Posted by Bethany Frank on 03 Aug 2016
Consumers have relied on payment methods like cash, checks, and physical credit or debit cards for much of modern history. New technologies and a globalizing economy, however, are quickly creating demand for more efficient payment processing across every industry. This doesn’t necessarily mean that businesses need to ditch older payment methods in favor of trendy technology, but they should find payment solutions that balance familiarity with modern convenience.
The Internet, global trade, and the rise of ecommerce have made payments a lot more complex in recent years. Combined with confusing regulatory requirements and unintegrated technology infrastructures, businesses that lack a centralized payments solution face a number of pain points. Fragmented consumer preferences also add to the challenge, as many businesses cater to wide-ranging demographics.
Manual payment processing is time-consuming and outdated, but sometimes businesses are still reluctant to switch to a digital solution for billing and payments. Some have a misperception that consumers are not using digital payment methods enough to justify moving away from traditional payment methods. Statistics, however, show consumer interest in digital payment alternatives is on the rise. A report from Accenture shows mobile payments awareness is higher than ever, and consumers see themselves using traditional payment instruments less and digital payments more by the year 2020.
By expanding to digital alternatives, businesses can better serve tech-savvy demographics. A multichannel electronic payment solution makes the process of accepting all kinds of payments much more efficient, allowing businesses to increase customer engagement and satisfaction across the board.
Traditional payment methods and digital payment options aren’t competing forces but rather two parts of an integrated whole. In order for a payment solution to serve an entire client or customer base adequately, it must be comprehensive and flexible. Businesses should not have to make their customers choose between various payment methods but offer a multichannel platform that leaves the decision up to each individual. With a platform that makes it simple to accept a variety of payment methods through a range of payment channels, businesses can address the needs of every customer while improving internal operations and streamlining the whole process.
Find out how a payment solution can enhance your business - learn more at www.alacriti.com/OrbiPay-EBPP.
13 Feb 2017 Blog Infographic: 8 Reasons to Switch to Electronic Payment Processing Billers need to focus on providing a convenient payment experience as consumer demand for digital options increases.