Integrated payment support platforms maximize revenue
Few areas of life and business have been untouched by the economic impact of the pandemic.
In Europe, for example, the payments ecosystem has changed significantly over the past two years, with an accelerated transition to online and contactless payments. There has also been significant growth in the subscription-based e-commerce market as more consumers adopt subscriptions as a more convenient method of payment for the goods and services they use on a regular basis.
According to Nikhita Hyett, Managing Director for Europe of global payments orchestration platform BlueSnap, another developing trend in the payments industry is the rise of in-app payments through e-commerce sites and apps. that affects all aspects of people’s lives.
“If you want to book your kids in additional clubs, instead of having an invoice at the end of the month that you are charged for, you can book and pay for that additional club at that time, which not only improves the school’s cash flow, but also reduces the administrative burden on the institution,” Hyett told PYMNTS in an interview.
The trend is also growing in business-to-business (B2B) payments, she added, with a surge in demand from software companies who want to integrate in-app payments into their digital payment options.
Related: BlueSnap adds support for X-Border payments for B2B e-commerce
That’s why the UK-based company recently launched an integrated payments suite and Payfac-as-a-Service offering for software platforms looking to expand their customer base globally and generate new revenue growth.
Overall, the new suite aims to improve the payment experience for software publishers and their customers by making the process more convenient. According to Hyett, even a relatively small improvement in customer experience can have a major impact on a company’s bottom line, by reducing shopping cart abandonment rates and increasing website checkout conversions.
Navigating the fragmented EU market
Elsewhere, she said, operating in the fragmented European region can be a challenge for companies that need to offer country-specific payment methods – the local bank card network in France, PayPal in Germany and iDEAL in the countries. – Low, for example – in local currencies. to meet the needs of customers in the region.
As a result, BlueSnap has seen an increasing number of businesses, especially those based in the US, come to them for advice on which payment methods to integrate when expanding into the region.
See also: BlueSnap obtains license to continue helping Israeli businesses with finance
Although they have a list of payment methods offered in each country, Hyett said the focus should be on finding the right payment method for local customers.
This could mean integrating a “separate” payment function for high-priced items offered to consumers, or adding wallets to the payment mix if mobile e-commerce purchases are popular in the market, a she explained.
Going forward, she said the London-based company will continue to focus on improving its integrated payment solution by incorporating feedback from merchants, customers and direct end users.
“We’re listening [customers] when they have a requirement or are looking for an additional payment method – and if we see something that is really going to benefit all of our customers, then we will bring it,” Hyett said.
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