Categories
eCommerce

How Has COVID-19 Affected the Online Payment Industry?

While the payment industry has experienced rapid positive changes over the years, the pandemic has made it necessary to adapt even faster. From the changes in consumer shopping habits and the drop in international trade, the payment industry faces many implications. One of the most obvious ways the coronavirus has impacted the payment industry is the increased demand for digital payment methods that the payment industry has to facilitate.

There are many other developments the payment industry has undergone as a result of the pandemic. Here are a few examples:

1. Consumer buying and paying habits have changed

There is an obvious in a consumer’s buying habit, from reducing in-store purchases to the increased need for sanitation products. Nevertheless, the most significant change here is the fact that the majority of all customers are opting to shop online. This also constitutes the fact that the method by which people pay has also changed.

No longer are people using cash to pay for their groceries, clothing, and other necessities. Even those going to stores in-person are opting for simpler and safer solutions, such as contactless payments using debit or credit cards and mobile wallet payments. This has caused many merchants who have not employed a contactless payment option to suffer greatly.

As a result, the need for POS (point of sale) systems like terminals has increased to facilitate this “new” way to pay. For the payment industry, this translates to an increased need for their services, allowing them to do great business despite the pandemic.

2. E-commerce has never been so popular

For many small and large businesses around the globe, in-store sales have been declining rapidly. The only way for many of these to survive is to provide their products and services through online means. Essentially, the movement to e-commerce has become a must if a business wants to continue operating.

The establishments that have already set up online payment solutions have reaped the benefits. With quick and easy online payment solutions implemented, customers can quickly pay for the things they need without handling physical money.

For those that have yet to implement online payment methods, the need for payment services providers has increased phenomenally. Besides the usual online payment solutions, additional services like financing options have allowed the payment industry to press on.

Put simply, with e-commerce gaining in popularity in the face of the pandemic, online payment solutions have been sought after by many. With their checkout processes facilitated by service providers, not only do they reduce the burden of handling payment, but they continue to keep their business alive through digital means.

Conclusion

As one can see, the pandemic has driven many businesses to go digital, whether in the form of contactless payment or offering an online store. Whether it is recurring payments, reduced fees, or contactless payment, all of these are new payment methods that many conventional businesses may have to implement. In effect, the payment industry has and still is facing rapid changes due to the coronavirus. The need for new payment methods has driven them to provide better software and other POS solutions to facilitate the changes, benefiting both the solution user and the solution provider.

Payment Page is a payment page builder driven to offer multiple payment solutions to make the consumer’s life easier. If you are looking for a solution to accept payments for your website, use our WordPress plugin to create a hosted payment page! Get in touch with us today.

Categories
Business

4 Pointers to Help Your SME Operate Amidst a Pandemic – Our Guide

The COVID-19 outbreak has impacted almost all businesses around the world. While some establishments have completely shut down, others have resorted to continuing to operate under various restrictions. 

Given the current situation, small to medium sized enterprises (SMEs) are dramatically affected, including brick-and-mortar stores, home service providers, restaurants, and many others. However, there are creative ways that you can serve your customers so that your business adapts and thrives during these hard times.

In this article, we will share four valuable pointers for SMEs on how to continue operations  despite the current COVID-19 outbreak:

1. Utilize video conferences for face-to-face interactions

Today, you can communicate and interact with people using video conferencing. SMEs can also take advantage of utilizing video conferences to interact with their customers or clients. 

There are a handful of video applications and software that can be used for this purpose. Even social media channels enable you to talk to and engage with your customers. A perfect example is Zoom, which is a free video conferencing platform, but where you need to pay a subscription fee if you want to communicate for extended periods with your customers. It’s best when using Zoom to set up a private call for all business interactions to ensure security and professionalism.

2. If you must pursue in-person interactions avoid shared surfaces

Some small businesses are still required to operate to cater to the needs of the general public. These include grocery stores, pharmacies, restaurants (for delivery or pickup), and other essential suppliers. The challenge, however, is in maintaining social distancing to avoid contact and to keep you, your staff, and customers healthy. 

The good thing is that you can set safety measures in place where you can pursue in-person interactions while avoiding shared surfaces. For instance, customers can have checkout in a supermarket using contactless cards without direct contact with the employees or the payment terminal. 

3. Use text messages to update and communicate

Seeing that communication remains to be the key for many businesses, you should have a variety of  processes for reaching out and maintaining contact with customers. You should make a conscious effort to reach out to your customers or clients via text messages or email. 

It can be a good practice to share real-time updates regularly, especially for updates regarding promotions or COVID-19 health updates. Furthermore, if customers have any questions, issues, and concerns, remember to be highly responsive in answering their queries, providing solutions to their problems, and addressing their concerns.

4. Take advantage of online payment methods

In today’s world, financial transactions do not have to be made in person. This is mainly because there’s a wide range of online payment methods that every business can utilize. 

Online payments can provide customers with various options to pay, such as credit cards, ACH, or other international payment options available in different regions of the world, like iDeal or WeChat Pay. 

Your business checkout process should be streamlined and user-friendly for the customer to avoid any potential errors. Most importantly, the payment form must remain secure for the protection of the customers’ confidential information.

Offering an online payment mechanism is a useful way to offer an easy solution for payments that normally might have been made in person, or through other more complicated means. 

Finding a solution

Overall, there will always be solutions in every challenging situation. As outlined above, you can utilize video conferences to facilitate face-to-face interactions, pursue in-person interactions by avoiding shared surfaces, use text messages and email to update and communicate, and take advantage of online payment methods. 

Despite the COVID-19 outbreak, the current situation doesn’t necessarily have to stop your business from operating and serving the needs of your customers. 

If you need a streamlined and beautifully designed payment form, we provide SMEs with a hosted payment page for accepting payments from across the globe. Get in touch with us today!