Ensuring quick and efficient payment processing is crucial for your business’s resilience. According to Statista’s forecast for 2026, the most popular eCommerce payment methods globally are expected to be digital wallets (54%), credit cards (16%) and debit cards (10%).
The payment landscape is undergoing rapid transformation, fuelled by digital wallets, buy-now-pay-later schemes, digital currencies, and other innovations. Businesses now are not only encouraged to but also compelled to adopt these digital advances. Additionally, the industry is witnessing paytech companies becoming increasingly agile in deploying innovative solutions to meet consumer needs.
But what does this mean for your organisation, and how can a payment provider mitigate these business challenges posed in the industry today?
Challenges Faced by Businesses
Cost Savings
We’re seeing more and more businesses switch providers to save money. With varied fee structures, it means they can find competitors offering lower transaction fees, monthly subscriptions, or setup costs.
Better Service
Dissatisfaction with current providers and lack of resolution is pushing for alternatives. As a business owner, you want to ensure you have the best customer support, fast response times, and more personalised assistance.
Improved Features or Functionality
With payment technology evolving, providers staying innovative and up to date with technology can offer advanced fraud detection tools, integration options with other software platforms, or support for emerging payment methods like mobile wallets or cryptocurrencies.
Scalability
As your business grows you need a provider that’s flexible to change. Providers suitable for startups may not support the volume of transactions or international expansion required by larger companies. Switching to scalable providers can accommodate growth more effectively.
Compliance or Security Concerns
Evolving regulatory requirements and security standards mean you must ensure your payment processing methods remain compliant and secure.
With statistics showing that over £1.2 billion was stolen through fraud in 2022, with nearly 80% of app fraud cases starting online, greater protection and security are paramount for businesses. Those falling short may prompt businesses to switch to those with stronger compliance measures and better track records for data protection.
Integration and Compatibility
Seamless compatibility and integration with existing platforms are crucial for smooth deployment. Your business likely requires solutions that can seamlessly integrate with your e-commerce platform, accounting software, and other business tools. As these platforms adapt, your provider needs to evolve with them and do what they can do so they’re not outdated.
Reputation or Trust
Negative publicity, legal issues, or poor reviews may tarnish a payment provider’s reputation. You may opt for a provider with a more favourable reputation and higher levels of trust within the industry. Additionally, providers offering subpar services can also jeopardise your business’s reputation.
The Solution
Partnering with a provider that offers comprehensive solutions beyond payments is key:
- Optimisation: Truevo ensures comprehensive coverage and acceptance, maximising market reach and leaving no opportunity untapped
- Conversion: Streamlined integrations and frictionless payment processes drive higher conversion rates, translating into tangible revenue growth.
- Integration: Truevo’s intuitive integrations simplify operations, enhancing efficiency and allowing businesses to focus on delivering value to customers.
- Solution: With Truevo’s end-to-end solutions, you can bid farewell to dealing with multiple vendors, enjoying peace of mind with a single, trusted partner
- Service: Truevo’s unwavering commitment to exceptional service ensures every interaction your business makes exceeds expectations, building trust, loyalty, and a lasting relationship that transcends transactions
As we wrap up, it’s clear that in the fast-paced world of business, agility and efficiency are non-negotiable. As technologies evolve there is now a pressing need for revamped payment processes providing greater resilience and future-proofing for your business.
You need a provider that understands the pulse of the market and the challenges you’re facing today. What’s stopping you from turning these obstacles into stepping stones? Why not leverage the expertise of Truevo’s solutions in optimisation, conversion, integration, and unparalleled service to facilitate cash flow and fuel your growth? Speak to the Truevo team today and let’s get payments scaling your business.
