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Everything you need to know about Payment Orchestration

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By BridgerPay

Payment orchestration is the next big trend in online payments, but why? What is it and how does it improve upon the traditional payment service providers (PSPs) that have dominated the market for years? Below we’ll discuss what payment orchestration is and how it can benefit your online business.

What is Payment Orchestration?

Payment orchestration doesn’t do away with PSPs, but rather, works with multiple processors and then routes payments for individual transactions to the most efficient one. Large-scale online merchants have been working this way for years, since they have the budgets to employ in-house teams that create contracts and integrate with multiple processors.

Small and medium-sized businesses, however, don’t usually have the “luxury” of hiring an in-house department to handle payment orchestration. The option they have traditionally been left with has been high-priced PSPs that employ a one-size-fits-all solution. This method slows the checkout process for the consumer and charges high fees to the merchant.

Payment orchestration platforms like BridgerPay, on the other hand, do several things. They:

  • Eliminate the need for a costly in-house team
  • Create a fast, convenient checkout method for consumers
  • Reduce merchant fees

How can a payment orchestration platform do all this? Through infrastructure, a unified checkout experience, optimization, and data reporting efficiency.

Infrastructure

For the past decade, mid-market businesses and SMBs have managed their online payments through one PSP, since using multiple connections proved too costly and complicated. With payment orchestration, these businesses can perform all the necessary connections to complete an online payment in one place.

The result? An efficient, streamlined payment system that increases revenue and security while providing a more convenient checkout system for the consumer. When this happens, business owners will have more time to focus on other things, like development, advertising, etc. 

Unified Checkout Experience

Payment orchestration creates a seamless checkout experience for both customers and merchants. BridgerPay’s payment orchestration platform does this by allowing customers to embed their solution or add its REST API to their stack. The result is that the merchant cashier has the same look and feel as the rest of the website.

Payment orchestration also enables online businesses to let their customers pay in local currencies. Tools like the Bridger Currency Converter allow the conversions to happen on the merchant’s end, not on the end of the PSP. This can lead to reduced cart abandonment, since customers will be able to use their preferred local wallets, and increased revenue for merchants.

Optimization

Payment orchestration routes payments through the most efficient processor, as opposed to routing all payments through the same processor. For example, if an online store needs to receive a payment from a US-based customer and a Europe-based customer, payment orchestration means that each of those payments gets routed to the most efficient processor.

Bridger Retry routes different payments to different processors and reroutes them automatically in case a payment is declined, which reduces failed transactions and the cart abandonment that usually follows. The Bridger Router allows merchants to set up routing rules according to currency, region, and transaction amount, which increases transaction speed and decreases the cost to the merchant.

Data Reporting

Payment orchestration provides a 360-degree view of a merchant’s transactions and data, since all PSPs are managed in the same place. Data reports suddenly become easier to access. Merchants can get a full view of all essential data, including approval ratios for all payment gateways, declined transactions, cart abandonment, total transactions, and more.

Online Retail Growth

According to Statista, global online retail totaled $3.53 trillion in 2019. By 2022, that number is projected to reach $6.54 million. While small to mid-sized businesses may not have needed payment orchestration in the past, as more people turn to online shopping, the need is now apparent. For online merchants that needed it but didn’t have the budget, payment orchestration is now affordable.

Payment orchestration can help online retailers reduce the cost of payment processing and the rate of cart abandonment, increase long-term profits, and make the consumer experience more convenient. As one solution that can achieve all of these goals, the question isn’t why should you go with payment orchestration, but how fast can you implement it.

How COVID-19 has changed perceptions of e-commerce

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By BridgerPay

COVID-19 has changed the way consumers relate to e-commerce and that according to this recent survey, the pandemic has accelerated a greater global shift toward online stores and digital solutions, especially in emerging economies.

This means that online platforms are faced with the need to provide seamless, speedy transactions that can be completed by anyone regardless of their location. As the market continues to grow, if you’re a merchant and don’t manage to adjust to suit the increase in digital traffic, you may find that you lose customers or become irrelevant.

