We know as a payment service provider how essential it is for companies to be in tune with the payment habits of their target audience, even if they may not fully understand them on a personal level.
We say that because of the seemingly overwhelming desire – especially by younger markets – to create what has been dubbed a ‘cashless society’; using digital methods to complete transactions through newly created software and advancing hardware, such as contactless payments on mobile phones and smartwatches.
That’s one of the reasons why choosing a payment service provider that works with you is so important, not just for long-term business growth but to keep up with the times and keep your current clientele interested in what you offer. The easier you make people’s lives when it comes to paying for goods without compromising on security, the better.
Choosing a payment service provider that works with you
Take Sweden, for example. The nation is essentially the standard bearer for cashless societies, with the value of payments made using coins and notes last year barely exceeding 1% according to the BBC.
Though some worry about the future evolution of the cashless society, for now it’s a trend that’s firmly being embraced with open arms, with the added convenience of contactless payments becoming a firm favourite with shoppers.
Sweden is far from alone; amongst many other nations, the United Arab Emirates is well on its way to becoming cashless, highlighted by the launch of apps such as the Emirates Digital Wallet which has recently been established by 16 of the region’s leading banks.
Though the trend to go cashless is gathering pace, it’s also essential to read between the lines when choosing a payment service provider. The right payment service provider will work with you to go beyond trends and statistics, taking your wider market into account.
Though a lot more contactless, digital technology is helping to disrupt traditional ways of paying for goods, what use is adopting it if your market has little interest and likes nothing more than paying with cash?
Discover more about your customers with a payment service provider
What to make of reports, for instance, that notes entering circulation in the United Kingdom rose by 10% last year? How does that correlate with a seemingly unstoppable trend in contactless payment solutions?
That’s one of the main reasons why partnering with a payment service provider dedicated to providing bespoke growth and payment solutions is a worthwhile investment.
No one business is ever the same; instead of jumping through compliance hoops to introduce new methods of purchasing into your business, it can be far more effective analysing your own current position with your customers and implementing solutions that will make a real difference to the people who matter to you most.
Working with a bespoke payment service provider who’s as committed to your business’s growth as you are and is able to provide on-call support can help you to discover new things about your clients, implement new, modern ways of payment if needed, and identify future financial trends to help you futureproof your business.
A culture of chargebacks and ‘friendly fraud’ is hitting businesses of all shapes and sizes. How can companies adapt to an evolving consumer chargeback philosophy, protect their profits and keep markets happy at the same time? Read 'What is friendly fraud and how do chargebacks work?' to learn more.