How does the future of payment solutions look for merchants? And how do you know which solution is the right one for you? Ulrika Ledel, Strategic business developer at Eurocard, shares how businesses can future-proof payment solutions for tomorrow’s challenges.
The world is getting smaller by the minute. Or should we say, more connected by the minute. Today, becoming an entrepreneur is just a few clicks away for anyone – and setting up a new e-commerce business can be done by lunch. Apart from streamlining and creating jobs, it also blurs the lines between consumer and business owner. It’s something that has changed purchasing behaviors, as well as payment models and lead times. “But perhaps most importantly, it has changed the expectations of company payments,” says Ulrika Ledel, strategic business developer at Eurocard. "This applies regardless of industry or size of company".
Smooth payment solutions
“Our experiences of seamless and UX-friendly payments are rubbing off. Everyone wants integrated and smooth payment solutions. Things need to happen in real time and, on top of that, they need to be connected to accounting and invoicing systems”.
Developments have even been accelerated by the current pandemic. “Apart from the growth of e-commerce,” says Ulrika, “it has also had an impact on the digital development in traditional stores. Contactless payments methods and QR-codes are great examples of this”.
So how should business owners respond to new technology and increased demands?
Data is the key
Ulrika stresses the importance of not getting lost in the jungle of trending payment methods. Just because AI and robotics exist, that doesn´t mean that it’s the best solution for your business. And to find your way, you need to observe and listen to your customer.
“Data is the key,” she emphasizes. ”The more data you have on your customers, the more it should control how your payment solution looks”.
However, to do that, it is also important to stay updated on new and future technology, to be prepared. Ulrika also stresses the importance of stayining on top of current technological solutions and infrastructures that can be used and built from. ”Be creative,” says Ulrika. “Think about payment flows! Good UX is different for different businesses, but with the right solution you can tailor a payment solution that works seamlessly at all levels”.
This, according to Ulrika, is exactly how to future-proof a company and its payment solution. “Ask for advice to find a solution that will work for you today – and be flexible enough to know that something else might work better in the future. Curious companies last longer!”
3 tips on future-proofing your business
Know your customer!
The more you know about your customer, the more you can create a payment solution that fits your business.
Browse the solutions that are already out there and think outside of the box as to how they can be used to fit your specific needs. Infrastructures can be used in so many creative ways!
Dare to question routines and try out new solutions.