Challenges today

While e-commerce has grown significantly over the past 10 years, it is expected to grow even further as the pandemic lingers. During this time marketplaces like Amazon, AliExpress, Rakuten, and eBay are all platforms which have needed to make adjustments. While their sites are used to heavy consumer traffic, online buyer behavior during the pandemic has stretched their capacity to handle the volume.

Medium to enterprise sized sites are going to face new challenges with the global increase in digital sales. Payments integration, transaction failure, and speed are three specific challenges that growing websites face today. These are challenges which need to be met immediately as according to this PwC study “in the first 6 months of 2020 US retailers online sales grew to US $347 billion, an increase of 30% from the same period in 2019.” In order to meet those challenges BridgerPay offers solutions that can help you address these issues.

Transaction Failures

Research shows that 62% of customers who experienced a failed payment will not return to the website the failure occurred on. Moreover, if a visitor has a payment failure, their chance to convert drops by 70%. These are startling figures you need to understand as they show the importance of successful transactions. As your site grows during this time you may find that your current payment solution can’t keep up with the new influx of customers, and as a result, transactions may fail. Loss of customers due to something that can be fixed isn’t a risk your growing business should take.

With BridgerPay’s Router, merchants can designate their desired cascading order for any transaction. Specific volumes can be customized according to payment solutions, countries, and currencies, and the solution also offers its own built-in routing models. The results are boosted approval ratios and a reduction in transaction failures in each region.

Payments Integration

When your online store wants to make its products available in another country, offering a local payments solution in that country can encourage customers to complete their transactions. Local solutions offer speed, convenience, and the potential reduction of shopping cart abandonment, and occurs 68% of the time in online shopping.

Which is why BridgerPay’s payments software, a proprietary smart cashier software that allows consumers to select their preferred payment method on a site is important in those markets. Cashier partners with global payment methods like major credit cards, e-wallets, and cryptocurrencies as well as with local payment methods so that merchants can offer their customers all the convenience of local transactions. Many platforms’ users are comfortable using local payment methods such as Boleto (Brazil), China Union Pay, Interac (Canada), and Sofort (Europe), and as a merchant you must find ways to accommodate users purchasing behavior.

Speed

Today, consumers expect transactions to occur in milliseconds, and anything more is considered unacceptable. According to a 2018 Google report, a page that takes between 1 to 5 seconds to load increases the probability of bounce by 90%. Can you as an online retailer afford that kind of loss in this ultra-competitive market? Merchants must work with a solution that allows them to offer speed-of-light transactions for local and global customers such as BridgerPay, which boasts an average load time of less than 0.5 seconds.

The above three challenges are not the only ones that exist for e-commerce sites, but they are certainly among the most pressing. The solutions covered above help deal with the challenges of data management, settlement tracking, and security. As an AI neutral supergate, BridgerPay

offers online merchants an easy, seamless way to meet your needs and the needs of your customers. To learn more about how these solutions can help transform your e-commerce business click here.

Businesses transform during Coronavirus

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By Ordo

New year, new you? What about your business? Are you fit for rapid recovery whilst weathering political turmoil, new virus strains and vaccines? The planet transformed to move online to fight to survive, both personally and for businesses.

But now’s the time to keep innovating and transforming to be as efficient as a stretched economy is going to require you to be. And payments are the quiet frontier of that evolution.

New ePayments solutions give you everything you have today, just better…we’re talking not just eCommerce and electronic payments, but Ordo eCommerce and electronic payments.

Why wouldn’t you want instant access to your income, automatic reconciliation, minimisation of fraud risk and up to a 90% saving on your costs?

Cards and emailed invoices are so 2020, step into 2021 with the confidence of knowing you’re doing your best for your business. Manage your payments with Ordo, it’s reckless not to.

Find out more at www.ordohq.com/enterprise or try for free at www.myordo.com

How can international brands thrive in the Middle East, North Africa and Pakistan?

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By Checkout.com

Every economic region can suffer from stereotypes. For the Middle East, North Africa and Pakistan (MENAP), that comes in the form of petroleum, natural gas, heavy industry and concentrated sovereign wealth. Lazy analysis may correlate this with weak individual consumer spending and a lag in mass digital adoption. As a consequence, it’s easy for many foreign brands plotting international expansion to ignore the region.

