Merchant Mindsets And Digital Payment Acceptance
India has witnessed a significant change in payment acceptance.
However digital payments are becoming an essential part of our lives and at the core of this tremendous transformation are merchants/businesses trying to adopt and leverage of evolution of payment technology.
Digital payments are becoming more than just accepting online payments, with different models for payment acceptance and processing, businesses are starting to understand long-term implications on revenue, customer relations, and profit.
Though the distribution model dynamics are still at play, with the increasing dependency on technology, the convenience factor of digital payments, widespread use of mobile devices and the internet, and the intervention of the COVID pandemic, merchants’ mindsets are shifting from traditional aspects and working towards new creative directions.
Once traditional, merchant’s cost-centric behavior is changing as digital payments are forcing the businesses to think beyond payment fees.
Customers prefer convenient payments within a secure environment. Offering customers to pay from anywhere at any time is a win-win situation.
Businesses and merchants have started to think from the customer’s point of view. Consumers don’t know about the payment value chain and how it works (moreover they don’t care about it.).
What they care about is the easy checkout experience and that their transactions are processed seamlessly and securely regardless of the time, place, or device they are using.
The lack of frictionlessness and complex check-out can result in cart abandonment. That can put revenue and brand loyalty at risk.
By realizing this, merchants are putting more effort into strategies to offer a seamless and personalized payment experience.
Speaking of a personalized experience, businesses with the help of available customer data and emerging technologies like AI, ML, etc. are trying to offer a more customized experience per shopper.
Right from their purchase habits, and browsing to their preferred payment methods, businesses are evolving their customer relation strategies for fewer cart abandonments and more frequent visits to the store and purchases.
Gone are the days when merchants get all their payment acceptance options from a one-stop shop.
With the evolving technologies and emerging concepts and combinations of products, roles of all categories of payment acceptance market participants are converging.
With the plethora of products and solutions available and the diverse and changing preferences of customers, merchants and businesses need to carefully piece together a right-fit solution and business model.
As the business model depends on a complex market landscape, geographic locations, customer types, and different form factors. With the correct mindset, merchants will be able to use integrated and flexible solutions to their advantage.
The Internet has brought the world even closer making global interactions, and purchases even easier.
Result – internationalization of payment acceptance for both supply and demand chains. Merchants and businesses are expanding their footprints to the international level. Hence the need for improved payment infrastructure that enables international as well as local payments.
Considering constant changing factors like customers’ preferences, marketing, market landscape, technology, operations, etc.
Merchants need to develop a creative mindscape that can be unconventional. And a little complex to simplify the payment experience for customers as well as for their own businesses.
Here at Lyra, we have a tailor-made payment acceptance solution that satisfies all your business needs.
With the best offer, Lyra helps you foster your local and global business successfully. With highly secure and robust solutions, Lyra will take over your major responsibility. Which is managing the transactions of your business on an everyday basis.
However, leave the payments’ related twists of your business with us. We provide your customers with a simplified online payments experience.