In the global marketplace, successful payments decision makers have learned to connect the dots between optimizing their enterprise’s resources and ensuring that consumer and B2B transactions flow unfettered by ill-suited technologies or poor user experience.
Hospitality brands, marketplaces and platforms that are seeking to innovate payments face numerous challenges to initiating change quickly. There are several concerns in cross-border transactions that they must overcome.
For example, 56% of businesses are concerned about payment fraud in cross-border transactions, according to the “Payments Innovation Readiness Playbook,” a PYMNTS and Spreedly collaboration.
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Other top pain points in cross-border transactions identified by these businesses are theft of payment data, which was cited by 52% of respondents, and transaction processing times, mentioned by 45%.
Meeting the Challenges of Initiating Change
More firms are encountering these concerns as they enter new markets and grow their customer bases.
Read more: As Merchants Go Digital and Global, Payments Orchestration Needs an Overhaul
To meet the challenges of initiating change, some hospitality brands, marketplaces and platforms may need to significantly shift their existing approach to payments.
For one thing, firms must ensure that their payments processes are compliant in cross-border environments. Firms must also have support to operate in the regions in which they want to do business. Using payments orchestration can help mix and match payment service providers that offer support in target geographies.
Having user authentication rules in place that balance speed with security intelligently is another necessity. The right payments solution will glean insights from every transaction and empower security processes that offer stellar authentication security along with consistent performance.
Firms should also aim to develop a growth strategy that is future-proof. They can do this by ensuring that their payments stack enables their product to maintain high performance with any gateway, payment service, currency or payment service provider.
Another consideration for firms that are initiating change is whether their payment processes are transparent. Payment processes should be transparent to the firm’s team, allowing them to gain real-time actionable insights and create data-driven strategies.
Offering a User-Friendly Payment Process
It is important to note that payments infrastructure varies globally and by platform, and orchestrating interoperability between merchants, platforms and payment gateways takes time in the absence of an all-in-one solution.
Offering a user-friendly payment process has become critical to a positive user experience (UX). For example, players in the hospitality industry must respond to changes in consumer demand with an agile, innovative payments strategy because consumers who have become used to instant gratification through websites and mobile apps will likely demand the same streamlined payment processes offline.
Similarly, businesses with ad hoc mobile commerce and online services will need to adjust to increased competition from well-established online platforms that offer a seamless checkout experience across multiple avenues.
Successful companies will risk innovation and adopt payments orchestration to remain competitive as retail and B2B customers demand enhanced payment options and experience.
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