That may be a mistake. The MENAP is undergoing an enormous transformation. Demographic, technological, political and cultural forces shape new consumer behaviors, not least in the ecommerce market.

As Gaurang Shah, Senior VP, Product Management, Digital Payments & Labs, Middle East and Africa at Mastercard explains: “The short-term response to COVID-19 has led to the accelerated adoption of new connections to the world of digital commerce. More people and businesses can now be welcomed to the formal economy, setting the foundation for sustainable, inclusive growth.”

Some were quick to see the potential. In 2015 the online food ordering service Talabat was acquired by German ecommerce group Rocket Internet for $170 million. A year later, it was under the ownership of Delivery Hero, which saw enough potential in the region to add Otlob (Egypt) and Carriage (MENA) to its portfolio. Elsewhere, Uber acquired Careem — the region’s leading ride hailing service — for $3.1 billion in 2019.

Our recent report found that 78% of consumers in the region frequently shop online, with almost half (47%) anticipating they’ll do more so in 2021. By then, it’s predicted that the Middle East alone will have an ecommerce sector worth $49 billion. And 500 million people will have a smartphone connection by 2025, with 45 million of these on a 5G network, says the sector’s global body .

With such enormous growth potential, the question for brands is how can they tap into this market.

Identifying the trends

Acknowledging this growth is the easy part. Brands with designs on MENAP need to dig into the trends. Only by understanding the forces at play can they work out how to leverage them and take a share of the e-commerce opportunity.

That’s easier said than done. The region is large and complex. Depending on what definition you use, it covers around 15 million square kilometers, includes somewhere between 20 and 30 nations, and has a population between 550 million to 800 million.

But three clear trends have established themselves above this complexity. Each presents opportunities, and challenges, to market entrants.

  1. Cashless payments

The MENAP region has not been alone in its reliance on cash. And as elsewhere in the world, consumer habits can be hard to break. Cash in itself is seen as somewhat abstract. Hard assets such as gold can be preferred as currency. Against this context, digital payments have had an even harder time finding their feet.

Three developments are changing that:

  1. Improved digital infrastructure mobile adoption
  2. More friendly regulations
  3. COVID-19

On the latter, lockdowns have meant people are physically unable to exchange cash while also being suspicious of catching the virus from handling notes and coins. Hadi Raad, VP of Digital Solutions at Visa, suggests that “cash now carries an extra stigma of low-hygiene, in the minds of consumers.”

As interesting as this immediate reaction is the longer-term intentions of consumers. Emre Talay, Director of Global Payment Operations at Delivery Hero, explains that not only did they see 50% of cash transactions go digital after the pandemic, but that they’ve “also seen a rise in consumers wanting to save their card details on file.”

But the move away from cash was already underway before the virus struck. National governments have been making it easier for new digital payment methods to be introduced. KNET in Kuwait, Benefit in Bahrain and Mada in Saudia Arabia are already household names. In Saudia Arabia, which has led the charge, alternative digital payment methods now outstrip traditional card-enabled transactions. And in the UAE, 64% of people expect the country to become fully cashless by 2030 .

  1. Digital natives

Infrastructure and regulation merely lay the groundwork for change. It’s people who transact. As the digitally native generation comes of age, their appetite for choice and convenience fuels the region’s transformation.

In the last century, MENA’s population grew faster than anywhere in the world. Today at least 200 million people are under the age of 25. . And one-third of the region is under 15 years old . This is the generation who have grown up with access to the internet, a phone in their hand, and social media on speed dial. Convenience is not a demand but an expectation. Shopping and paying online comes naturally to them: 36% of 18-24-year-olds shop online at least once a month, compared to only 13% of 55 and overs .

  1. Economic diversification

Layered on this picture of digitization and demographic change are shifting global attitudes to oil production and consumption, pro-democracy movements, increasing immigration from developed nations and rising education standards.

Layered on this picture of digitization and demographic change are shifting global attitudes to oil production and consumption, pro-democracy movements, increasing immigration from developed nations and rising education standards.

