3 tips for small businesses interested in keeping up with smart commerce trends
September 16, 2013

Businesses and other organizations that accept credit card payments are on the cusp of a rapidly changing consumer market. More than ever, advancements in technology are creating new opportunities for companies to process more transactions and generate greater profits. The rising popularity of mobile devices has led to an increasingly seamless interconnection between different payment methods.

A recent study from EY, a professional services company, described the growing trend of fluid payment channels across the retail industry as "smart commerce." According to the report, 50 percent of the banking industry professionals surveyed said they believe the concept of payment integration will be a daily experience for most consumers within the next five years. Thirty-two percent said such an integration could happen two years from now.

Organizations that accept payments through a variety of channels can benefit from incorporating them all into a streamlined, easy-to-use system. Here are some tips for businesses interested in keeping up with these smart commerce trends:

Use analytics to make informed decisions
Retail Information Systems said personalization is essential for implementing a useful payment integration system that enhances the overall shopper experience. Offering multiple transaction channels will only work if the system appeals directly to a specific customer need. Businesses can use information regarding shopping behaviors to make strategic decisions about which payment methods would be most effective in increasing revenue.

Focus on convenience
Integrated payment systems make products more directly accessible to customers, according to Enterprise Dojo. For example, international shoppers can easily pay for items in different countries by simply going online and sharing their credit card information. Similarly, Internet retailers can access more offline customers by offering the ability to accept checks in the mail. A payment processing business can help a company eliminate the barriers that normally exist between different consumer channels. Focusing on offering this level of convenience is helpful in deciding how to properly update current transaction processing capabilities. Businesses shouldn't have to ignore entire demographics of consumers just because they don't accept their preferred payment methods.

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