Our Top Three Business Predictions for 2022
We’ve been in our COVID bubble for nearly two years now and many of us, including me, are ready to break free. 2022 ushers in a “start fresh” mindset as we all look ahead to a new year filled with new opportunities. We’re kicking it off with making some new connections at our beloved trade shows that have returned in person. We’re so excited to see everyone again. First up, was the XBIZ Show live in Hollywood with many others to follow. Some have predicted that 2022 will be the “GOAT” Year- The Greatest Year of All Time. While we can’t promise that we can give you our top three 2022 business predictions:
- In Person Shows—Envogue Again!
Looking back, it’s hard to believe that I was attending so many conferences that I wanted a travel break. Boy did I change my tune! Nearly two years later, we are back out there. Don’t get me wrong, I’ve enjoyed spending time at home with my family and in the office with my colleagues. But this time helped me realize how much I enjoyed being with people from all parts of the industry and meeting up with them in places all around the world. This month we welcome back in-person trade shows and the Segpay team hit the road. We hope to see you too.
I’m thankful for the technology that allowed us to virtually connect these past years. It gave us a wonderful platform to meet and stay informed but when it comes down to it- nothing beats being together in person. Meeting in person allows us to make connections with both current clients and with fresh players in the space, many of which would be hard to find in an online conference. Also, with so much of our communication being non-verbal, it’s difficult to read other panelists and the moderator through your screen. For me, I never was sure if someone was going to answer an open-ended question. Most importantly I’ve realized that sitting down face to face to talk business and connect in person is way more fun. The biggest lesson I’ve learned is that I don’t need to be at every conference to stay connected to our clients. My plan is to strike up a good balance of being in office and travel in 2022. What’s your travel plan?
2. Less, Lighter Regulations
2021 was the year of challenging regulations especially from a compliance and regulatory standpoint. Just a year ago, everyone was making sure they were compliant for Brexit. For Segpay, January 1st marked the deadline when we had to make sure that UK merchants were processing through Segpay UK and through a UK acquirer. We also had to make sure all EU merchants were processing through Segpay EU and through an EU acquirer. I know we were not alone in this challenge. Our acquirers were also struggling to break out their portfolios to be compliant. In fact, many did not become fully compliant by the new year and implementations were delayed well into 2021. We also had to meet the Strong Customer Authentication (SCA) requirement of PSD2. As you may remember, this regulation impacted all EU merchants doing business with EU consumers and required that all consumer-initiated transactions be authenticated. This regulation impacted the entire EU but each country had a different implementation schedule that rolled out over the first six months of 2021, then of course each acquiring bank also had their own implementations. This created some big challenges. Processors like us had to carefully watch our transactions to make sure they were correctly implementing each country and acquirer roll out plan and that they didn’t unnecessarily impact sales.
Who could forget the new MasterCard regulations that went into effect October 15th? The regulation impacted all merchants in the adult space. Most of the regulation was already standard practice, but new focus was given to verification requirements for all user uploaded and peer to peer websites. The regulation also required that all merchants have a takedown or complaint link on their website for individuals to question non-compliant content. So far, noise on any 2022 regulations is quiet however I do expect Visa to come out with their view on user generated content. Hopefully, it follows closely to the MasterCard regulations implemented last October. There is one blip on the 2022 radar. MasterCard plans to put out an update that will impact negative option trial merchants. Those are those free trial offers or exclusive deals that require cancelation before the trial period expires. While it is not far off from what Visa required in April 2020, MasterCard has also required a reminder be sent prior to rebilling any subscription over six months. This rule is scheduled to go into effect June 8, 2022. If you are one of our clients, we’ve done the work for you and your pay pages are already compliant. Be sure to ask your processor how they’re managing this ahead that start date.
3. Plan Your Work, Work Your Plan– Back Again!
For me, one of the best parts of a new year is implementing and executing our business strategy with the hope of meeting and exceeding our goals for the New Year. Last year was a rough one from a regulatory perspective which required merchants to put compliance controls in place. Many times, these controls can impact revenue growth and throw off your year-end plan. Now that the new year has arrived, and we’ve mastered those controls we can all begin to refocus on growing. It’s so fun to start the year with a feeling of hope and a growth plan in hand, kicking the year off with positive energy to fuel your company. By building new services and solutions you can help skyrocket your volume. We can’t wait to share what we’re going to be working on for 2022.
It’s been nearly two years filled with concerns over COVID and all its variants. This time has required all of us to focus on our own health along with the health of the team members around us. Everyone has had to make significant changes to how we operate together and apart. As we come back together in person, we have hope- many people are vaccinated and now have the option of a booster shot or other COVID therapies. I look forward to reconnecting with everyone in person soon.