Here are 2017’s top thoughts shaping companies into the best that they can be.
Consumers are King (and Queen)
In the past, payment products simplified the way consumers could pay for goods. As we navigate the digital age, product innovation lies within the consumer’s needs, with product manufacturers needing to innovate faster to keep up with the demand.
Consumers want tech that does the job. Apple summed it up when they said: “Technology alone is not enough. Faster, thinner, lighter, those are all good things, but when technology gets out of the way, everything becomes more delightful, even magical. That’s when you leap forward.”
In the payments environment, consumers want to concentrate on the product, not be bothered by the ‘how’ of payments. This is why product manufactures are constantly finding ways that allow you to swipe, scan and tap more seamlessly.
The key for start-ups, is to keep up with those customer needs, they need to adopt and adapt, ensuring that their payment options are integrated, taking care of the headache that is admin and payment process.
Mobile is everything – from the way that people consume media, do their shopping and bulk of their payments. More and more consumers are looking to solutions that find them where they ardent at. Consumers don’t want the hassle of seeking out those solutions. Nowadays, banking is online or app-based and mobile. Your business needs to be the same.
Does your business have a mobile payment option? If not, are you looking at introducing one? There are currently 85.53 million mobile connections in South Africa, which is more than the population as a whole. What this means for your business is that the mobile evolution is already here.
Click here to read more about mobile first.
Digital Options Matter
There are discussions in the payments industry around what exactly a “wallet” means, and will mean in the next five, ten or twenty years. As the shift from cash-based payments becomes even more pronounced so does the discussion around e-commerce and e-wallets. We see many different options gaining traction in the market.
MasterCard cites 65% of South African transactions as cash, suggesting a largely unbanked population and a lack of adequate debit card penetration. However, research done by Accenture suggests that discounts, coupons and value-added pricing would convince 54% of consumers to switch from cash to digital wallets.
The question for businesses is not whether they should cater for different digital wallet options, but which options to offer. The test comes down to a matter of research – ask your customers which payment options they use most and cross reference this to the available statistics on digital wallet options.
Funding for all
As a business owner, sometimes the burning issue centers around cash flow and sourcing funds for growing and maintaining your business. It is incredibly difficult for start-ups to receive funding from the traditional banking system, because they are often seen as high risk and don’t necessarily have collateral to use as surety. Due to these – and other – difficulties small businesses need to be more versatile and innovative about how and where they obtain their funding.
Different funding options were borne out of this frustration. When looking for a funding solution, it is important to do in depth research and compare all the options to your specific business needs.
When we decided to offer a funding option in order to help grow your business through our cash advance value added service we based it on the swipes made by your business from day-to-day (over an average of six months) as well as your individual set of business needs. Business success is about your potential – not just your balance sheet.
Click here to read more about our cash advance service.
Alternative funding options, such as online crowdfunding, or non-traditional credit providers have become so popular for start-ups are looking for credit solutions that are often smaller and more bespoke, something many bigger banks are failing at, because the general feeling is that they feel you’re nothing but a number on a screen.
In this day and age, your business needs to keep ahead by taking heed of consumer needs, no matter how volatile their demands. That volatility all comes down to digital, but keeping up with the trends is an exciting and worthy undertaking.