4 Ways to Improve Your Customer Experience in 2020
With the advent of new technology, payment processing solutions are truly becoming a core element of the customer experience model. Payment processing is no longer just another overhead cost that’s kept behind the scenes; today’s payment solutions—such as mobile wallets, recurring payment processing, and much more—are best when displayed front-and-center in order to give customers a cutting-edge experience. No matter your industry or selling channels, you’ll be sure to improve your company’s public image by implementing sleek payment technology. Here are four popular solutions to consider:
Many customers are forgoing cash…but definitely not their cellphones. Though it took a while for mobile wallets like Apple Pay and Google Pay to pick up steam in the U.S., recent statistics show that they’re finally approaching mainstream status. This fast and secure payment method is perfect for both B2B and B2C payments as it’s compatible with in-store, online, and mobile platforms. Customers can easily make payments in person by tapping their mobile wallet on the compatible card reader, or they can pay with a mobile wallet while accessing a web browser or mobile app on their phone.
The volume of Automated Clearing House (ACH) payments has grown by trillions of dollars over the past decade, with particularly notable growth over the past few years. This electronic payment method allows customers and businesses to quickly transfer funds between bank accounts, and it’s an increasingly preferred option for paying one-time or recurring bills—as well as for peer-to-peer (P2P) payments. Customers and businesses alike appreciate the fast funding time, ease of use, and secure technology that curbs fraud.
Speaking of recurring billing, it has become easier than ever for businesses to manage and process repeat payments with the help of the latest technology. Gone are the days of chasing down clients during the account receivables process—new payment software solutions make it a breeze to set up highly-customized payment plans with secure storage of ACH or credit card information on file. Whether it’s for subscription services, membership plans, or simply to collect recurring invoices, recurring payment processing technology is a great way to automate your billing cycle and free up manual labor in your accounting department. And, of course, your clients will appreciate not having to take the time to share their payment information more than once.
Like mobile wallets for in-store payments, contactless cards can be tapped on a card reader to make payments quickly and securely. Both mobile wallets and contactless cards utilize near field communication (NFC) technology to enable communication between two electronic devices—and for contactless cards, that takes the form of an antenna embedded in the card for transmitting payment data to the card reader.
Contactless cards are already mainstream in the U.K., Canada, and Australia, and you’re going to see a lot more of them soon in the U.S; several transit systems (including New York City) have already upgraded their payment system to contactless, and more and more card brands like American Express and Visa are issuing contactless-enabled cards. If you accept payments in person, you’ll definitely want to consider upgrading to payment processing equipment that supports contactless cards.
Positioning your brand as one that puts customers first—and one that’s on top of the latest technology and trends—is a surefire way to boost customer and stakeholder satisfaction in today’s tech-driven landscape. These are just a few of the many new payment processing solutions on the market that are easy to set up, appeal to customer preferences, and improve your business management capabilities. So, if you’re looking to take your company to the next level this year, look no further than your payment processing system.