delays

Rapyd, a global leader in fintech, today published its report “The State of Payments 2024: Industries of High Opportunity.” This comprehensive study delves into the evolving landscape of cross-border payments, focusing on the needs of rapidly growing industries such as online gaming, content creation platforms, online travel, marketplaces and e-commerce. While these industries offer high-profit potential, the businesses within them face unique payment challenges, such as payment delays, fraud, and complex compliance requirements.

To gain an in-depth understanding of the current landscape and future prospects, Rapyd conducted a global study of over 1,000 business owners and payments decision-makers across a variety of high-opportunity industries in ten key markets: Brazil, Canada, France, Germany, Italy, Netherlands, Spain, Singapore, UK and USA. The study examines how B2B and B2C companies in these industries accept payments, disburse payouts, and review future payment trends.

Speed ​​and convenience Top priority: The report shows that as many as 73% of companies in high-opportunity industries face payment delays ranging from 2 to 15 days, hampering cash flow. As a result, speed and convenience remain top payment priorities. 38% of surveyed companies prioritize quick and easy transfers, emphasizing the need for solutions that provide both speed and reliability.

Delays disrupt business operations: Rapyd’s report shows that almost half (45%) of these companies are experiencing cash flow problems due to late payments. This highlights the urgent need for faster payment solutions, as many companies (32%) are looking for a simple integration process alongside fast transactions.

Companies want higher authorization rates: The report shows that in addition to speed and convenience, authorization rates continue to be an issue for many businesses. A select group of businesses say improved authorization rates make a difference, with 1 in 6 businesses wanting their payment service provider to offer solutions that minimize declined transactions.

Key takeaways:

• Speed ​​and comfort of Reign Supreme: Businesses are prioritizing hassle-free payments (38% prioritize payment speed).
• 73% struggle with delays: Rapyda’s report shows that 73% of companies in high-opportunity industries face payment delays (2-15 days), hampering cash flow.
• Fraud prevention remains key: With 25% of companies citing this as a key factor, robust fraud management is essential.
• Real-time payments becoming more and more popular: 38% of companies expect RTP to rapidly increase in popularity for faster settlement and improved cash flow.
• Artificial intelligence fights evolving fraud: The report highlights the value of artificial intelligence in reducing fraud, especially tactics that are difficult to detect.

Development of artificial intelligence and real-time payments

The report highlights the growing use of two transformative technologies that are changing the future of high-opportunity industries:

• Real-time payments (RTP): 38% of companies surveyed expect RTP to rapidly increase in popularity over the next 12 months. RTP offers significant advantages over traditional methods by offering faster settlement times, leading to improved cash flow and greater access to capital. As David Rosa, CEO of Payouts at Rapyd, notes: “Payment delays are a major problem for both B2B and B2C companies, with 26% considering them a major challenge. Real-time payments and disbursements can significantly improve the payment experience across a variety of high-capacity industries that need to collect and send payments to businesses and consumers.
• Artificial intelligence-based solutions: Artificial intelligence plays a key role in preventing fraud, managing risk and improving compliance controls. The report highlights the value of artificial intelligence in reducing fraud, especially tactics that are difficult to detect. Dr. Shlomit Wagman, Chief Regulatory and Compliance Officer at Rapyd, expands on this point by stating“Artificial intelligence is a powerful weapon against increasingly sophisticated fraud tactics.”

Balance between security and seamless user experience

The report also examines the delicate balance B2C companies face between security and seamless user experience. as highlighted by Robert Gray, Chief Risk Officer at Rapyd. “B2C e-commerce companies must prioritize a secure and compliant checkout process while ensuring a seamless user experience,” he advises. “This can be achieved by implementing robust fraud prevention measures, such as real-time checks, without impeding flow.”

Rapyd strengthens the position of enterprises in industries offering great opportunities

The Rapyd report examines these challenges in detail and explores how innovative solutions such as real-time payments (RTP) and AI-powered fraud prevention can empower enterprises in high-opportunity industries. By partnering with Rapyd, companies can gain access to a global network, seamless integration, robust fraud protection, and expert guidance on navigating complex compliance environments.

To learn more, download the full report and access valuable resources on the Rapyd website: rapyd.net/opportunity