The result is economic diversification. Health and fitness, media, and digitally-enabled services are some of the winners. But these sectors aren’t easily infiltrated. For international consumer brands looking to benefit from MENAP’s new spending power, ecommerce is the fastest route to success. And the race has begun. From just March to September of this year, we’ve seen 1000+ new inquiries for merchants shifting their sales online.

For Sunil John, Middle East President at public relations firm BCW, the game’s up for retailers that don’t take this seriously enough: “Pivoting to a digital-first mindset that understands the importance of a seamless online shopping and payment experience will be a strategic imperative for traditional retailers to survive and thrive in the MENAP region.”

Proceed with caution

Preparing to enter any new market can be difficult. When the market is the size and complexity of MENAP, it can be overwhelming. But it doesn’t need to be. Two considerations should be front of mind for international merchants:

How do we navigate the complexity and understand the nuances? How can we do this faster than our competitors?

The key to both questions is payments. Too many businesses leave payments to the end, by which time it’s too late. The ability to offer the payment methods that your customers want can make or break your success. It should be prioritized alongside market research, production, marketing, recruitment, distribution and so on.

For each country you plan to sell online in, there are some basic questions to start with, including:

How do people there prefer to pay? Who is regulated to take payments? What are the broader financial and legal obligations of doing business? Are there any restrictions to domiciling revenue?

But progressive won’t stop there. Ecommerce is about nimbleness. Scalability — in other words, being able to ramp up the number of transactions you take — is crucial. So is data. Understanding payments at a granular level — conversion rate, success and declines, speed of settlement, cost per transaction — is how successful merchants continuously improve their customer experience and margins.

A challenge shared

International brands looking to get a foothold in the region are realizing they can’t go it alone. Increasingly the answer is to partner with a payments specialist with local knowledge, coverage, compliance tools, access to data and the infrastructure to scale. There are many benefits, not least outsourcing the hassle so your businesses can focus on what you’re best at. Ecommerce retailers that understand the opportunity in MENAP and factor payments into their plan will be the ones that thrive.

Want insider insights into what leading brands across MENAP are doing to succeed with payments in the region? Check out our exclusive eBook featuring the views from payment professionals at Seera Group, Delivery Hero, Chalhoub Group and more.

Who are Checkout.com?

Checkout.com’s flexible payments solutions help global enterprises — like Samsung and adidas — adapt, innovate and thrive with more value from every transaction flowing through your business. They’re on a mission to empower merchants by building the connected finance they deserve.

Download our new report to learn how businesses responded when consumers ditched cash during the pandemic

Risky business – Why tackling cyber-security and fraud is key to post-pandemic retail success

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By Angel Grant, Director of Digital Risk Solutions at RSA Security

Retail has always been one of the most popular targets for fraud and cybercrime. Hardly surprising, given their complex supply chains, cyber-immaturity relative to other sectors, and the huge volumes of customer data they often possess. But the rush to digitalise during the pandemic may have inadvertently exposed retailers to even more cyber-risk than normal. From new mobile commerce applications to employees working remotely, the attack surface today is larger than ever.

In the UK alone, retailers are said to have spent £186 million on “cutting edge” cyber-security over the past year. But the headline figure may be misleading: how this money is spent is as important as how much is being allocated. For maximum results, retailers must go back-to-basics and reassess their security posture, covering everything from IT infrastructure to customer awareness.

Disruption is a cyber-criminal’s best friend

COVID-19 has provided the bad guys with a big opportunity. Cyber-criminals thrive in chaos; they’re masters at adapting quickly while their victims are still floundering, and disruption doesn’t come much bigger than a global healthcare and financial crisis. The sudden closure of “non-essential” stores at the start of the year forced many retailers to work rapidly on two fronts: supporting mass remote working for their employees and accelerating digital transformation to ensure they could continue to serve their customers. In many cases that meant upgrading POS and retail management systems, designing new applications, re-invigorating social media, and redesigning business processes to, for example, encourage BOPIS (buy-online-pickup-in-store).

The problem with these much-needed changes is that in many cases they were actioned without proper attention to risk management, compliance, and security best practice.

