How will your business be making payments in the future? It’s an intriguing question because new technology and changing consumer behaviour could help payments evolve to become a more vital part of the competitive armoury.
A clear theme to emerge from a recent Barclaycard event is that business payments are developing along the same lines as consumer payments. The big move is towards frictionless, seamless payments that add simplicity and convenience to the process.
How your business can get an edgeIf you want to stay ahead of the competition and make payments more effectively, there are three key steps to follow:
1. Are you keeping up with the market?
Millennials are one of the most important consumer groups, and the one that is driving the biggest changes across both consumer and corporate payments.
“They want immediacy, convenience and relevancy, and they have a very on-demand culture,” says Marc. This is starting to feed into how businesses make payments and there’s more development in the pipeline.
“Every project we launch we think about how it will work in a mobile environment,” says Marc. “We’re thinking about how to make our virtual credit card more mobile – and how people can make payments using their mobile in a more convenient manner.
“The next stage is how to make payments invisible, so we can take care of all the payment processes behind the scenes and leave you to get on with running your business.”
2. Are you making the best decisions?
Businesses can also use insights of a more internal nature to help them make more effective payment decisions. Making your mind up has never been so scientific – but it can really pay off.
“Every decision we make is a trade off between the right decision and the comfortable decision,” says Greg Davies, Founder of Centapse. “As humans we constantly deviate towards the comfortable.”
There are tricks to help you make the right decisions though. Don’t make your most important payment decisions when you’re hungry – doing so might mean you’ll be more likely to deviate towards the status quo.
Also key is thinking long-term – not always easy, as Greg says we naturally make decisions on a short-term basis. Stay focused on the objective and make sure you leave time to pause, reflect and sense check your overall strategy.
“Unless you have this step in your plans, you are going to make mistakes,” says Greg.
3. Can you learn any lessons from sport?
There are many parallels between high-performing sports stars and successful business executives.
These include the benefits of having the right team around you to provide support every step of the way, and the desire to keep learning every day.
But for payments, there’s a clear link with how the best of both areas use the latest technology to give themselves a competitive edge.