Enhancing the customer payment experience through money transfer solutions is more important today than ever before. In fact, in some areas of the world, it’s becoming essential.
Emerging markets and online ecommerce e-marketplaces continue to become the best and easiest ways for consumers to buy products and services. The success of these online businesses has seen a significant increase in consumer use of credit cards. With card transactions quickly rising to over 50% of all money exchanged between retailers and consumers, every company that can improve its ability to process credit card payments has an advantage.
Now, more than ever before, customers have no choice but to trust the companies they transact with and customer payment experiences must be made for in order to maintain consumer confidence. When business owners or business partners are unwilling or unable to implement this principle into their own business’ payment service offerings, they need to understand how to better meet the needs of their consumers.
An ideal solution would include the use of a money transfer platform, such as Stripe, to power the entire process. Stripe provides an integrated payment gateway that will charge merchants only when consumers make a purchase using their business’s payment mechanism. This not only reduces the risk of a credit card company issuing erroneous charges; it also reduces the risk of a consumer being charged for a transaction they never requested.
As much as business owners have talked about the importance of time-to-market and experience, they’ve yet to consider how important it is to the bottom line to offer buyers a seamless experience. An offer that works for one retailer might not work for another. Especially as consumers change their spending habits with the advent of mobile devices and social media, the ability to present a comprehensive payment solution that continues to grow in popularity should never be overlooked. Stripe’s investment in user-friendly functionality has helped business owners across the globe to find new ways to improve the consumer payment experience.
The consumer payment experience can be one of the most important facets of a business’ strategy, so care must be taken when deciding on a payment solution. For example, many companies may elect to partner with credit card companies to facilitate the processing of credit card payments. There are also companies that accept direct debit from consumers’ bank accounts, making the bank account the “front door” to the transaction.
Payment gateway providers make sure that a number of considerations are met before sending or receiving funds. Stripe has taken the time to build a team of experts that ensure each provider can meet the requirements and needs of a particular company or organization. Stripe takes pride in the fact that they never pass on any unnecessary costs or charge excessive fees.
Another important facet of a money transfer platform is the ability to offer an easy transfer of funds without interruption. If a consumer has been requested to pay for a product or service they did not order, a money transfer platform can also help alleviate any concerns.
Once a company has chosen a money transfer platform that meets its unique needs, the final element to consider is the accessibility of the company’s payment service. Stuck in a desert town? Stripe’s application can transfer funds around the world with no problems.
Stripe’s money transfer platform allows the online business owner to be more accessible. With over 80,000 merchants worldwide, Stripe is used by merchants to deposit funds to customers’ bank accounts and perform online merchant checkout. Simply sign up for a Stripe account and open a local Stripe account and customers can start shopping without any fuss.
Enhancing the customer payment experience can truly make or break a business. Businesses that focus on their customer’s needs rather than their bottom line pay attention to the entire business equation.
That’s not to say other aspects of the business will fall into place if you are able to provide a good customer payment experience. – it just means they’ll go with the company that provides them.