Payments Detailed

Innovation around the customer experience

Some people may view payments as a simple bolt-on feature for their offering. But considering how people pay can isn’t just another feature you offer- it can dramatically enhance your business strategy. Payments can evolve your business and help it grow.

Implementing a payments strategy is about serving the customer. By reducing steps and consolidating activities associated with the customer’s payment process, payments becomes an innovative step to grow and secure your future.

Purpose of this article: Illustrate the ways payments can change your business by improving the customer experience.
  • More responsibility, more revenue
  • Innovative payments strategies examples:
  • UBER
  • Legal industry (Clie, Headnote)

More responsibility means more revenue

There are a variety of options that allow you to broaden your approach to payments that simultaneously increase the value of your business. The more responsibility you take on, the greater your ability is to improve the customer experience and increase your revenue.

Embedding payments into your existing software can dramatically improve the value of your service. Let’s look at the factors that lead to the Uber customer experience. Consider these same factors as you navigate the customer experience.

Examples of innovative payment strategies

With the payments industry quickly and dramatically evolving, you have an opportunity to dramatically enhance your customer’s experience. One obvious area is mobile payments, which is the route Uber took. Customers are using their phones to make purchases in stores and online.

The following chart indicates continued growth in retail e-commerce and dramatic growth in mobile POS (Point of Sale).

Retail ecom
(US Billions)
2014 2018
$4,632.29 $5,300.26
Mobile POS
(US Billions)
2014 2018
$3.5 $118

Because you want to be consumer friendly, let’s identify the changes in consumer behavior and the expectations they have today:

  • Using multiple devices and methods
  • Desire for intuitive and seamless experience
  • Millennials are increasing demand for mobile and new channels of engagement

The required response is to create a user-centric experience. See if you can answer these questions:

  • What is the easiest way for your customer to pay? Or if you’re B2B, accept payments?
  • If mobile wallets are being used, how can your app simplify the user experience?

Lastly, think about how to drive adoption. Every customer interaction has an effect on your relationship with them, be it a positive or negative one.

In order to drive adoption amongst your customers, consider the following points of concern they may have:

  • Address security – your customer wants to know you care.
  • Make payments convenient – let customers pay the way they want to pay.
  • Increase payment utility – such as, provide reward points or frequent transaction awards. This is an opportunity for you to be creative.

Case Study

Clio

If you are in a (B2B) business to business environment, review the Clio case to see how payments increased their customer satisfaction.

Share this Article

Was this article helpful? Go ahead and share this resource with your team.

Start building your payments strategy

At any time, we’re ready to help point you in a direction that works for your business. Enter your email address, answer the quick survey questions we send back, and we’ll get you personalized advice.

Start typing and press Enter to search