Many business owners are notoriously pushed for time, often taking on a multitude of tasks and duties. Dependant on size, this can include running the marketing department, organising logistics, and ensuring the best customer service is being delivered, all at the same time. Unsurprisingly, with so many different facets of a company to be managing, payments processing is not always at the forefront of merchants’ minds. But the fact is it should be, as optimising payments is an essential component in many aspects of the business journey and it should not be overlooked.
By optimising payments, you have the power to create a profoundly positive effect on the user experience (UX), transaction conversion, and provide merchants with crucial data to improve their operations. What’s more it can also enable merchants to monitor their costs efficiently, if they work with the most competitive acquirer for each payment method used by consumers.
Ignoring payments optimisation risks not only alienating and losing customers but also inefficient management of their costs by missing important savings on acquiring fees.
Transit systems across the globe are having to adapt and embrace a new normal. Previously, a physical ticket would have been purchased using cash from a manned kiosk but nowadays, it is a very different story. Technological advancements, alongside open payments, have unlocked new possibilities across multiple industries. Furthermore, travellers are expecting more as part of their basic service.
The move towards a cashless society is quickly gathering pace. Cards and alternative payment methods (APMs) are now the norm, and the ways in which these changes are affecting transit systems are far reaching. With that said, I’ll explore the payment trends, the key benefits of these developments and what travel operators need to know.
On 11th March 2020, the World Health Organization (WHO) declared the COVID-19 outbreak a pandemic. At the time of writing, hundreds of thousands of lives and businesses have been affected. With multiple countries issuing bans on travel across borders and ordering shutdowns of cities and towns, many businesses are seeing the virus take its toll.
It’s now a cliché to say that payment options have evolved enormously over the past decade. Industry commentators have tirelessly traced the rapid and widespread adoption of contactless and digital payments, as well as the growing popularity of hybrid online and in store retail experiences like buy online and pick-up in store.
Payment Card Industry (PCI) requirements are a minefield of acronyms and, for many merchants, it can be difficult to understand exactly what they need to do to ensure they are compliant. In brief, the PCI standards are a set of security compliance frameworks that merchants must maintain in order to take physical and/or digital card payments either in store, online or on their mobile. Without PCI compliance, merchants will not be able to work with an acquirer and may also be fined by the card schemes such as Visa or Mastercard.