5 Issues Businesses Face With Payment Solutions
Covid has accelerated the rise of digital technologies. This also includes the transition to using payment solutions rather than traditional banking. Payment solutions are of high importance for businesses. According to Tug’s recent research, over half of businesses consider payment solutions critical for their business.
But our survey also found that only 1 in 10 companies have no issues with their payment solution provider. Respondents to our survey had a variety of issues with their payment solution company – here are the top five issues identified and how you can solve them.
Time is money for business owners. So it’s no surprise that the key issue most businesses identified in their payment solution provider was the time required for use. 39% of businesses said that their current payment solution was too time-consuming.
Solution: Improve User Experience
Your payment solution software should be easy to use, with a simple interface and a logical user journey to allow businesses to utilise the features quickly and easily. Complicated interfaces, confusing messaging and inefficient features waste time and lead to frustration.
Aside from using the software itself, payment solutions brands should think about every touch-point their customers have when interacting with them. From email newsletters to contacting customer service, and navigating the website to learning how to use a new feature, each of these takes time out of employees’ days. By streamlining user experience and brand messaging, you’ll be able to save your customers time and money.
2. Human error
Mistakes with payment solutions can be costly, and while they’re not the fault of the software itself, 33% of businesses still identified this as a key issue they faced with their payment solution software. Human error is only natural, so having a payment solution provider which can avoid mistakes is a big plus for companies.
Increasing the amount of automated features in your payment solution software leaves less room for human error and frees up time for companies to focus on other areas of the business.
Features to automate:
3. Lack of innovation
FinTech’s meteoric rise in popularity in recent years is in part due to its innovative approach to finance. Brands like Monzo, Revolut and Starling came seemingly out of nowhere to shake up the previously stable and relatively unchanging world of finance. Since then, innovation has been the buzz word in the industry. And that’s what companies expect from their payments solution – so much so that 28% of businesses saw lack of innovation as a key issue in their current payment solution.
Solution: innovate for the future, not the present
Payment solutions brands might have been seen as innovative when they first launched, but the nature of innovation means constantly pushing boundaries and progressing to meet the changing demands of modern life. It’s no good for payment solutions brands to get complacent. It is essential to remain forward-thinking by offering solutions to problems before they develop. To do this, brands need to keep their fingers on the pulse of their industry, being aware of developing trends and emerging technologies.
4. Lack of technical training
Payment solutions can be complex and many businesses struggle to get to grips with software features. 25% of businesses surveyed identified lack of technical training as a key issue with their payment solution.
Solution: offer training courses, online guides and more
Make your payment solution easier to use and help your customers utilise its many great features by creating guides, tutorials and offering training sessions.
5. Poor customer service
Customer service is a key aspect of almost any business, but this is especially true for payment solutions. As mentioned above, the complexity of many payment solutions means employees can often struggle to understand how to use it. When they get stuck, many will try to get in contact with their provider to find the solution, which is why customer service is so important. If businesses can’t get the help they need from their payment solution provider, they will start to look elsewhere.
Solution: invest in customer service
Having a dedicated, helpful customer service team who can talk customers through problems and explain how to use features makes all the difference between satisfied and dissatisfied customers. It’s also imperative that they’re easy to contact across communication channels, so that means by telephone, email and on social media.
Retain current customers and win new ones
So why is it important to address these issues? With so much competition in the payment solutions industry, dissatisfied businesses will simply look elsewhere. Our survey found that 54% of businesses are looking to change payment solutions providers in the next six months. Studies have shown that acquiring a new customer can cost five times more than retaining an existing customer.
Happy customers are more likely to recommend your brand, and our study found that 40% of decision-makers look to their peers for recommendations when choosing a new payment solution. Keep your existing customers happy with efficient, easy-to-use and innovative solutions, and win new ones through word-of-mouth.
If you want to win new customers away from their current payment solution provider, read our whitepaper and get in touch with Tug today.