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How to reach peak payments conversion in 2020

During the COVID-19 pandemic, the demand for digital goods and services has exploded as businesses have been forced online and customers have been shopping safely from home. Most of us experienced a much higher number of video calls that replaced face to face interaction, even birthday parties and weddings ceremonies were done via video these days. The digital conference tool Zoom experienced a huge spike in use on a single day in April, with 300 million people using its services.

Consequently, digital businesses are now reaching a critical mass, with demand coming in from new demographics and geographies, while payments are playing a critical role, enabling them to open up new markets and optimize the potential from existing customers.

So, in this blog I’ll explain the key areas for digital companies to consider, and how to reach what we call ‘peak payments conversion’.

Utilising cross-channel payments experiences to increase conversion rates

With online shopping and deliveries making the retail experience more convenient, consumers are becoming increasingly happy to shop cross-border. Essentially, there are less barriers to them doing so, and being able to spread their search across countries means that they have a wider range of options when it comes to their purchases.

This is good news for retailers, because it means that their customer base is no longer restricted to one area. They may find that customers are more frequently ordering overseas, meaning that their products are reaching more people and creating a demand across the globe.

However, while cross-border purchases can present a whole host of opportunities for retailers, many don’t know how to cash in on these as they don’t have the right systems in place to process payments from far and wide. What’s more, cross-border payments can present a lot of new costs and overheads which can make businesses unsure if cross-border payments are an opportunity worth pursuing.

So, here are a few ways to make sure you’re making the most of cross-border opportunities.

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