Can Your Business Adapt to Today’s Payment Trends?
Technology evolves at breakneck speed. And with it, payment capabilities.
Gone are the days of mailing paper checks in exchange for goods or services. Instead, businesses and consumers alike expect to pay in the way that best suits their needs.
In the 2017 landscape, the way we pay and get paid is changing and these are the trends to watch.
Trend #1: Enabling multiple forms of digital payment
If a store only accepted paper checks, would you shop there? Chances are most people–including you—would pass it by for a more convenient retailer. Now take this one step further. What if that store accepted paper checks and credit card payments? Would that work? Probably not.
Today’s consumers and businesses want a variety of digital payment options. You need to prepare your business to accommodate multiple forms of digital payments such as ACH and credit cards. Not only does this offer your customer a desirable selection, but it also gets payments to your company much faster than paper checks. There are no bank runs and no counting down the moments waiting for a check to clear. The electronic payment lands in your account in a fraction of the time a physical payment does.
Trend #2: Recurring/automated payments
In the name of payment convenience, many consumers and even businesses opt for recurring or automated payments. These regular payments allow them to quickly and easily pay for monthly subscriptions or recurring services and orders automatically. It circumvents the inconvenience of addressing payment for the same amount on a regular basis. It’s the idea of “set it and forget it” without the payment grind each month.
Similarly, the preference for automated payments continues to grow. If a customer receives a regular order or service from a company with a varying amount (not a consistent amount like a subscription), he or she (or a business) can activate automated payment drafts within certain parameters. This negates the need to set up a manual payment every time it’s due.
Trend #3: Mobile payments
Apple Pay. PayPal. Bank payments and more. The age of mobile payment is upon us. With the right service or app, you can quickly pull out your phone to purchase what you need, check the receipt of payment or send a payment to a friend.
Can your customers pay online from any device or from a mobile app? If the answer it no, it’s time to reevaluate your payment options.
The Benefits of Tackling Payment Trends
By following these payment trends, your business will benefit on multiple fronts, including:
- Making it easier for customers to pay
- Collecting payments quickly
- Collecting payments on an automated/recurring schedule
- Stabilizing cash flow
Don’t let your business fall short on these critical payment trends.