Older consumers’ payment habits change very slowly and they don’t give them up easily, e.g. the outcry in the UK when banks tried to get rid of cheques. Yet the merchants’ adage, that, “We have to offer the payment options that customers want to pay with” still applies, so merchants need to offer both old and new payment systems. If you are a global MNC this is a nightmare, as you have to cater for all the local variations and all the new payment systems. This is why the omnichannel providers are welcomed by companies trading in many countries and why they are growing very fast indeed.

Adyen

Adyen is a global provider of international and multichannel payment solutions. The Adyen Payment Platform supports all sales channels, including online, mobile, Point-of-Sale (POS) and Mobile Point-of-Sale (MPOS) payments, and offers solutions that increase revenue while managing risks and reducing costs. The Platform is scalable and can be customized to meet any merchant requirement. Adyen processes some 250 local payment methods in 190 transaction currencies and is used on six continents.

Eight best Practices to enhance consumer experience and payment processing

Based on their considerable experience of local customs and what merchants require world-wide Adyen have published, with Edgar, Dunn & Company, a report entitled ‘Optimizing payments to increase revenues’ which reviews the best practices required world-wide: 

Enhancing consumer experience

1. increasing conversion rates by optimizing the design of payment pages
2. unlocking customer segments with local forms of payment
3. driving incremental sales with 1-click payments
4. generating incremental revenues through segmented use of 3d secure.

Optimising payment processing

1. implementing a global acquiring strategy with a country-specific approach
2. generating incremental recurring transactions with innovative use of local forms of payment
3. using intelligent data-based risk management to turn fraud prevention into a profit center
4. increasing revenues by leveraging payment data insights.

What to do next

There are a large number of payments-related best practices to enhance the consumer experience and payment processing. So what should you do next? EDC never miss an opportunity to tell you what to, they recommend: 

• Step 1: Where are you now? Understand your current situation
• Step 2: Where do you want to go? Engage with payment partners and define a payments optimization plan
• Step 3: Are you getting there? Implement and continuously monitor to further optimize payments.

For a copy of ‘Optimizing payments to increase revenues: 8 Best Practices to enhance consumer experience and payment processing’, see.

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CTMfile take: Catering for consumer’s old and new local payment requirements world-wide is probably only practical with an omnichannel provider.