Wednesday, July 31st, 2019
It’s crucial for the payments industry to make adjustments so to meet the needs of modern customers, based on age, geography, and various other factors. Thus, the humanization of payments is vitally important in today’s payments ecosystem. If you’re interested in the topic and are looking for the best merchant account in the UK, don’t leave the page.
Humanizing Digital Payments: Best Merchant Account
The critical role of digital payments won’t lose its value in years to come. Based on recent data, the use of contactless payments grew 30% during June 2017 – June 2018. Today, it’s turned into the most popular payment method for in-store transactions.
The world is increasingly becoming more digitized, and Gen Z (or those born after 1996) makes a large part of modern consumers. This group of consumers lives in a world where there’s a rise of the gig economy and growing importance of on-demand retail. So, they take a special interest in instant and seamless experiences while making purchases online.
The UK government has acknowledged that the payments space has changed to a significant extent and will continue to do this in the future as well. Important innovations, including the Open Banking initiative and Pay.UK’s delivery of a New Payments Architecture, are some of the driving forces behind these changes.
The focus of financial institutions has almost completely been on speeding up and simplifying payment processing for consumers in recent years. Of course, this is important, but it’s not enough. The focus must also be placed on the emotional impact of digital interactions.
E.g., digital banking mustn’t only concentrate on creating and implementing new technology means to make transactions simpler. It must also concentrate on providing value to consumers with the help of insightful and tailored guidance.
With all this in mind, it’s vitally important for merchants to use the right merchant services so to provide the best for their customers. Thanks to a reputable merchant-services comparison company like Best Payment Providers in the UK, you can get the best merchant account at the cheapest rate in the industry. Best Payment Providers pays special attention to terms, integration, and complaints so you can be sure to find an exceptional deal for your business.
Humanizing Payments & Customer Experience
The last 10 years witnessed growing investment in technologies like chatbots, digital payments infrastructures, as well as data analysis tools. This way, brands wanted to better understand and serve their customers.
When it comes to banks, they started investing in better digital engagement to develop a profitable relationship with customers. At the end of the day, it comes down to the importance of frictionless services, as well as the most relevant support and guidance.
So it’s no wonder that studies by the Temkin Group show that if you ignore the emotional component of digital banking, you forget that the majority of decisions are associated with intuitive thinking as opposed to rational thinking.
To sum up, it’s true that humanizing payments and eCommerce brings you closer to your customers. With humanized payments and eCommerce experiences, you can attract more people and make them become loyal followers of your business.