Payment integration maximizes revenue, enhances shopper experience
September 26, 2013

Small and medium-sized businesses that connect their online and offline revenues through integrated payment systems have a unique opportunity to stay competitive in today's volatile economy. While consumer spending behaviors continue to be relatively cautious, companies must find creative ways to maximize profits with little overhead cost.

A recent survey from TimeTrade, a scheduling software company, predicted the total number of mobile transactions retailers process will double over the next two years. This optimistic forecast doesn't simply have to do with the fact that more consumers are starting to use their mobile devices while shopping. While this is certainly true, perhaps more important is the growing trend among many companies to start viewing their e-commerce and brick-and-mortar business channels as closely interconnected rather than separate entities.

Finding ways to make customers feel valued
Payment integration services tend to have a profound impact on shopper attitudes. When customers have a variety of transaction options to choose from, they often come away from the experience with the intention of making continued visits in the long run. Despite this important connection between electronic payment systems and overall satisfaction, the TimeTrade survey found 60 percent of retailers surveyed said the ability to offer a highly personalized customer experience is one of the biggest challenges currently facing business growth.

According to data compiled by Econsultancy and Responsys, two separate digital marketing firms, 13 percent of businesses identify a lack of proper technological tools as a major obstacle limiting chances for offering a robust and valuable shopping experience for their clients. The same report also revealed many businesses place a disproportionate amount of focus on customer acquisition and retention strategies. In fact, only 16 percent of companies surveyed said their primary focus is on encouraging existing shoppers to continue making purchases, while 44 percent indicated they are more interested in finding new sources of revenue.

In a struggling economy, however, retention strategies are often much more effective. One way businesses can ensure their shoppers are interested in returning on a regular basis is by offering a dynamic variety of credit card processing options. For example, the ability to accept mobile payments enables customers to choose where and how they'd like to pay for specific products. By integrating online and offline channels, retailers can maximize revenue and guarantee a positive shopping experience for local, regional and even international customers.

Nexus: G-WEBCD2