Where are the risks?

From an IT perspective, security gaps have arisen from poor integration between newer digital infrastructure and legacy systems. In the home working space, for example, some reports suggest VPNs were overwhelmed by the demand from users, causing security bottlenecks that may have persuaded some users to bypass security controls altogether. This was especially risky as it came at a time when those same users were being bombarded with COVID-19-related phishing emails and may have been using personal devices for work needs.

Changes to retail supply chains have also introduced extra cyber-risk. Retailers outsourcing parts of their IT to streamline infrastructure during the pandemic must keep a keen eye on compliance and security standards. GDPR regulators will simply not allow you to push responsibility for an incident onto a supplier.

As more consumers flooded online, so have the cyber-criminals. Those touting digital card skimming code have been particularly prolific; most notable was a coordinated campaign in September that saw an unprecedented 2,000 e-commerce sites compromised in a single weekend. It’s unknown how many customer card details were silently stolen as a result.

Hitting the customer

These risks extend to the customer sphere. As many retailers launched mobile apps or new functionality to their sites, our threat researchers noted a spike in fake apps masquerading as various real brands. Due to resource constraints, many retailers weren’t monitoring for this kind of activity, which is designed to harvest customer card and personal details.

On other occasions, scammers targeted the apps themselves, impersonating legitimate customers to make fraudulent purchases. Account takeover is a particularly popular strategy here, as it’s more difficult for a retailer to spot malicious activity if a user has already logged in and appears legitimate. In reality, scammers use ‘credential stuffing’ techniques, which means they try previously breached log-ins across a range of different websites until they find one they can unlock because the person re-used the same password. One report claims the retail sector accounted for over 90% of the 64 billion credential stuffing attempts detected between 2018 and 2020.

At a basic level, the pandemic provided fraudsters and cyber-criminals with a new group of tech novices who may be more susceptible to scams and social engineering, and whose IT hygiene may not be up to scratch. Consumers have also been more distracted, vulnerable, and emotional than ever—a perfect combination for attackers.

Fraud schemes have included simple fake sites set up to ‘sell’ hand sanitiser and face masks, but which harvest card and personal details instead. They have also stretched to more sophisticated plans to capitalise on omnichannel retail and the growing popularity of BOPIS to get goods to customers. In recent months, cyber-criminals have been known to buy card details that align geographically with the location of their ‘money mules’, so that these individuals can physically collect high value items fraudulently purchased for BOPIS.

Looking ahead

Faced with these varied threats, how can retailers continue to succeed without impacting staff productivity or introducing friction to the customer experience?

From an enterprise IT security perspective, it all comes back to risk management. Now is the time to take stock of your digital transformation efforts over the past few months and understand exactly where your data flows, where gaps in protection are, and which controls should be applied to plug them, both to shore up security and stay compliant with any relevant regulations. Visibility and governance must of course extend to any new cloud and mobile environments, third parties/suppliers, and potential ‘shadow IT’ (unauthorised IT applications) lurking in remote working environments. At the very least, working through these challenges can help security teams bring the conversation into the realms of the senior management team – having them bought-in will be essential to ensuring the necessary support and funding is available.

From a customer-facing perspective, now is a great time for retailers to take it upon themselves to educate consumers, so that they can better differentiate between legitimate marketing and phishing attempts. Enhance this with improved monitoring of social media and app stores for brand impersonation; new risk-based authentication measures for customers; and transaction fraud prevention via systems like 3D-Secure. Remember, fraud prevention should span across all commerce channels to ensure there is no potential single point of failure.

As we approach a vitally-important holiday shopping season, the bad guys are primed and ready to take advantage. In anticipation of this battle, retailers must act now to ensure they can limit the cyber and fraud risks they will inevitably face.

The ‘phygital’ experience as protection against the virus… and the financial crisis

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By Limontek

Over the last several years, the ‘phygital’ marketing strategy (i.e., physical plus digital) has been gaining ground. This trend in the retail world aims to provide consumers with an enhanced in-store shopping experience that reaches into the digital world. Entirely focused on customer requirements, this strategy is geared to enrich physical outlets with digital technologies.

