December 9, 2020

Rethink Your Payments Strategy To Save Your Customers and Bottom Line

By baekchan

The COVID-19 crisis has undoubtedly impacted ‘business as usual’ for enterprise situs slot online organizations the world over, notably forcing a rethink of how firms accept payments .

As cheque books remain locked away in offices, and cash withdrawals continue to decline, digital payments are one of the most important, if not the only, way to maintain consistent cash flow.

However, the payments landscape is complex, leaving many organizations strapped for resources to manage inefficiencies, such as failed and late payments.

A recent Forrester report commissioned by GoCardless highlights some of the payment woes that businesses face when managing recurring payments, woes that have only been exacerbated during COVID-19. Central to the findings is a lack of understanding that payments is a high leverage function.

Despite not knowing what 2021 will bring, businesses should get ahead of the curve and rethink their payments strategy now, to mitigate the risks and see success in the new year.

Payments are evolving: Are enterprises keeping up?

Digital payments are evolving and modernizing at a rapid pace.

In the past year, merchants’ contributions from digital wallets, wire transfers and direct debit have increased, while contributions from traditional methods like cheques have decreased.

While there will always be a need to accommodate the ‘un-banked’ and those that cannot gain access to online banking services, the digital share of wallet is the new normal. For enterprises, this presents vast opportunities and challenges.

Responding to those opportunities and challenges can seem like a mammoth task, especially as payments ‘specialists’ are a rarity within the C-suite or management.

With this in mind, the most cost and time-effective methods of implementing sophisticated payments infrastructure is realized through integrations and partnerships with specialist fintechs solutions providers; 5,000 of which exist in Asia-Pacific alone.