How Should Payment Providers Ideally Manage the Coronavirus Fallout?

The global shift towards contactless payments is an obvious one, as is the trend towards people working remotely from home.

Unprecedented, draconian lockdowns of whole countries that have been seen in the wake of the recent coronavirus pandemic are having a severe effect on every aspect of life and are leading to a recession.

In contrast, online activities such as payment processing have ballooned to record-breaking numbers in recent months.

While just about every aspect of the Financial Services industry has been affected by the COVID-19 outbreak, online shopping is seeing unprecedented volumes as people in quarantine have little choice but to shop for their essential goods and services online.

The shift is so blatant that uptakes of online sales seen recently haven't been seen in more than ten years. The recent volatility across Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, commodities and things like Bitcoin, means that investors are doing what they do best; namely, throwing money at an uncertain future with hopes of lucrative profits in the long-term.

Remote Working Trends

Due to people around the globe being forced by governments to work from home under threats of fines and even jail time, companies and online payment facilitators, including those offering Alternative Payment Methods like Zotapay, have needed to implement and execute a new reality on the ground.

Using secure servers and systems, staff can perform their work duties remotely, with no negative impact on processing times, remittance, or following up on issues or customer service queries.

Many payment processors have seen record increases in volumes across the board in recent months.

Those who rise to the challenge of performing optimally (albeit with staff working from home) are the ones enjoying the success, and the ones merchants want to be aligned with during a pandemic such as the COVID-19 outbreak.

Choosing The Right Payment Processor

Soon after lockdown measures were implemented, Zotapay's senior management team immediately formulated a plan to ensure that operations were running correctly, while also making sure that merchants suffered no delays or unforeseen issues with payment processing.

With a skeleton workforce in the office, daily video meetings were set up across all departments to ensure the smooth running of the company, despite the pandemic and the lockdown.

It's vital to choose the right payment facilitator, and especially when a crisis like COVID-19 strikes.

That's why Zotapay merchants know they made the right decision when they chose a robust payment facilitator with a vast network of contacts, all in the right places around the globe.

Online purchasing habits have changed forever, so it's more crucial than ever to choose a processor with a strong network of sustainable acquiring partners who can manage and overcome the challenges of a pandemic such as coronavirus.

Fighting Coronavirus Fraud

As with any crisis of this scale, some less than scrupulous companies will always try to take advantage of the situation for financial gain.

At Zotapay we are wise to this type of activity and have already taken steps to decline opportunistic merchants from charging exorbitant prices for face masks, hand sanitizer, gloves and other protective equipment.

Our compliance team worked tirelessly on the new challenge to identify and deal with such merchants, based on monitoring price ranges for items for sale.

Amazon has also penalized and removed a number of merchants on their marketplace who are overcharging for items, as well as other online stores.

We are determined to fight fraud related to the coronavirus pandemic and are constantly upgrading our systems and procedures to meet this goal.

Tips For Working From Home

Working from home, especially for office staff who are accustomed to a co-working environment, can be a real challenge.

That's why it's vital to have some forethought and to plan in advance to ensure maximum output and efficiency. Here are a few tips for those working from home to get started.

Keep routine - Your routine may have been affected, but try to stick to it anyway. Take that refreshing morning shower, eat a tasty breakfast, get dressed as if it's a regular working day, and do some exercise.

Dedicated space - Try to avoid sitting on the sofa with your laptop. If you have a dedicated home office, make sure you only work from there to keep a separation between home and work life. If you don't have a home office, set yourself up in a quiet spot, even on the balcony, and dedicate that as your' home office.'

Keep communicating - We're lucky that in this day and age, people can communicate easily via platforms such as Skype, Zoom, and WhatsApp and Google Hangouts. Get active with some Skype text chats or arrange a voice or video call with a colleague or your favorite customer every few days

Home Activities for Kids

1. Create a Schedule – It’s vital for parents to ensure their children stay in their routine and as active as possible at this time. Most kids are used to hours of exercise a day and not being stuck home in front of the television or smartphone. Morning time is the best time to get active, so go for a long walk after breakfast or time the kids doing laps around the balcony or front yard.
2. Project Time – The kids are home from school for the foreseeable future. You can look on it as a once in a lifetime opportunity to be around the kids and try to enjoy this unique family quality time which we are facing. There’s no better time than now to start that project you’ve been putting off for lack of time. Do that one-thousand-piece puzzle with the kids or build some model airplanes. Just make sure you encourage them with incentives along the way and try to steer them clear of too much screen time.
3. Loving Kindness – It might not sound like fun at first, but they’ll get into it. Now’s the time to start teaching kids about the importance of unity and acts of loving kindness during hard times. Get them to make some drawings for grandma and grandpa, and to text their closest friends regularly just to ask if they’re bored and if they want to chat. Reaching out to others is one of the best activities for kids stuck at home.
4. New Routines – One of the most important lessons any parent can teach their kids at the moment, it’s learning new routines that will keep them safe and healthy. Give each kid a hand sanitizer to keep handy and show them how to wash their hands properly. That means washing in warm water for at least 20 seconds with soap every time they return from being outside or playing with friends. Try to get them into the routine of not touching their face after being in contact with other items and teach them the importance of cleanliness.

Sending Thoughtful Gifts

Having understood the numerous challenges faced by clients, merchants, staff, and just about every other person on Earth, Zotapay took steps to create our 'Coronavirus 2020' kit, which we sent to our global merchants, various partners, and our dedicated team of staff.

We know how difficult things are at this time, as people try to juggle home chores and looking after kids off school while maintaining their job accordingly.

The Zotapay kit was a great way to offer our various partners a little boost of encouragement and included an aluminum drinking bottle, toilet paper, face masks for kids and adults, branded Zotapay socks, and two puzzle-style games to keep the children occupied, at least for a few minutes.

Final Thoughts

The current trends caused by the coronavirus pandemic won't be shifting anytime soon. Choosing the right payment provider is of optimal importance at this time, and that includes a company that uses cutting-edge technology and who are prepared for the increase in cyber-attacks and threats which have seen an upturn as online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term increase.

Keeping one step ahead of the game is just the ticket for global merchants wanting to receive online payments, and that means a robust, reliable, trustworthy, and experienced payment provider has to be a top priority for both the short and long-term.

We would also like to remind you to avoid opening doors without gloves and to pay particular attention when it comes to elevator buttons, ATM machines, supermarket carts, door handles and gas pumps.

It’s also advisable to wash hands or use a hand sanitizer after touching your credit card and cellphone if you’ve been out shopping.

Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.