As only part of a system that employs techniques to increase customer knowledge, the phygital solution is a vehicle for achieving greater customer loyalty, thereby leading the way to the omnichannel experience.

Whether during lockdown, at the end of lockdown, or during the transition back to work, we’ve found that brands that have started offering digital payment transactions are doing much better than others that haven’t. Considering the health safety rules applying to shops and businesses, keypad payment has become problematic, and its days may be numbered.

Some players in the payment world are offering turnkey solutions allowing consumers to manage all their transactions and payments, whether online or in-store, including all online and offline payment methods that can use contactless technologies.

Contactless payment systems: more secure than credit and debit cards

Contactless payment ceilings are strictly limited on bank cards simply for security reasons. With the increase in fraud over recent years, many users have lost confidence – and so have financial services. Fraud compensation is clearly becoming more and more difficult. Conversely, payments by NFC and QR codes require unlocking a smartphone using either a fingerprint, optics, or a code to validate the transaction.

Surviving post-pandemic retail challenges with subscription models

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By John Phillips, General Manager, EMEA at Zuora

Whilst many organisations are feeling the economic effects of the global pandemic, subscription-based businesses are proving to be resilient. In fact, a recent report found that more than half of subscription businesses have not been impacted by the pandemic, while one quarter are actually seeing subscriber acquisition rates accelerate.

So, what can the traditional retail industry, especially those in Consumer-Packaged Goods (CPG), learn from the strength shown by subscription services?

During the pandemic, in order to follow government guidelines and ‘stay at home’, many consumers took to ordering a variety of products – including groceries and home staples – online, signing up to subscription models they potentially hadn’t thought about before. But, as things return to some semblance of normality, in order to continue to drive this growth and build loyalty within their customer-base, CPG  businesses need to focus on forming direct relationships with their customers.

The strength of subscriptions in 2020 has proven that forming direct relationships with customers and focusing on adding long-term value over short-term revenue is going to be key for retails in surviving the impending recession.

COVID-19: The catalyst for shifting consumer attitudes

Subscription box retailers have enjoyed steady growth in recent years, with 27.4% of Brits signed up to subscription box services as of February 2019, according to Royal Mail Group research. At the time, the UK subscription box market was forecast to reach £1 billion in value by 2022, a 72% increase from its value in 2017. Many early entrance to the retail subscription market are reaping the rewards, including Hello Fresh, Graze and Nespresso.

While the COVID-19 pandemic affected brick and mortar sales, subscriptions enjoyed a fruitful period as millions were stuck at home. In July, new Royal Mail research showed 15% of adults had ordered a paid subscription box online since lockdown began.

Some subscription services were able to turn adversity into opportunity by listening to customers and their changing needs during the pandemic. This compassionate approach is in turn leading to increased loyalty and overall growth. A good example of this can be seen from the restaurant reservation platform Resy. During COVID-19, Resy was committed to providing 100% relief on all fees and billing until the end of June. Since then, they’ve seen customer subscriptions spike. The adaptability offered by subscription-based models is proving to be a lifeline for many retail organisations battling the current period of uncertainty.

The future of CPG is in subscriptions

According to our CPG Subscription Report, 61% of UK consumers who have a CPG subscription have one with a food and beverage organisation, followed by electronics (33%), pharma and beauty (33%) and fashion (31%). This demand is only set to increase as time goes by, with consumers who have a CPG subscription being 2x more likely to get another in the next 3 years.

COVID-19 has provided all industries with an opportunity to re-think the norm, and the same goes for retail. Shifting to a service model via subscriptions will not only help organisations to bounce back following the global pandemic, but it could boost the profitability further down the line.

In the past, CPG brands could let retailers worry about the customer experience; they only had to provide the products. Now, in a direct-to-consumer reality, brands need to forge relationships based on customer experiences they themselves have created if they want to succeed. Creating a seamless and positive experience has never been more important to ensure stability moving forward.

The three C‘s for success – convenience, customisation and customer satisfaction

In an uncertain economy, many consumers re-evaluating where they spend their hard-earned money.  This makes it more important than ever for brands to prioritise customer satisfaction to drive loyalty and reduce churn rates. So, what makes customers stay?

