Today, payment acceptance is a critical component of the entire customer experience. And payments are happening on any device, any channel, in stores and on the go, at all times of the day.
To keep up with the demand for always-on digital acceptance, Payfacs should look to provide modern, tailored payment solutions that meet merchants’ needs and customers’ preferences. And they’ll want to ensure that payments are processed securely and seamlessly across multiple channels to create unified experiences.
Customisation is the new norm
Advanced technology and innovations are revolutionising the way we pay and get paid. In the digital world, payment credentials ensure seamless experiences and shopping behaviors can be analysed with rich data; in the physical world, digital wallets and contactless cards are gaining popularity where cash and physical card payment would traditionally have been used. And there’s growing demand for connecting in-store experiences with the latest digital payment offerings such as Click to Pay, Recurring Billing, and buy now, pay later (BNPL).
But to be your merchants’ preferred payment provider, it may no longer be enough to just accept payments. To be a one-stop shop, you’ll need to process both traditional and emerging payment experiences expected by consumers. While tailored, modular payment offerings are becoming important in an increasingly digital age, delivering and seamlessly connecting these capabilities can be resource-intensive and require extensive lead times.
Streamlining access to these solutions is also important if you want to deliver fully integrated, easily customisable payment services to meet the needs of your merchants.
Connecting to a single partner that can provide flexible access to acceptance solutions and value-added services like fraud management and post-purchase solutions can be crucial to becoming your merchants’ preferred partner while eliminating the hassle of multiple connections that require resource-intensive integration.
Start with unifying experiences
Many merchants are challenged with over-reliance on one channel due to siloed systems, operational inefficiencies, and the inability to scale due to a lack of innovative technology.
Open up to more accessible payments
It’s no secret that your path to profitability likely lies in boosting merchant satisfaction. By providing tailored payment solutions, bridging product gaps, and modernising digital experiences, you can work to understand and address the unique needs of each merchant and the preferences of their customers.
And when merchants feel confident in their payment solution partner, they’re more likely to invest in the infrastructure to drive always-on digital acceptance and unified commerce. This can help them to support the physical and digital channels to grow their customer base and drive higher profitability.
Interested to find out how we can collaborate to scale your business? Arrange for a consultation with our team today. And you can read more about how we support Payfacs here.
Disclaimer: Case studies, comparisons, statistics, research, and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial, or other advice. Visa neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.