What does the future of the payments industry look like? Is it going to be an exciting growth with loads of opportunities? We now look at some of the leading trends which are shaping the innovations in the payments industry.
Anticipating the next big thing in the market has been the x-factor which differentiates a small-time business and an exponentially growing business. Regulatory requirements, consumer demand and pressure to innovate to succeed against a rapidly growing competition have disrupted the payment industry putting great pressure on merchants doing business with traditional payment methods only.
In order to stand against the test of time, businesses must be flexible and adapt in a constantly changing environment. In a market which rewards agility and punishes inaction, businesses and merchants are looking for ways to integrate with online payment gateways which can stand the pressure of a peak sales time without compromising on the quality of service to their customers. One abandoned shopping cart due to faulty or slow payment system is the loss of potential opportunity. It also means a loss of reputation as word can travel if the experience is bad.
Tyche payments are one of the best payment gateway solution providers in the market who put your customers, user experience and successful transactions at the forefront of their operations. Let us look at some of the trends in the payment world and how Tyche can help you grow an online customer base.
1. The rise of a digital generation
The new generation is way different from its parents and grandparents. How? They are naturally digital. They grow up in a world surrounded by touchscreens with more than a few homes equipped with virtual assistants and as a result, expect everything to be brought to them on a platter. The average attention span of an individual is a few seconds and if your business, product or service does not attract them in that period, you do not gain a customer.
Now that we can see how hard it is to bring in new customers in spite of out-of-the-box adverts and marketing, would you want to lose them over something as basic as a complex payment system which hassles your customers with too many details?
On the other end of the spectrum, are individuals who are intrigued by digital tools that manage payments, bills, expenses, personal finance, and what-not while offering rewards or savings. Personalised and highly-relevant experiences attract consumers who crave immediacy. As the wall between social media and the physical world crumbles, successful businesses are those who cash-in on this digital wave.
What can you do to stay ahead in the race to reach the pot of gold at the other end of the rainbow? As a merchant or business, you can integrate with a payment gateway system which is fast, simple and years ahead of its peers in its service and support. As an individual looking for a financial app which can take care of all your bills, payment and money-related activity without compromising on your security, you need to analyse for solution providers who put people first over commercial success. Tyche Payment Solutions offers a digital payment system which fits any scenario and they are willing to innovate if the need may be. They promise that they will try to deliver what their customers require and anticipate what their future needs may be. As customers, this is what we should be looking for in any payment company. Tyche Payment Solutions delivers an app which is secure, flexible and comprehensive. As a company, they are ready to take action in the face of new challenges and respect the individual in an arena where personal customer interaction is considered as an overhead.
2. User experience reaps in revenue
Customers are interested in digital payments advisory and expense management services to provide a better understanding and control of their personal spending. To deliver, the industry must shape payments experiences around consumer needs.
The battle over customer experience is hard-fought and Tyche seems to have won the battle, if not the war. With a customizable UI, which lets users shape their dashboard, Tyche’s UI is well-defined, elegant and flexible. By analysing spending data, Tyche also suggests using the payment method which will charge less for each transaction.
The payment gateway feature on your app or website can be customised to suit your design and preferences. Tyche believes that customers ignore design which ignores their need. With the priority on customer service, designing a great UI which simplifies payments is an extension of the fundamental thought of excellent customer service.
“It escapes, irretrievable time”
With so much to do and so little time, your customers expect to spend less time on something as ordinary as checking out a product and paying for it. If you are a merchant or business who use traditional payment methods, it is time you started thinking about doing an overhaul of your system to expand your trade.
By implementing a system which is inherently agile, can predict trends by analysing your shopping data and ensures that the money is physically in your account in a couple of days rather than taking a week or more, you would have a jackpot. As, one of the leading payment solutions providers, Tyche delivers all that and more. They flawlessly streamline the transition from paper-based invoicing and checks to digital payments. With an emphasis on experiences beyond transactions, tech collaborations and modernization, integrating with Tyche is a game-changer for your business. They are thinkers, strategists and pioneers who help you evolve business strategies, operating models, systems and cultures through comprehensive data analytics. So, what are you waiting for? Talk to a sales team member from Tyche to get more information about integrating their payment solution with your business.