16.10.2018
How innovative payment solution can power your company’s turnover?
Tehnopol’s good partner EveryPay wrote on their webpage, how innovative payment solution can power your company’s turnover.
The success of a company depends on many nuances. Among the other factors, one of the important aspects, that shouldn’t be underestimated, is the payment solution that is offered to the customers. Customers are expecting payments to be as seamless as possible. Businesses spend vast amounts of money to acquire customers and every customer is important. The way how customers can pay you has a major role in customers’ onboarding and conversion process as well as in longer customer journey defining whether the service or product will be purchased again in the future. Additionally, smart and smooth payment options are essential when expanding globally to global markets or while establishing up-to-date and automated business processes.
Automated payment processes are one of the ways to make your business to follow modern principles, thus keeping pace with the competitors. In the era of the IoT (the Internet of Things), automation of various processes, including payment management, and billing, but also the analysis of the payment data are the important inputs allowing to make sound strategic decisions.
User-friendly payment solutions
Providing smooth and seamless payment options should be a part of every business. A smart way to do this is to use card payments by automating the payments and even more, by integrating the payments into the service. The use of banklinks is gradually coming to an end, at the same time when online card payments are showing increasing trend and have become more popular than ever, especially considering mobile phones and other mobile devices. Card payments are the most universal and simple payment solution in the world. Payments for periodic services (such as Netflix) or invisible payments integrated to apps (such as Taxify and Uber) are mainly based on card payment automation.
E-commerce growth
The volume of e-commerce transactions has grown steadily year by year in Estonia: more and more of our consumers are choosing an online environment to place a purchase and studies say that this trend will be continuing in the coming years (the statistics of Central Bank of Estonia). The statistics of the Central Bank of Estonia shows that the growth of e-commerce card transactions is remarkable when looking at the growth of card payments by turnover and transactions volume. The merchants are facing interesting times: they must build a truly well-functioning e-environment, which would add extra benefit to the overall growth of e-commerce.
Statistics show that people prefer using mobile phones everywhere – not just for communication, but also for shopping whether it’s being a purchase via e-shop, performing a monthly insurance payment or using a mobile device in a brick and mortar store purchase as a mobile wallet (e.g. mTasku). For many such use-cases it is enough just to save card details once and in the future goods and services can be purchased quickly, with just a few clicks.
