Increasingly, as the consumer experience moves online, convenience is becoming the number one priority. Not only can consumers shop from the comfort of their homes, but they can have products delivered within days, and sometimes even on the same day.
Due to this, when consumers purchase in-store, they do not then want to be faced with the frustration of queueing, or a payment process that goes on far longer than is deemed necessary. Customers can be put off completing a transaction simply by having to fish out a card to type a series of numbers (pin code) into a payment terminal. The introduction of innovations such as Apple Pay and Samsung Pay have made this even more so, with customers’ devices memorising payment details for them, and acting as a contactless card.
As a result, in order to remain competitive and ensure conversions in this fast-paced modern world, retailers are tasked with providing a frictionless experience. But that’s not all. As digital payments systems have developed, so too have data regulations, adding another consideration to merchants’ plates – providing a seamless system without sacrificing security.
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.
The EU Second Payment Services Directive (PSD2) is more than just a piece of regulation. It’s an opportunity for eCommerce companies to innovate, remove friction from the customer experience and better control the data that drives their businesses.
In this article, we take a closer look at three key elements of authorization for travel companies. 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.
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.