6 ways payment service change business system as consumer behaviour has changed in recent years. The variations that in 2020 were glimpsed as a necessity have crystallized in 2021 in two clear trends.

The first is the consolidation of online sales channels. 76% of consumers buy through the internet in 2021 according to the” E-commerce Study 2021” of IAB Spain, and the percentage rises to 83% for the age group under 34 years. To this is added a change in the way of buying, with more operations through mobile than computers

The second is the emergence of a more experienced consumer and, above all, more demanding and with more expectations.

Juan Jose Llorente, Country Manager of the Adyen payment platform for Spain and Portugal, explains that in the last year has emerged " what we call the cross channel shopper journey, which is nothing more than a consumer that mixes the different sales channels”.

It is a customer who is in the physical store and looks at the price and availability online, who does not find the product in the store and hopes that they can order it online or who buys online and picks up in store.

6 ways payment service change business system

The consumer has adopted this type of process and expects the trade to offer them, confirms the head of Adyen for Spain. "Expectations are higher and for many those lines between the physical and the online world have blurred,” he emphasizes.

The best example is how retailers have had to adapt their returns policy. Before the pandemic you could buy online and return in store, but with limitations depending on the trade. Nowadays allowing the customer to choose is almost imperative.

Assuming and implementing all these changes is a challenge, investment and a lot of work so that everything can then go to waste at the key moment: that of paying. "Paying is the moment of truth for many buyers” reveals Llorente.

The role of a payment platform is to facilitate that last step, that the customer does not back down because they do not find the payment method they usually use or because they are sent to a different page that they do not know. For example, "an ecommerce with a native app should unify the payment experience" to avoid user friction.

A good payment gateway helps to meet all these challenges. In the end, “a payment provider functions as a business partner and can encourage faster growth and increased sales. This is not a transactional relationship,” recalls Llorente.

6 ways payment service change business system

From Adyen they are clear that the first step in this relationship should always be to analyze the situation of ecommerce. That means “understanding what type of commerce it is, where their customers are, where they can evolve, whether they have a high risk of fraud or not, what their payment flows are and through which channels they arrive...” explains Llorente.

”You have to analyze the situation on both sides: ask the right questions to see what they have and bring our experience to see what they can have." This is how you can discover business opportunities that the company had not thought about, such as Pay By Link solutions to sell online from the physical store that were implemented in Tous.

Thanks to it, the staff of the physical stores can advise the customer and generate a link for payment by bank card from anywhere. From there, the customer can pick up the order in the store itself or receive it at home.

The more experience the payment gateway has, the more solutions it can offer and the better. "When you work with Netflix or Spotify you have to spin very fine and try everything very well. By working on this scale you identify what works best and then you can apply it to other smaller businesses, " says Llorente” “In this way we have achieved that all ecommerce have at their disposal the functionalities that we have developed for the most demanding ecommerce”.

In this it is also very important to have own technology, because it improves the capacity for innovation and allows to develop new features such as network tokens, which add an additional layer of security to the card payment by linking the card and the commerce in which the payment is being made to a unique number.

6 ways payment service change business system

6 ideas to grow through the payment system

A proper payment gateway can help maximize your sales and grow faster, which is what every merchant wants. With that in mind, here are seven ways Adyen has done it with its customers:

1. Avoid unnecessary queues that frustrate sales

Queuing to pay is one of the main reasons for dissatisfaction and withdrawal in purchases. ” There is more than one option to solve this problem", explains the head of Adyen for Spain.

The most common is to use specific areas enabled for payment with cards, although you can go further. ” It is very useful to incorporate mobile payment terminals so that shoppers can pay by card anywhere in the store and then go to a specific area to remove the alarm, as they do in certain Nike or Pepe Jeans stores", praises Llorente.

A third way is the payment from the application itself in the physical store. “That is, that you can scan the products and pay for them by mobile with a receipt that is generated and that you can show at the exit”.

6 ways payment service change business system

2. Reduce fraud and defaults

In the world of online shopping the goal is to maximize sales, but especially good sales, which do not generate fraud or defaults. Payment gateways have specific tools to achieve this.

Adyen has developed the Score tool that now uses the GoFundMe platform. It is a tool that detects fraudulent buyers. Through a series of rules revenue project are adjusted manually and artificial intelligence, analyze the buyer and its reliability before accepting the operation. That is, “I don't stop you, but I do want to stop this user who buys with stolen cards,” Llorente says.

This tool is especially useful for "marketplace models, such as eBay or Amazon, because" when you have few very large sellers, you know them well, but when you have more, you have to prevent that you do not have fraud from them"

3. Combine payments in your sales channels with unified commerce

Connecting the different sales channels can also help take the business off the ground in two different ways.

The first is with a smaller drop in sales in physical store implementing what “we call an infinite aisle”, which is the model that Camper follows. In a very short way, the staff of the Camper store allows the customer to buy the model or color they are looking for online if they do not have it in the physical store and choose how they want to receive it. So the customer leaves the store satisfied.

In addition, this payment is made physically in the store, but is made against the stock of the online channel “" with what at the operational level also facilitates life to the trade " without the customer suffering.

The second advantage of unified commerce is that, as its name suggests, it better unifies all the information the company handles and thus can make better decisions.

6 ways payment service change business system

4. Have all the payment methods you need

There are channels where the key is directly in the payment medium. In Spain we are used to paying by card, but it does not work the same in all countries.

Without going any further, in Portugal the multibanco is used and “if you do not have it, you are forcing the customer to look for an alternative means of payment and to lose it”. Something similar happens in Germany with Girocard or with Ideal in the Netherlands.

For you to understand better, it is as if Bizum becomes a widespread means of payment and your business does not have it.

The same goes for payment systems such as Clearpay, which are now beginning to be used more strongly in Spain.
5. Improve user experience with fewer clicks

” When you give the customer a good experience that avoids unnecessary steps, everything is faster and there are more people who come to pay " emphasizes Llorente. That was precisely one of the keys to the take-off of Amazon after installing pay per click.

6 ways payment service change business system

6. Improve platform stability

No one wants the network to hang at the time of payment, and less at specific times such as Blackfriday. ” A platform with 100% proprietary technology without external suppliers or integrated companies, such as Adyen, offers another point of security and reliability, " explains Llorente. This is how "the customer can take care of the payments, remove it from your list of things to watch"”

This also applies to security and attacks, which multiply in Blackfriday and sales moments. With a platform that works from start to finish, security is greater.

# 6 ways payment service change business system #