In business, the way we handle payments is changing faster than ever, with digital payments projected to grow by 8.81% within the next four years. What used to be just a routine part of doing business has become a crucial piece of the puzzle. Customers now expect their transactions to be quick, secure, and hassle-free, and meeting these expectations isn’t just nice to have – it’s essential. So, how do you keep up? By modernising how your business handles payments and turning this necessity into an opportunity.
But what does payment modernisation actually mean for your business? Let’s dive into how updating your payment processes can make a real difference.
Better Customer Experience
We’ve all been there – ready to check out online or pay at a store, only to get stuck with a clunky payment process. It’s frustrating, right? For businesses, this can be a deal-breaker. If customers find it hard to pay, they might abandon their purchase altogether – a trend reflected in Europe, where the average cart abandonment rate is 80%.
Modern payment systems can change that. By offering options like mobile wallets, payment links, multiple payment methods such as Google or Apple Pay, or the ability to pay in different currencies, you make the payment process smoother and more intuitive. And when the payment experience is seamless, customers are more likely to complete their purchase and return in the future.
Efficiency Gains
Let’s talk about something every business owner knows too well – time. Manual payment processes can be a real time drain, not to mention the potential for errors. Whether it’s dealing with failed transactions or sorting out payment discrepancies, these tasks can take up valuable time that could be better spent elsewhere. In fact, according to a study by PwC, 26% of the time spent on customer billing by finance teams could be automated.
This is where automation comes in handy. By modernising your payment systems, you can automate much of this process, reducing errors and speeding things up. This means less time worrying about payment hiccups and more time focusing on what really matters – growing your business.
Keeping Payments Secure
Security is a top concern when it comes to payments, and for good reason. With more transactions happening online, the risk of fraud has increased. Fortunately, modern payment systems come with advanced security features like encryption and tokenisation that help protect sensitive information.
Plus, staying on top of regulatory changes can be challenging. Modernising your payment systems helps ensure that your business stays compliant with the latest rules and regulations, giving you peace of mind and helping to build trust with your customers.
Lower Costs, Higher Profits
Nobody likes paying more than they have to, especially when it comes to running a business. Traditional payment methods can come with high fees and hidden costs that chip away at your profits. By modernising your payment systems, you can often reduce these fees and improve your bottom line.
For instance, automated processes reduce the need for manual intervention, lowering operational costs. Some modern systems also offer features like dynamic currency conversion, which can even provide an additional revenue stream by allowing customers to pay in their preferred currency. Additionally, opening multi-currency accounts can help reduce FX fees and minimise the impact of currency fluctuations. In the end, it’s about spending less on payments and keeping more of your hard-earned money.
Updating your payment systems might not be the first thing that comes to mind when thinking about how to grow your business, but it’s worth considering. By improving the customer experience, boosting efficiency, ensuring security, and cutting costs, payment modernisation can give your business a real edge.
The payment landscape is constantly evolving, and keeping up with these changes can make a significant difference. Whether you’re looking to streamline operations, enhance customer satisfaction, or simply stay competitive, modernising your payment processes is a smart move that can help you achieve your goals.
Ready to take the next step? Get in touch with us today to find out how we can help you modernise your payment processes and unlock new opportunities for your business.
