Payment trends for Businesses in 2022

With digitalization, the world is moving forward with different forms of technological advancements time and again. The online marketplace has swept all over; people have started shifting from traditional physical marketing to selling stuff over the internet. Zaakpay is one such online payment solution provider that offers multiple payment collection alternatives.

In furtherance of the same, COVID’19 has made digital payments even more convenient to maintain the security & safety.

The Benefits of the Upcoming Payment Trends

There are several benefits of digitalization and online payment systems. A few of them have been listed out here under: 

1. Improvement in Customer Experience: The payment process takes less time & there are multiple options available. Besides, with online payment service providers like Zaakpay, the need to follow up for payments has decreased tremendously.   
2. Better Security: To ensure customer’s privacy, there are standards set for secure processing, storage, and movement of debit and credit card data. 
3. Enhanced Cash Flows: The payments can be mapped to the invoices on a real-time basis & the additional task of reconciliation and reallocation is avoided. Moreover,  the funds are available in hand and can thereby be strategically used for better returns and rewards. 
4. Lower Cost of Processing: The overall transaction cost is almost negligible, especially with the best online payment gateway like Zaakpay. The need to maintain documentation and records on a manual basis has diminished now.  
5. Easy access to money: The money is liquefied in seconds, is readily available, and instantly realizable.

Zaakpay, the best online payment solution provider offers all the above-listed benefits for payment collection. Besides providing a user-friendly interface to all customers.

The De-merits of Traditional Payment Systems

The current situations demand a major shift in using traditional payment methods. The disadvantages have been reproduced hereunder: 

1. High Cost of Processing: The entire payment collection process involves several steps that increase the overall cost of business services. 
2. Risk of fraud: Businesses that follow manual processing are exposed to several types of threats that attract loss of revenue and reputation. 
3. Delinked payments: The linkage of invoice to payment is a very lengthy process involving in-depth reconciliations and frequent data recycling. 
4. Lack of transparency and visibility: The documentation is averse and is hence not readily available.      

Payment Trends for Businesses in 2022

Payment trends have also seen a change with changing times. An enumeration of the few trends for businesses this 2022 has been enlisted underneath:     

1. Payments with reward points: In order to increase brand retention and engage customers, reward programs and loyalty points have been introduced by several business concerns. These points can then be used to pay online and offline for all types of purchases from a range of businesses. 

Advantages: 

1. Attracts new customers and helps businesses acquire a greater consumer base. 
2. Increases revenue and sales of a business. 
3. Point issuers actually convey value to customers. 
4. Customers can redeem points easily and conveniently. 

With a greater digital payment system and the growth of technology, the points can be utilized to pay online and offline for all kinds of businesses. 

2.  Card Tokenization: The ultimate objective of this changing trend is to keep the financial information of customers secure from data card breaches. The technology today has exposed the private payments data of millions of Indians. Enabling card tokenization will help consumers store their data and perform online transactions seamlessly and quickly.  

Advantages: 

1. There is greater security for debit and credit card users.
2. Businesses can save cards or provide personalized offers for their needs. 
3. Decrease in card abandonment and a bad checkout experience.        

3. Smart Payments Routing: It is very common for transactions to fail owing to miscellaneous reasons beyond the control of the payer or the payee. Businessmen with more than 1 payment gateway can easily work on the integration. The payment process can be automated to move through multiple payment gateways in order to increase the chances of success and explore the most cost-effective option available.  

Advantages: 

1. Higher transaction success rate. 
2. Reduced cart abandonment. 
3. Reduced costs, effort, and time taken. 
4. Increased revenue.
5. Improved bandwidth for in-house developers.     

4. Mandates that are Card-Based: There are several circumstances whereby the customers have to make recurring payments that are periodic in nature.

Hereby, the banks will be required to inform the consumers 24 hours before a recurring payment and ask for a one-time password for every transaction greater than Rs. 5,000/- in value. 

Such payments can now be enabled on debit cards. As a result, this process, among other things, attracts more and more customers.  

Advantages: 

1. Advisable for OTT Platforms, D2C subscription businesses, telecom companies, media subscriptions, insurance companies, Saas Businesses, and so on. 
2. Improves Brand Loyalty. 
3. Increased Customer transparency.
4. Increase in Customer Revenue.
5. Cardholders can sign up for recurring payments and other long-term services.   

5. Options to Buy Now and Pay Later: The immediate expense of the consumer is broken down into smaller components to make it more affordable for the masses. In this era of the pandemic, this has come up as an attractive proposal. The entire process is quick and hassle-free – it takes a few minutes, and you are through with the entire process.    

            Advantages: 

1. Customer that were, not involved with the business have hence worth started joining hands and initiating purchases. 
2. Spreading the cost over a large time span, which tends to increase the customer base. 
3. Interest-free installments further do not hamper the financial condition of the buyer. 
4. eCommerce sellers engaged in the sale of luxury brand items can be easily benefitted from this means.

6. Omni-Channel/ Omni-Commerce: Buyers today do not distinguish between online and physical presence. In the erstwhile era, the buyers were very peculiar and separated online and physical presence. The physical point of sales was kept different from Ecommerce.    

However, today, business owners are more than happy to collaborate between their physical sale points and online presence.   

To wrap it up, for every business enterprise, it is important to adopt change. In future, companies will take forward what is imperative for enhancing the growth potential of the concern in the long run. 

Apart from the B2C, the B2B has also seen an increasing draft towards the adoption of online payment systems. The cost-benefit and ease of operation have brought in new trends that are quick and easy to function. 

Zaakpay provides an adaptive interface to businesses as well as consumers at large to ease digital payment systems. In the coming era, the payment trends are to evolve. It is time to adapt and enhance your business functions with an objective of customer satisfaction besides providing ease of function to the entrepreneurs.