Pointers on getting grips with digital payments
By: Ben Bierman
COVID-19 has introduced us to one of the most important trends in business – contactless payments. Between March last year and February this year.
Payfast had noted a 400 percent increase in use of QR code payments between March 2020 and February this year.
Standard Bank said its card division accelerated 84 percent year-on-year in the value of online spend at supermarkets and grocery stores. Businesses therefore need to embrace this digitalisation and get up to speed with the various new payment methods.
Herewith are some steps to do so:
Various digital payment methods have made their way to the fore in recent years.
Some of the most popular include devices with biometric authentication through apps such as Apple Pay, Google Pay, SnapScan and Zapper. Social media payment options like Facebook, Instagram and Pinterest enable businesses to sell directly to consumers with digital payment transactions conducted directly on their websites. There is cryptocurrency that businesses can enable customers to pay with currencies such Bitcoin through ecommerce site.
The embracing of new payment method needs to be incorporated into the operation with the least possible amount of disruption or risk.
Attention to detail is important in making sure that correct bank accounts are linked, new system are tested, staff aretrained and businesses have a method of tracking the various payment methods.
Businesses need to communicate the technical aspects with their customers. This might include reaching out proactively through newsletters, advertising, social media and direct interaction, to remind customers of the options.
The market is evolving for almost all businesses, and customers are constantly exploring ways to receive the goods and services that they need in a manner that suits them best. Potential customers appreciate companies that implement new methods such as a variety of payment options – which ultimately results in more business opportunities or sales.
All in all, with the right guidance and information, it is becoming exceedingly simple to offer customers new and easy ways to pay by making use of the newest technologies.
BEN BIERMAN Bierman is a managing director at Business Partners Limited.
*The views expressed here are not necessarily those of IOL or of title sites.
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