Head of Omnichannel at Trust Payments
For most customer experiences, payment is the last checkpoint before a sale is finalised. This last step needs to be as seamless and efficient as possible for customers in order to convert their interest into a transaction. Many organisations are looking to solidify customer interest by integrating a one-stop-shop for comprehensive and omnichannel payment solutions that help personalise and enhance the payment experience with API-rich range of capabilities.
Innovative technologies drive value through personalised services, secure and frictionless payments and creative products. With the help of the right tech, a payments service is able to gather large amounts of data, a key area of competitive advantage. Understanding the customer will improve retention by allowing organisations to use data to find insights that can help improve processes and offerings. Payments-as-a-service providers must personalise the payments experience and help organisations digitise quickly to keep up with the competition.
Another key feature that makes payments-as-a-service providers successful is streamlining sales channels with smart payments, crypto and tokenisation online and offline. This creates a seamless customer experience and avoids a clunky and disorganised payment experience. When providers enable organisations to accept payments from customers globally with 24/7 customer support, they are essentially enabling the organisation to maximise their sales efforts without losing out on customers at checkout.
Other technologies like Buy Now, Pay Later and Order Ahead offer customers more range when automating their processes. A provider that enables recurring billing, auto-account updates, automatic retry, invoicing and accounting is able to support an organisation’s broader tasks of money management and revenue insights.
A key concern for Payments-as-a-Service providers is the threat of fraud. With the rise in online purchases, fraud and security violations posing a huge threat to payment providers, organisations must deploy advanced risk, fraud and AML detection that helps detect cyber threats and fraud attempts in real-time.
In a nutshell, Payments-as-a-Service providers should be able to take the complexity out of financial transactions both in-person and online. To truly offer a secure and seamless experience for both customers and organisations, they must offer an integrated solution that is flexible and adaptable to business and merchant needs.