According to the same CPG report, customers value flexibility, convenience and customisation above all, citing saving time (51%) and ease of opting out (48%) as key factors in making a decision about subscribing to a CPG brand.

In terms of delivering this overall customer experience, flexibility is high on the agenda for those signing up to a subscription-based service.  Fear of being bound to a company or service is enough to put 42% of consumers off signing up in the first place. Therefore, companies that enable changes to their subscriptions are likely to see a positive impact on the bottom line. In fact, research from the Subscribed Institute recently discovered for companies where one in 10 subscriptions has a change after the initial sign-up, for example, this could be an upgrade, downgrade or add-on, the growth rate more than doubles to 20% YoY revenue growth.

Another key pillar for success is convenience. In order to meet consumer demands, the delivery mechanism for the subscription must be more convenient than traditional purchasing. It must take the pain out of tackling the high-street but still provide the retail experience at home for customers. There is a common thread that the most popular subscriptions will save time, deliver to the home or be something that the customer would struggle to get hold of under normal circumstances.

Customisation is the third piece of the customer satisfaction puzzle and is likely to be the defining factor which enables a subscription service to stand out from its competitors. Consumers have higher expectations for the relationship in a subscription model than they do with a single purchase and it’s important to meet these. Taking unique preferences into account is likely to enable businesses to build a better relationship with their customers, encouraging a longer commitment and lessening churn.

For CPG brands looking to fortify themselves long-term, adopting a subscription-based model is an avenue worth exploring. For those that do, focusing on adding value and improving the overall experience for customers will prove critical in building and retaining loyalty long term. If businesses are able to deliver the right blend of flexibility, convenience and customisation, subscriptions could prove to be a sustainable solution helping businesses to both survive this current time of uncertainty and thrive beyond the pandemic.

Ordo, reshaping payments with Open Banking, enabling low cost, real-time transactions across the UK

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By Ordo

In March, the World Health Organisation (WHO) proposed contactless payments as a countermeasure of COVID-19. The effect is the ever-faster rise of digital payments on web platforms and mobile apps. Digital and contactless payments have seen an increase in usage by more than 50%, and experts are claiming that these new forms of payments are here to stay.

Are you ready to switch for the best alternative in the market?

With the further lockdowns becoming more widespread and threatening everyone’s Christmas, we’re offering three tangible reasons to start using Ordo today. 

1. Saving 90% or more on each transaction: it’s true.

If you’re still using card payment processors, you are likely to be paying high fees: around 2-4%. That means that every time you make a sale of £200, you could be paying around £4 – £8 in transaction fees; that’s the cost of a lunch, every time you process a payment. Why not save all these lunches for yourself and your loved ones instead?

Using Open Banking technology (ed. it helps securely and safely move, manage and make more of your money), Ordo can process your payments at a fraction of the cost (20p as a single flat fee, no matter the amount). Learn more 

2. Real-time payments: it’s like cash, but safer.

With widespread concerns about delayed or cancelled orders, businesses are experiencing a high volume of cancelled transactions. Card return and chargeback volumes are starting to see significant jumps which can become a key concern for many companies. Ordo can help your company at no extra cost – when you receive payments through Ordo, they are irrevocable, it’s just like you’ve paid cash into your bank account, nobody can take them back again. Plus, all the Ordo payments will hit your bank account in real-time, as soon as your customer has paid, 24/7, no matter what.  As cashflow becomes tighter, every single payment will count even more, and Ordo could be the partner you were looking for.

3. Reconciling: stop wasting time!

A recent survey showed businesses spend nearly 10 hours per week on payments admin. Now more than ever that is time you need to spend on driving your business. With Ordo you include a reference with your payment request that means something to you and that will always appear on your bank statement with the payment, exactly as you entered it. This reference can also link back the payment to accounts software like Quickbooks, Sage, or Xero. Also with these accounting packages you need to spend even less time doing payments admin, as Ordo will create your payment requests directly from the customer and transaction information you’ve entered into your accounts, including the invoice. Learn more

The change is here: more payments security for you and your customers.

