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In recent times, innovative payment solutions have been gaining a lot of popularity. This change has been embraced by everyone all over the world. This ease of payment is a blessing, for anyone who deals in international transactions.
According to research by the Baymard Institute, if your payment methods are fully adjusted with customers’ demands and your check out time is minimal and reliable, you could increase your conversion by 35 percent. This research is based on the testing of the checkout process of some of the leading ecommerce companies.
With technology evolving, it has become of the utmost importance for any individual or business to keep an eye on the latest payment trends anywhere in the world. Innovators in the IT sector are always in lookout for inventive, secured and faster payment ways to provide a better experience to mankind by leveraging technology. Now more than ever, it is essential for traders to ensure a clean and elegant experience for their customers’ purchases.
This brings us to some of the most important ways in which you can enhance the potency of your business by making some of the most important changes and enhancements in your financial endeavors.
Preferred Payment Solutions
Some of most preferred digital payment methods are enlisted below –
Mobile Point Of Sales (mPOS)
mPOS is a portable and wireless point-of-sale system that allows businesses to accept payments anywhere using a mobile device (like a smartphone or tablet) connected to a card reader.
Features:
- Portability – You can take it anywhere (markets, events, food trucks, etc.)
- Works with mobile devices – Just needs an app and an internet connection.
- Accepts multiple payment types – Credit/debit cards, contactless (NFC), mobile wallets (Apple Pay, Google Pay).
- Receipts – Can email or text receipts directly to customers.
- Inventory & sales tracking – Many mPOS apps come with built-in business tools.
Mobile Wallets & Payment Apps
Mobile wallets and payment apps are digital tools that let you store money, link credit/debit cards, and make payments straight from your smartphone without needing physical cash or cards. These store card details and let you pay using your phone. E.g. –
- Apple Pay
- Google Pay
- PayPal
Payment Gateways
Used by websites and apps to process online payments. E.g. –
- Stripe
- PayPal Checkout
- Square
- Razorpay
Bank-Based & UPI Systems
These are digital payment systems that connect directly to your bank account for fast, secure, and often real-time money transfers. They don’t always require a credit or debit card, just your bank account and mobile number.
International & Cross-Border
- Wise (formerly TransferWise)
- Revolut
- Western Union (Digital Transfers)
- Remitly
- Payoneer
Devices with Biometric Authentication
Devices with biometric authentication use physical or behavioral traits like your fingerprint, face, or voice, to verify your identity. Some common types of devices that support biometric authentication: Banking and Payment Devices, Security Systems & Smart Locks etc.
Need For Digitization
Online Shopping Trend
Recently, there has been an upsurge in the market due to the change in shopping trends worldwide. More buyers are putting their faith in online shopping stores rather than doing shopping offline stores.
This presents you with the ultimate opportunity to create more leads for your business by giving your customers easy methods of shopping and payment online.
Related – Electronic Shelf Labels
Become a Thriving Member of International Trade
Like many others, you too must have noticed this digital shift in payment trend for a few years now. The main reason behind this is that global ecommerce is rising in a very agile fashion. A recent report by Kount and Internet states ecommerce accounted for 1/6th of global retail sales and will grow at 20% every year.
This means, not only you become a part of global trade but the chances of you becoming a successful business are now more than ever. Given the situation, you adopt the new ways of digital payments that are used across the world. That said, becoming a global retailer is not an easy task, you have to deal with many obstacles, especially problems related to international payment processing and financial frauds related to them. But, as long as you have a trustworthy payment provider for your business you can successfully tap into global ecommerce activities.
Stay One Step Ahead
Online fraud and payment problems have become synonymous with online shopping. Many shoppers are discouraged from transacting online for this reason alone. However, there is an easy fix to this problem: Balancing customer experience with payment security can easily give you the benefit of trust that your customers seek.
The Bottom-Line
The road to success is endless, but you need to make certain changes to your business methods to get your business on the right track to success. Adopting innovative payment methods is one of them, the sooner you understand its importance, the better it will be for your business.
ABOUT THE AUTHOR
IPwithease is aimed at sharing knowledge across varied domains like Network, Security, Virtualization, Software, Wireless, etc.
