Over the last few years, the world has witnessed significant changes in the way businesses accept payments. A digital merchant payment gateway has become an integral part of business operations, as many merchants are adopting and leveraging the evolution of payment technology. Apart from accepting digital payments with different processing models, businesses have also started realizing its long-term impact on customer relations, profit, and revenue.
With the increased dependency on payment technology, widespread penetration of the internet and smartphones, and the convenience of digital payments, traditional merchant mindsets are shifting toward a creative direction. The cost-centric behavior of merchants is moving beyond payments, as customers now prefer convenience and security over everything else. What they most care about is streamlined checkout experiences with secure processing irrespective of place, time, and device.
As merchants move toward digital enterprise payment solutions, they need to change these three traditional mindsets to get ready for payment innovation.
1. Business Reach Beyond Boundaries
Going global is the new norm for local merchants. Moving a business online automatically makes it accessible to customers in different parts of the world. E-Commerce businesses have fewer management, administrative and investment barriers, giving them international expansion regardless of their size. While economies become highly integrated, business globalisation changes how it operates and where and who its customers are. Besides that, increasing international migration makes international payment acceptance more critical for businesses.
Instead of working in silos focusing on local customers, merchants must change their mindset and tap into international demand. Most importantly, they must have a robust checkout payment gateway that provides seamless payment experiences to customers. With so many banks and payment platforms, selecting the right payment gateway with a global mindset is a crucial undertaking.
2. Focus Shift from Accepting Payments to Brand Building
Merchants traditionally consider accepting payments as their ultimate goal while shifting online, but it is a half-truth. Besides allowing payment acceptance, digital payment systems also enhance consumer experiences, create a secure transaction environment, and increase loyalty. Consumers like a merchant payment gateway that accepts payments through their preferred mode using their favourite devices and channels.
Buyers are seldom concerned about what happens in payment processing behind the taps and swipes. If the business does not accept payments their way, they are more likely to buy from another merchant. A large percentage of online buyers abandon their shopping carts because of complex checkout pages, and most of them never come back. The payment acceptance methods that merchants offer now will significantly impact their customer loyalty and overall brand experience.
Merchants must make their payment processing more strategic to increase revenue and improve brand loyalty. Changing this mindset fuels a merchant’s efforts to provide more frictionless options to customers. Mobile check-ins and checkouts, attendant free kiosks, and cashier-less convenience stores are the norms these days. All these systems prevent payment acceptance as the only goal of payment innovation. Frequent store visits, increased brand loyalty, and reduced cart abandonment rate is only the beginning.
3. Need to Offer Bespoke Solutions
Earlier, merchants used a one-stop shop to accept payments through various sources. However, that scenario is dwindling now due to converging payment providers. Software developers, acquirers, networks, and hardware OEMs expand the line beyond their conventional product categories. Simultaneously, new players keep entering the market with their innovative product combinations. The increasing variety of business models significantly impacts merchants, turning simple buying decisions into a complex industrial landscape.
Enterprise payment solutions providing integrated processes are not always the best decisions for different forms, factors, channels, and geographies. That is why merchants must shift their mindset while approaching payment acceptance solutions. No single solution is the perfect fit for all vendors, as they need to fight the right gateway with multiple capabilities. The primary key is to support customer demand and simplify their experience.
Behind all these mindset changes, the focus has shifted from pure finance to brand building. What merchants require now is a cross-enterprise move towards developing an all-inclusive payment acceptance solution. It must integrate marketing, finance, customer experience, operations, and technology. There are numerous tactics to bring the desired change, but these three merchant mindset changes prove very valuable to organizations. Their ultimate goal is to think about design, regulate acceptance, create a digital culture, and accelerate innovation.