Story image

Why payment sector disruption Is a plus for your business

23 Sep 16

The way consumers pay for services is evolving rapidly. Rapid innovation in cloud technology and a sharper focus on the customer experience, led by companies like Airbnb and Uber, have started a payment revolution.

Tech companies of all sizes are looking to prioritise the payment industry when shipping updates, with Apple and Google looking at ways to make the experience as seamless as possible.

This renewed focus on redefining the way payments are made is impacting everyone. Small business owners are finding themselves in an unprecedented position where getting paid is easier than ever. In addition to this less customers are dropping in the middle of their purchase cycle.

This all comes from an increase in P2P (peer-to-peer) payment rails from industry leaders including Square Cash, Venmo and Apple Pay through to emerging players like Stripe who are disrupting the disrupters.

Simplifying Is Key

At this point it’s not hard to imagine a future where cash doesn’t change hands. At Xero, we are constantly focused on delivering updates aimed at speeding up the payments process for small businesses because we know that is what our customers need.

Small businesses can send online invoices anywhere, anytime. Invoices feature a bright green “Pay Now” button so customers can make the payment on the spot. Business owners can see when the invoice has been viewed, and forgot about reminding the customer to pay, the reminder process is automated.

Automate

The payments system on a business’ website can be the one thing that defines whether a customer ultimately makes a purchase. Using a trusted payment system takes the hassle out of the process for a small business and leaves customers knowing their financial information is secure.

Putting up hurdles between the customer and the checkout will send them elsewhere. Automation takes the pain out of payments for the customer and gives small business owners time to focus on other important areas of growth in the organisation.

One Payment Option Is Not Enough

When it comes to payment options, more is more. Giving customers as many payment options as possible increases the chance of them buying. Xero gives small business owners the flexibility to accept payments from their customers via credit card, PayPal and Stripe.

Data

The amount of information businesses can learn from their customers’ online payments is almost endless. Businesses can use the how and when of a customer payment to analyse the relationship between the transaction and the customer profile. Now business owners have even more data, which they can use to optimise their offering priorities, sales pushes and customer engagement.

Flow

Today it’s easier than ever for small businesses to connect their payment data with their accounting software and online banking. Having a real-time overview of their business’ cashflow in one place, such as an interactive dashboard, means small businesses can see exactly what is happening in their business.

While technology and consumer demands will continue to evolve, so too will the payments sector. Small business owners can take advantage of this disruption by embracing cloud-based solutions and reaping the rewards.

This article was written by Craig Walker of Xero and originally appeared on CBS Small Business Pulse.

DigiCert conquers Google's distrust of Symantec certs
“This could have been an extremely disruptive event to online commerce," comments DigiCert CEO John Merrill. 
Protecting organisations against internal fraud
Most companies tend to take a basic approach that focuses on numbers and compliance, without much room for grey areas or negotiation.
Telesmart to deliver Cloud Calling for Microsoft Teams
The integration will allow Telesmart’s Cloud Calling for Microsoft Teams to natively enable external voice connectivity from within Teams collaborative workflow environment.
Jade Software & Ambit take chatbots to next level of AI
“Conversation Agents present a huge opportunity to increase customer and employee engagement in a cost-effective manner."
52mil users affected by Google+’s second data breach
Google+ APIs will be shut down within the next 90 days, and the consumer platform will be disabled in April 2019 instead of August 2019 as originally planned.
GirlBoss wins 2018 YES Emerging Alumni of the Year Award
The people have spoken – GirlBoss CEO and founder Alexia Hilbertidou has been crowned this year’s Young Enterprise Scheme (YES) Emerging Alumni of the Year.
SingleSource scores R&D grant to explore digital identity over blockchain
Callaghan Innovation has awarded a $318,000 R&D grant to Auckland-based firm SingleSource, a company that applies risk scoring to digital identity.
IDC: Standalone VR headset shipments grow 428.6% in 3Q18
The VR headset market returned to growth in 3Q18 after four consecutive quarters of decline and now makes up 97% of the combined market.