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Trends In Making Payments in 2018

The New Year already started and we have entered into the second half of the year, there is some crucial technology development which is going to waver the payments in the markets in the year 2018.

B2B payment will turn digital

The first will be B2B i.e. Business to Business payment. This is mainly accredited to the complicated nature of the payment mode. The transaction comprises of stakeholders which get linked with payment order, budget, and manual management of the things. As now things have started changing, the check will hold the same method of the payment mode accepting B2B in USA. More than 80% of the workplaces prefer paying by check. The USA government has made it compulsory that in 2018, the invoice for business and government made payments will be done electronically. This has specifically affected B2B market. In the year 2018, the chief financial officer will start realizing the benefits of online payment.

The main focus will be on health care

As per the eHealth analysis related to health care in 2017 begun the enrollment period, the annual deductible was above $8,200 for the family plan accounting 3% or it may be $249 which is increased as compared to the prior year.

By increasing the chances of collecting patient’s payments by providing the resistance free payment mode. According to the current statistics, more than half of the patients prefer seeking electronic bill. In addition to this, 78% patients are really happy to initiate their emailing address for billing, etc. and more than 90% still follow paper based statements. Health care providers give facility of various electronic facilities in the year 2018 or come across the relevant revenue.

The ARM market will face health care issues

The increase in the number of patients following health plans or so called PPO acknowledged the health care payments will get into ARM which stands for Accounts Receivables Management. It is much more than providers, the health care ARM companies required seeking online payments by using different payment modes such as the HSA acronym for Health Saving Account and FSA which is shortened for a Financial Savings Account

The Billing Tree finalizes the ARM industry reported in the year 2017 which found a huge variety of ARM organizations carrying out the payments from so many FSA and HSAs which has increased at least 10% from the year 2016. This number can further be increased as the patient, provide, and many account receivables will soon going to adjust to increase in the responsibility of the patient.

The card brands will lead to leveling of the property management

In order to compete with the debit account and with the automated clearing of the prices, house rates for sorting out the rent payment and different types of community fees along with the cards which is needed to come little bit down. It is already believed that some of the card providers will go to create the new rate category and best balance transfer credit cards for apartment rents and dues. In the year 2018, this will soon open the opportunity for making e-payment options which further proffer easy and comfortable ways for tenants to overcome fees as well as rent. This will bring an increase in the revenue for managing the property and bring improvement in customer service.

Credit union will take a turn to technology

As far as credit union is concerned, the year 2018 will seek the challenge in staying with the banking. This leads to the creation of competitive offering when it is to deliver the personalized services for keeping members happy with the hope of settling them from the larger institutions.

When technology is concerned, the size of the credit union can work as a big advantage. The smaller business work has small infrastructure, including latest technology, which consumes lesser time. The 2018 will be seen more credit unions turning onto tech providers for expanding the payment solutions.

 

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Amy Matthews

Amy Matthews

resource Manager

Vibrant, Inc.

Member since

01 Feb

Location

New Jersey

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This post is from a series of posts in the group:

Payments strategies 2015-2020-2030

Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term.


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