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Mobile POS Payments Worldwide, Statista, November 2019.
Payments technology is moving forward at an astonishing pace. The right partner can help enterprises ride the express elevator to a streamlined, global checkout experience.
Alternative payment methods like mobile wallets are on the rise.1 Integrations and APIs add even more options to packed tech stacks. Data security and fraud detection are becoming more sophisticated. Enterprise organizations have unprecedented opportunities to take their payment systems to new heights.
The right partner doesn’t just show businesses the steps they can take to fix payments platform problems. They also have the tools that enterprises need to help upgrade their payments process quickly and with confidence. They’ll make you feel as if you’re riding the express elevator to success instead of taking the stairs. What’s at the top? A fully streamlined, global checkout experience that will help drive conversions and increase revenue.
Conversions are the foundation of frictionless payments – the first step to creating the perfect purchase experience. Think of the shopping cart as a lobby: it welcomes customers to the purchase phase. But if they get to that lobby and find there’s no one at the front desk, they may turn right back around. Outdated payment methods and convoluted checkout processes can lead to abandoned purchases and increased cost of acquisition. The first step is updating them.
In today’s ultra-connected world, consumers want more options. 46% of smartphone owners use peer-to-peer payment apps like Venmo (US only) regularly.2 Use of digital wallets is also growing worldwide, with young consumers leading the charge.3 Yet only 29% of online merchants accept mobile wallets. Savvy enterprises can use this as a way to get ahead.
Offering the right payment options can also reduce the number of clicks required to make a purchase. Just as consumers aren’t going to wait around at the front desk, they’re not going to waste time filling out inconvenient forms. Fewer clicks can equal more conversions – and just one click is the ultimate goal.
Check This Out: Businesses have seen a lift in their PayPal sales when they offer Store Cash via email and in-app.4
With the checkout experience optimized, enterprises can capture net new customers every day. They’re ready to take payments to the next level and keep those customers coming back. It’s a common adage in business that it takes five times more money to acquire a new customer than it does to keep an existing one. Additional functionalities like card-on-file capabilities, real-time updates, and customer credit options can help enterprises win that repeat business, increase purchase size, and maximize LTV.
Repeat customers have moved beyond the lobby – they want the VIP lounge. Brand loyalty often depends on convenience: If they need to re-enter payment information or log in to make monthly payments, their LTV may decrease. Enterprises with flexible payment platforms that securely store customer data, enable recurring payments, and automatically update card information can send customers straight into VIP, where they may make more purchases.
Seamless repeat purchases are only part of the LTV equation. The smartest enterprises don’t just focus on the number of purchases – they focus on the value of each purchase. And they offer short-term financing options that provide the flexibility and confidence consumers need to make that larger purchase, guilt-free.
Check This Out: Customers with a card on file order 51% more frequently from food-service platform Olo.6
If it were easy for enterprises to go from the ground floor straight to the penthouse, everyone would have done it by now. But the fact is that the staircase to the top is beset on all sides by fraudsters and cyberthieves. Fraud, chargebacks, and PCI exposure can affect customer trust – and revenue. Enterprises need to minimize risk and maximize compliance. A payments platform that uses the latest security tools can be an express elevator that helps bypass bad actors and reduce costs.
Fraud is a serious issue for enterprises. Excessive chargebacks can cause card associations to shut down transactions – and threaten viability in the online marketplace. Fighting CNP fraud seems to be a never-ending battle. And there’s nothing friendly about “friendly” fraud. Last year, 57% of businesses experienced rising fraud losses compared to the previous year.7 Those are resources they would prefer to spend on customer acquisition and retention.
Fraud eats up resources one incident at a time – but data breaches can access millions of customers’ information. The 2017 Equifax breach exposed the data of 147 million people. In 2019, hackers accessed 383 million Marriott guest records, which included card information and passport numbers. The danger to reputations is real: 20% of consumers wouldn’t provide data to a retailer who had disclosed a hack.8
Check This Out: Hype DC reduced chargebacks by 50% just six months after integrating with Braintree, a PayPal Service.9
The rising cost of doing business can sometimes make it feel like the more stairs you climb, the bigger the stairs get. Every step forward comes with two steps back thanks to changing regulatory and compliance rules, chargeback disputes, and outdated legacy technologies. By streamlining internal operations, enterprises can stop wasting resources and ride the elevator to the top instead.
Managing multiple integrations for different payment methods, partners, and vendors can be complicated and time-consuming. Every time regulations change, each one needs to be manually updated. Separate reporting for each vendor – or no reporting at all – can be confusing and leave companies in the dark about how to fix back-end issues like high decline rates or system outages. All of this can eat up time and resources, and may ultimately affect sales conversions.
Leading enterprises must have tools that maximize their ability to accept payments while minimizing the resources invested. They require a payments platform that can not only handle multiple functions, but which is also agile and scalable to respond to changing customer demands. A single, accurate dashboard that shows them what’s happening in their gateway, so they can get to the bottom of high decline rates and capture more sales. And an excellent uptime to help them mitigate unexpected outages and be there for consumers when they’re ready to buy.
Check This Out: Jane.com took advantage of our flexible Mobile SDK in their new mobile app. 35% of overall revenue now comes from the mobile app.10
end here. There are always new global markets to enter and new challenges to overcome. Global businesses must manage risk, cut costs, and navigate different regulatory environments, all while providing the same seamless experience customers expect. The right payments platform helps enterprises scale across markets – without ever leaving the top floor.
PCI. SOC2. PSD2. 3DS1. Major compliance standards change from market to market – but a worldwide payments platform changes with them. Local partners offer on-the-ground insights that can allow enterprises to stay ahead of regulatory shifts and help them alleviate some of the inherent risks in the global market.
ACH. Giropay. Bancontact. UnionPay. JCB. And PayPal. It’s no longer enough for enterprises to accept local currencies – although that is still essential. For seamless new market entry, they must also offer relevant local payment choices as well as globally recognized digital wallets. That’s how modern enterprises can build relevance and increase customer LTV on a global scale.
Check This Out: Casper expanded into four new markets (the UK, Austria, France, and Switzerland) in a short timeframe by adopting the most relevant payment methods.12
Put your organization on the express elevator to success with PayPal for Enterprise. We do much more than process transactions and collect fees. We’ll help you examine every part of your payment strategy to discover areas for improvement you never knew were there. Learn more about Navigating the New Era of Payments and get ready to reach the penthouse and beyond.
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