The most significant shift in the payments industry to evolve from the COVID-19 pandemic has been the sudden fall in the usage of cash. And while the industry as a whole has been aware of the potential for a cashless future for a while, the shift towards contactless and alternative payment methods (APMs), as consumers try to avoid less hygienic payment methods, has got to the point where 50% of customers think that cash will disappear completely at some point in the future.
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.
It was back in March that restaurants and bars were ordered to shut by the UK government to help halt the spread of coronavirus. However, after weeks of shut doors and takeaway orders, hospitality venues are now due to reopen to customers in July, providing they can enforce social distancing measures and keep their customers and staff safe.
Keeping customers safe from an invisible virus requires both staff and customers to take a considerable amount of extra care during service. And even after ensuring there’s plenty of space between customers, and staff are following the appropriate hygiene procedures, there’s still measures hospitality venues can take to ensure optimal cleanliness and maintain the positive customer experience.
As we continue to spend more time at home, we can find more ways to be creative. We designed these at-home activity sheets with people of all ages in mind.
In this article, we take a closer look at three key elements of authorization for online retail. Read on to discover targeted actions that you can take to optimize your acquiring set-up, helping boost conversion and generate more revenue for your business.