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Why Businesses Cannot Afford to Ignore the Latest Payment Trends
Tuesday, May 12, 2020 20:07
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Why Businesses Cannot Afford to Ignore the Latest Payment Trends
Organisations across the business world have a number of issues to consider these days, as so many different factors can have a bearing on their potential success.
They need to ensure the services and products they provide are up to scratch, while they also have to consider how they are promoted and through what platforms. Then there is also the issue of forging relationships with clients and consumers, as well as attracting top talent and keeping employees happy.
But while businesses clearly already have plenty to think about, a couple of new pieces of research have suggested that another key issue needs to be high on their agenda. The world of payments is changing and failing to adapt may prove costly.
Changing Times
It was only a short time ago when the money world was dominated by the traditional banking methods of cash, cheque and card. However, these days the way we pay for goods and services is a lot different.
Debit and credit cards remain common and are accepted by major brands including Amazon, but plenty of sites have also embraced alternative payment methods too. For example, William Hill accepts the likes of Entropay, Paysafecard, ecoPayz and PayPal for its sports betting service. PayPal in particular has grown to become a dominant force, with PYMNTS.com earlier this year reporting on how it is thought to have in the region of 305 million active users.
Elsewhere, some brands have even taken the step of embracing cryptocurrency, with Microsoft for example allowing consumers to add bitcoin to their accounts and use it to buy games and other forms of entertainment.
With so many different payment options now coming to the fore, research has suggested that businesses need to get wise to the issue or potentially face consequences. A study by payment industry body PPRO found that 44 per cent of consumers in the UK would simply stop an online purchase if their payment method of choice was unavailable. While the survey found that more than 90 per cent of people use cards for such transactions, 89 per cent use PayPal and almost a third are also confident using digital wallets like Apple Pay.
Thinking Differently
Another recent study has also highlighted how consumers seems to be changing their tune when it comes to payment methods.
The Lost in Transaction survey from Paysafe found that 84 per cent of people across the world are now considering the issue of payments in a different way, with more than half of consumers in the UK using new forms in the last few months.
Such trends appear to be having an impact on both offline and online too. More than 60 per cent of people in the UK said they would be using contactless more, with many feeling happier with it than at this time last year. The survey also found that less than a third of Britons are currently using cash to make payments, although notes and coins were still a popular payment method in countries such as Bulgaria and Germany.
The research suggests the UK is taking more steps towards embracing alternative payment methods too, with it finding that 12 per cent of consumers in the region had used a digital wallet to make an online payment for the very first time in recent months.
Time to Adapt
Such findings have put an intriguing spotlight on how attitudes and ideas about the way we pay for products and services are changing.
Businesses may already have plenty to think about, but it is clear that they will need to keep track of the latest trends in the world of payments to ensure they are providing everything that their customers and clients both want and expect.
As these studies suggest, failing to adapt could have significant consequences as they look to move to the next level.
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The inability of businesses to adapt to current payment system trends can lead to banking. Customers will make orders from competitors because it will be easier and more convenient for them. To be in trend and not to miss the opportunity to develop it is important to cooperate with Software Development Company Techstack https://tech-stack.io/services/development-consulting
Techstack professionals have a lot of experience and know how to customize the process to high performance. The company’s specialists will also be able to identify potential problem areas, risks and shortcomings, as well as immediate opportunities for improvement in all aspects of the process.
The inability of businesses to adapt to current payment system trends can lead to banking. Customers will make orders from competitors because it will be easier and more convenient for them. To be in trend and not to miss the opportunity to develop it is important to cooperate with Software Development Company Techstack https://tech-stack.io/services/development-consulting
Techstack professionals have a lot of experience and know how to customize the process to high performance. The company’s specialists will also be able to identify potential problem areas, risks and shortcomings, as well as immediate opportunities for improvement in all aspects of the process.