As a seller, you probably already know that your merchant services provider is an essential entity that enables you to accept credit cards, debit cards, gift cards, mobile payments, and other types of transactions from your customers. But did you ever imagine that these very same payments technology companies are also equally sensitive to the evolving needs of the buyers whose purchases they make possible? Take some time to learn about the fascinating link between buyer behaviors and the innovations in your merchant company’s responses to see how the sales climate is rapidly changing before our very eyes.
Customers want to pay in efficient and secure ways.
Although bills and coins will probably remain in the picture for the foreseeable future, buyers are foregoing old-school money in favor of today’s high-tech digital wallet solutions. To that end, they are taking advantage of the built-in digital wallet apps in their smartphones and wearable devices to pre-load their credit and debit card information. At the time of purchase, they simply open these e-wallets, authenticate their identities with a fingerprint or facial ID, and wait just a few seconds for the transaction to be verified and confirmed by the merchant services provider and the other players in the payment process.
Now that merchant services account companies have recognized the popularity of this consumer trend, they are making the near-field communication (NFC)-compatible hardware that it requires available for sellers who want to incorporate it into their business models. As a result, even small businesses can now provide this secure and flexible payment option to their customers.
Customers want to make payments from anywhere.
Gone are the days when the only way to make a business transaction was at a stationary cash register during regular business hours. Today’s buyers want maximum flexibility and efficiency when forking over their dollars, and that means mobile point of sale (mPOS) payments.
Mobile card readers can easily connect to a merchant’s tablet or cellular phone, making it possible to accept payments from customers anytime from anywhere. In response to this evolution in buying behaviors, merchant services providers have responded by providing mPOS options as a part of their hardware offerings.
Customers want flexible payment choices.
As a merchant, you understand that in addition to providing stellar service and products, one of your top goals is to find ways to encourage people to spend as much money as possible at your physical store and/or online business. Anything you can do to make the payment process easier can help you to achieve that objective. Hopefully, your merchant services provider has recognized this need and is standing by to assist you.
These days, one of the hottest and most popular transaction methods involves recurring or subscription-based payments. At one time mostly used by daycare centers and fitness clubs, this payments model is now very popular with consumers and merchants alike. There are plenty of reasons why.
- Buyers and merchants agree on the exact amount to be paid and the precise day each month when the funds will be withdrawn from the customer’s account, providing absolute transparency.
- Customers never need to worry about forgetting a payment or being deprived of a product or service because of tardiness in making a payment.
- Because merchants know exactly how much money they will be receiving and when, they can plan their cash flow more accurately.
- There is no need to spend hours chasing down late payments.
- Customers feel in control of their finances since they can change the parameters of the arrangement whenever they desire.
In general, offering the recurring payments option allows you to facilitate a smooth and transparent relationship with your customers on an ongoing basis.
Customers expect continuous innovations to protect the security of their transactions.
Today’s headlines frequently contain eye-popping stories about the latest data breach that has compromised the sensitive payment information of thousands or even millions of customers of some of the most high-power corporations in the world. In light of this heightened awareness, consumers are demanding both transparency and a more robust commitment on the part of merchants both small and large to protect the privacy and integrity of their sensitive payment data.
Merchant services providers recognize the importance of this priority and are responding accordingly. In addition to complying with PCI-DSS requirements, there are several other things you can do to safeguard sensitive data. To protect shoppers’ information, you can use machine learning programs that compare existing data about customers’ buying and payment behaviors to live transactions to combat fraud. This can be combined with threat detection systems that constantly monitor the security landscape for new forms of malware that can be used to compromise buyers’ information. The result is a multi-pronged approach designed to minimize the chances that either your business or your customers will be the victim of the next security attack.
Customers want more services tailored to meet their unique needs.
In today’s global marketplace, businesses of all sizes are in a constant scramble to rise above their rivals to attract the loyal customers that are their bread and butter. To do so, they must lure shoppers with specialized products and roll out promotions targeted to buyers’ niche needs. It probably comes as no surprise that payments technology companies perform an integral role in this process.
For one thing, they offer point-of-sale hardware that allows you to launch and maintain rich databases packed with customer information. This data can then be used to form the foundation of strong loyalty programs and exciting, targeted sales campaigns that can be channeled directly to only those buyers who have demonstrated an interest in your products and/or services. The result is often the formation of enduring, one-of-a-kind relationships with customers that can transform them from single-time buyers into valuable brand ambassadors.
Today’s merchant services providers recognize that they must do more than simply act as intermediaries between entrepreneurs and customers during the payments process. The more they can evolve to meet buyers’ increasingly personalized demands, the more they can bring to the table for merchants and shoppers alike. In the years to come, it will be this evolving responsiveness that will drive innovation in the payments landscape.
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