Payments are essential to every business, but they are not all that meets the eye on a day-to-day basis. Behind every transaction there are multiple players working tirelessly to ensure payments are being made quickly, correctly, and securely. However, as is often the case with so many moving parts, there remains the possibility of error and/or additional time added to the transaction, leaving the customer with a poor experience and make them potentially less likely to return. Additionally, multiple failed transactions can ultimately prove costly for retailers over time.
Making predictions for the year to come is difficult at the best of times. 2020 has been proof of that as we entered unchartered territory across a year that will be remembered for the COVID-19 pandemic, its impact on commerce, and the way we pay for goods and services.
Ingenico Insight is here! In all my years in product management, this is probably the most excited I’ve been about an upcoming product launch. The team at Ingenico is about to take a massive step forward when it comes to payment management. We have relied on basic dashboards for more than a decade to provide us with an overview of payment data and they have served our merchant users well, but I believe it’s time for a new evolution in payments.
For too long online businesses have had to rely on basic dashboards for insight into their business performance. At Ingenico we believe that more is needed.
Long before the days of COVID-19, shopping in-store had ceased to be a stand-alone experience. Online retail had been rapidly evolving to sit alongside it, creating an omnichannel environment that combines the digital and the physical. However, since UK-wide lockdown and restrictions on movement took effect earlier this year, online retail has shot through the roof – increasing to an unprecedented 2.34 billion by June 2020 - meaning that customers are much more adept at navigating ecommerce stores and combining the two experiences.
Payments processing can be a minefield, especially for merchants that are new to dealing with its complex systems and terminologies. Historically, they’d have to get to grips with every aspect of the system, whether that’s the pad itself, gateways, acquiring or processing, and source suppliers for each aspect of the chain.
Many merchants of all sizes, particularly those operating a smaller business, are hard pushed for time and resources as they focus on ensuring their business not only survives, but thrives. So, how can they take the hassle out of managing payments processing, making it run more effectively, efficiently, and securely, while offering a better user experience for their customers? Here, I’ll explain how.