Commerce is changing. Digital technology has transformed the way businesses interact with their customers and accept payments. We are now into a world of omnichannel payments in which people expect to be able to choose from a wide array of options including credit/debit card, contactless, mobile, online or even cryptocurrencies.
From a customer’s point of view, that’s great. All we need to do is tap our card or wave our phone near the machine and it’s all done for us. For the merchants, though, all that convenience can be hard work. Each payment will involve a number of parties and processes, all of which will have to be managed. For all the advances in technologies, businesses still say they are struggling to make payment work as quickly and effectively as they would like.
According to a recent survey, 61% of retailers say they have increased their spending on technology. Even so, almost four in ten say they spend five or more hours a week handling payment problems while 22% said they were worried about fraud and 28% said they were planning to change their payment gateway provider in the coming year. Almost a fifth said they had missed out on more than $5,000 in revenue due to slow payments.
In other words, retailers are making great strides in adopting new technologies and adding forms of payments but doing so hard work and is causing them to miss out on revenue. They want something simpler, which reduces the time they spend sorting out problems.
What they really need is an end-to-end payments processor.