Even if you’ve avoided the costs of card payments, are you exposing yourself and your customers to fraud by just using stand-alone bank transfers?. Common scams emerging include impersonating as relevant authorities and financial institutions to demand payments from unsuspecting consumers, and fraudsters hacking into emails and changing account numbers on invoices to their own. Where you can’t be sure of the owner of the account you’re sending money to, the result is an increase in fraud – to the tune of £451m in 2019 alone, with £114 million of that being invoice frauds.  

With Ordo you are taking positive actions now while there’s still time to avoid the embarrassment, the damaging headlines, the explaining, the compensation and the rebuilding of your business, customer base and reputation you’ll need to do if you just hope that you and your customers will be lucky.  Ordo has been designed and built with privacy and security as part of its DNA. It protects all you and your customer’s data at all times using the latest security techniques and messages go across our own secure channels to and from banks. This means that the whole communication is secure and less vulnerable to hacking and fraud.

What about your customers: are they ready to switch?

We’ve all lost things in 2020, for some it’s been deeply personal, for others it’s been equally as dramatic in other ways finding their jobs gone, the loss of childcare and teaching has meant trying to do two full time jobs at the same time along with the pressure of re-learning algebra; support networks have gone virtual and our freedom has been curtailed with the need to remember your mask if you just want to pop to the shop, or the chore of booking in advance whether you want to go for a quick drink or a swim. 

The things that we once did freely have become complicated and everyone has some kind of trouble on their mind.

Ordo makes it easy and convenient for your customers to pay you, within just a few taps from their phones, all secured by their own bank. 

Your clients can tap and pay without the need to register, find paper bills, login to portals with memorable information they instantly forgot, or look up references to ensure payments get credited against their account with you. You make it as easy as possible for them to pay you meaning you are at the top of their to-do list. Learn more

How we could help you

Ordo is the payment solution you cannot afford to be without. We are regulated by the FCA (FRN 836070). Nationwide Building Society is an investor, and along with CGI and AND.Digital partners, it will make your billing and payments easier.

Its free to trial, for smaller businesses can be used independently and with QuickBooks, Sage or Xero. For larger businesses Ordo can be integrated with any systems with our simple suite of APIs and robotic automation tools.

You can learn more, book a demo or signup here.

www.OrdoHQ.com

The Hidden $20.3 Billion: The cost of disconnected payments

960 640 Guest Contributor

By Checkout.com

How can your payments perform better? And what can you do to stop leaving money on the table? Checkout.com decided to find out.

In partnership with Oxford Economics, Checkout.com analyzed data from 5,000 consumers and 1,500 merchants to piece together this complex puzzle.

Black Boxes and Paradoxes: The True Cost of Disconnected Payments

Checkout.com’s exclusive report shines a light on the biggest untapped payments opportunities for companies today. It reveals what customers are willing to pay for more secure transactions and how fast-growing brands like Deliveroo and TransferWise, approach payments.

Report insights:

  • False declines cost merchants $20.3 billion last year, with $12.7 billion given away to competitors and $7.6 billion -written off
  • 60% of merchants don’t think that their payments data that they receive is robust enough to inform their business strategy nor their innovation
  • Super high growth (41%+ year on year) companies are more likely to have an authorization rate of 96-100% than other businesses

Who are Checkout.com?

Checkout.com’s flexible payments solutions help global enterprises — like Samsung and adidas — adapt, innovate and thrive with more value from every transaction flowing through your business. They’re on a mission to empower merchants by building the connected finance they deserve.

Download the report now to discover the hidden value of payments.

Chargebacks should be a crime

960 640 Guest Contributor

By Utrust

Every year, businesses lose $40 billion in chargebacks. A lot of them are fraudulent, but the banks hold all the power. If business owners want protection, they have to pay for it. Every bank, every card, every contract, has different rules. And your business is in the crossfire. It’s one of the most anarchical and outdated practices in payments.

We have decided to fix this.

Utrust uses the power of the blockchain to completely cut out the middleman. You deal directly with your customers, and all sales are final. No chargebacks. Period.

Simple as it should be.

Reach out to us by clicking here.

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