The rise of the Digital Era
The customer buying behaviour has changed drastically for the last years. With the rise of the Digital Era, we can’t help but ask ourselves: “Is death of cash money near?” “Will digital payments completely dominate the way we purchase?” “How should I prepare my business for the upcoming changes?” “Do I need a payment platform in order to go digital?”
But despite the fact that there isn´t a single right answer to these questions, one thing is clear: going digital will have a huge positive impact on the way you do business, and your customers will be happy. And happy customers mean more sales – simple as that.
The boom of the FinTech industry as a solution to offering digital financial services with the implementation of technology has completely revolutionized the way we buy products and services. The dynamic generation of today, or the so-called millennials, are looking up to the Internet for almost everything they need. Reserve a hotel room? Go online. Buy a product from the USA because it’s cheaper? Go online. Subscribe for a box of goodies for your cat each month? Go online. It is mind-blowing how much you can do on the Internet.
A payment platform improves the overall performance
Even if your business needs a physical location and possibilities for face-to-face transactions, building a digital platform and enabling online solutions will undoubtedly improve your overall performance – especially if you are a retail shop that sells goods to your customers.
And while physical payment services have their great deal of advantages, we give you 10 benefits of implementing a payment platform that you just won’t find in the store:
Can a physical establishment empower your customers to buy a pair of shoes while sitting comfortably on the sofa at home? Probably not. A payment platform makes digital purchases as easy as sipping from a cold soda drink, and your customers don’t have to visit the physical store in order to get the product or service they want. Additionally, they can do it at any time of the day, without being limited by working hours.
2. Impulsive buying
According to InvespCro, impulse purchases represent approximately 40% of all the money spent on e-commerce. Providing a digital platform with a payment platform to your customers encourages them to buy this awesome pair of sneakers at 3 in the morning, after they just finished watching the latest NBA game – an impulsive decision that otherwise could have changed in the morning if they had to visit the physical store.
3. Expanded customer base
A payment platform allows you to connect your business with the whole world, which would otherwise be impossible for physical establishments. It expands your customer base, helps you increase sales, and improves your overall performance.
4. User experience
A carefully crafted payment platform provides more than just digital payment solutions; it provides a real-time user experience. Selecting products and adding them to a shopping card with a single click, saving the bundled goods for a later purchase, or just adding them to Favourites are some of the elements that provide a great user experience to customers. Moreover, platforms that are PCI-DSS compliant allow clients to save their credit card information safely so that they don’t have to fill out the information each time, which improves the engagement with the brand. And happy customers are the best customers – because they buy more!
5. Faster transactions
A payment gateway is usually much faster than manual processing, saving time and providing convenience for both merchants and customers.
6. Payment confirmation
Additionally, merchants receive electronic confirmations when a purchase has been completed, allowing them to have a continuous control over the activity of their customers.
Despite the fact that 80% of the companies that store and handle credit card data are still not complying with the official security PCI standards, there are good payment platforms that are fully compliant – which results in secure transactions and customers who trust the merchant and his good intentions.
8. Full control
As a merchant, having a payment platform for you digital platform allows you to take full control over the entire purchase process, and gives you the possibility to react immediately if any problem occurs.
9. Recurring billing
Recurring billing options, one-click payments and other additional payment solutions make the buying process easy and adaptative to the needs of the customer.
10. Mobile payments
Some platforms come with mobile payment solutions that have a positive impact on your sales and conversion, and expand the customer base to an even greater extend.
Payment platforms offer unbeatable advantages to the newly arising generation of digital customers. If you are looking for an all-in-one payment platform for your e-commerce, MYMOID offers innovative solutions in a secure PCI-DSS environment, allowing you to easily connect with your customers, and empower them to make better decisions.