Faster-time-to-Money: The Name of the Game for Small Businesses

Lars Pedersen, CEO of Creditcall, shares his insights on SMEs growth within the payments industry.

The SME market continues to be underserved by payment institutions, still not having the same tech solutions as larger companies. Their top pain point and frustration is delayed or fragmented payment solutions. More often than not, SMEs still use non-integrated multi-channel vs. integrated omni-channel solutions. This is particularly true and prevalent in the retail market.

In so many cases, business owners manage multiple standalone payment solutions: one in-store, another for their e-commerce activities and yet a separate accounting application – and to exacerbate this migraine of inefficiencies, typically none of these systems speak to each other.

Small- and medium-sized enterprises are missing out on an estimated £1.6 billion by not accepting next-generation payments technology such as one-click ordering and ‘conversational’ transactions, according to research from Barclaycard.

To address the unique needs of the retail market, Creditcall and Credorax recently partnered to launch an integrated omni-channel payment platform for the European SME market. The solution most notably reduces time-to-market for merchants, cutting down on the delays caused by EMV certification processes, payment gateway integrations and acquiring setups.

The end-to-end service includes online, mobile, in-store, and unattended payments acceptance, with a rapid certification service for ISVs, ISOs and payment facilitators targeting the European market.

Nearly one in four small retailers admits they have lost customers because of a lack of emerging, but increasingly popular payment options – rising to two thirds when modern technology such as contactless, online payments, mobile and wearable devices are taken into account.

The partnership provides an optimized end-to-end service. Creditcall facilitates fast and easy deployment through its portfolio of SDKs and APIs, enabling multiple payment devices to be supported within days on multiple channels across Europe. Then, Credorax’s digital onboarding and quick MID setups fast tracks the process significantly. The new offering delivers an integrated payment gateway, a broad choice of payment devices, credit card processing, and state-of-the-art reporting for seamless and automated back-end reconciliation.

So go ahead, mind your businesses, grow them – because technology is here to make it easier for you to focus on what you do best.

Insights from Lars Pedersen, Creditcall CEO

Study: Adopting Digital Payments Yields Dividends in Consumer Loyalty

Study Adopting Digital Payments Yields Dividends in Consumer Loyalty

A recent study published by MasterCard Advisors confirmed that the availability of digital payments was a key point for cardholder engagement and loyalty, resulting in growth for the card issuer. Credorax agrees that digital payments represent a growing and vital source of revenue! Let’s examine some of the fundamental points of the MasterCard study.

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What’s the Deal With Millennials?

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As Millennials have come of age in recent years, there is a greater sense of urgency among merchants and other industry players to better understand their consumer habits. Are they big spenders? Do they save? Do they just want experiences and not material objects?

A recent white paper put out by Synchrony Financial attempts to answer some of these questions and help us to gain more insights into how Millennials spend their money.

In order to better understand this new generation, the white paper draws comparisons between Millennials and the Baby Boomer generation, the latter still having the most disposable income. Boomers are responsible for almost 50% of retail sales compared to about 10% for Millennials

According to their research, it turns out that Boomers and Millennials share many digital shopping habits. Both Boomers and Millennials are comfortable with online shopping, browsing and researching. 55% of Millennials and 68% of Boomers have visited a mobile retail site on a tablet, while 90% of Millennials and 86% of Boomers research products online. Millennials are only somewhat more likely to own digital devices. 66% of Millennials and 54% of Boomers own a smartphone, while 46% of Millennials and 31% of Boomers own a tablet.

There are differences as well. The most significant for the payments industry is that Millennials are much more likely to use their mobile phones for a wider variety of shopping-related tasks, such as research, coupon usage and using mobile retail sites. Boomers have the devices, but are not as likely to use them for shopping.

The core insight about Millennials is that even if they as a generation don’t have the money right now, they are the future of retail sales. According to Synchrony, this means that “retailers who do not fully understand and engage the millennial customer may eventually find their strategies out of touch with their future core shoppers.”

For the payments industry, this insight highlights the importance of a providing a seamless omnichannel payment experience.  Providing a seamless, effortless consumer interaction experience is increasingly becoming a necessity, especially if merchants want to increase sales with Millennials.

As our own Yana Persky wrote in the recent Rich Merchant Services 3.0 Brief:

Payment service providers can play a very important role in providing the omnichannel payment solution that would drive transactions from all channels through a single payment processing platform. Unfortunately, a single payment processing platform still remains a buzzword rather than a reality and to change it merchants need to make significant technology investments.

 

If you haven’t done so yet, be sure to read the whole brief. It’s full of great stats and insights on the latest industry trends.

Omnichannel Payments: What’s Behind the Buzz?

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Omnichannel is a payments industry buzzword that looks like it’s sticking around for the long haul. Is there anything behind the word aside from buzz? Let’s take a closer look.Continue Reading