How payment solution providers can make the most of the digital payments boom
Digital payments are surging in response to the COVID-19 pandemic, with the CEO of Clear Junction reporting a 9000%+ increase in transaction volumes over the past year alone. The trend is only set to continue, with Accenture predicting that over 400 billion transactions worth US$7 trillion globally will shift from cash to cards and digital payments by 2023.
But not all businesses are satisfied with their current payment solution provider (PSP). A recent study reveals that while the majority of UK business leaders believe the right payment technology is critical to the success of their company, 90% are experiencing issues with their current solution and over half plan to make a switch in the next six months.
These circumstances present an enormous opportunity for PSPs to gain new business by targeting companies that are dissatisfied with their current payment solution, but only if they can make their product visible and accessible. The survey indicates that 34% of decision-makers experience difficulty identifying the best payment solution, with over a quarter confused by the plethora of options available and one in five struggling to understand how payment solutions work.
PSPs can address these issues using a digital marketing strategy that spans the many channels decision-makers value and visit. Only then can they boost online visibility and drive real business advantage, ensuring their solution is the clear choice in an increasingly competitive market.