As the payments landscape continues to change with the increasing ways consumers can pay—particularly digitally, the transformation goes much deeper including how businesses view the value of payment providers. Providing a solution for processing payments is certainly still a welcome reprieve but now there’s a greater emphasis on the “business outcomes” payment providers can deliver.
That need for support is being driven by businesses’ increasing desire to protect thin margins in an uncertain world by focusing on the higher value part of their business operations. And more and more business owners are tired of wasting resources on handling payments themselves.
Time is up on losing focus because of payments—particularly for small businesses
Owners and operators have seen their share of needing to make changes over the last year and a half (even before the pandemic). From putting curbside service in place for the first time to strengthening their online shopping to accepting contactless digital-first payments and transforming their brick-and-mortar layout to meet consumer safety-first preferences, the adjustments have been taxing. And for many business owners investing in more technology helped them make all those changes and more, but data from a recent WePay study shows that owners and operators are still having payment struggles.
Payment stats from the survey include:
- 61 percent said they have increased their spend on technology
- 39 percent, even with an increase in tech, say they spend five or more hours a week handling payment problems
- 18 percent of respondents said they lost more than $5,000 because of slow payments
- 28 percent said they plan to change their payment system next year
- 22 percent said they’re concerned about fraud and the security of their payment system
A couple of the key insights from the study include “small businesses want integrated payments” and 77 percent of businesses bringing in more than one million per year would consider partnering with an independent software vendor.
And what they really need to be looking for is a payment provider with an end-to-end solution. Why? Because of the security, simplicity and innovation it delivers—and the way it increases their ability to go to market quickly with new technology as needed (like accepting new payment types)—all from one source that consolidates costs with seamless “one-stop” management.
What is end-to-end payment processing?
Put simply, end-to-end payment providers run every aspect of your payments from start to finish—and that’s no small feat. While your customers may think the payment begins and ends when they tap their card on your NFC enabled POS, they’re only seeing a tiny fraction of what’s really involved in payment processing. And that’s just what business owners want—it should be simple and easy for your customers, butcustomers but making payments seamless for them doesn’t have to be a burden for you.