Finding the right partners key to success
In a recent white paper on the future of payments involving The Australian Financial Review and Braintree, one of the key findings was more than a quarter of businesses work with three or more payment partners.
This can be both a blessing and a curse. On the one hand it ensures an organisation can reach a wider range of consumers but on the other, it injects more complexity into the mix such as more security issues.
For business, getting the payments element of online commerce right is critical as is getting the right payments partner. Growing companies need a payments partner that can scale quickly and deal with a range of currencies and payment methods such as credit cards, debit cards, or PayPal.
Moreover, senior executives also need to be assured that their payments partner can help future proof the business by staying ahead of the curve and being aware of emerging technologies and potential regulatory changes in different jurisdictions globally.
For an organisation, ensuring frictionless payments is the key to their whole online offering.
In the recent survey a fair portion of online businesses already understand the importance of getting the payments proposition right and at present the most popular methods are credit and debit cards as well as PayPal. Interestingly while crypto currencies and digital wallets such as Apple Pay are on the march, participants at the recent Future of Payments roundtable pointed to AfterPay as being on the rise.
It works similar to a layby purchase but the consumer actually receives the goods and then pays for them in fortnightly instalments and according to Kate Morris of Adore Beauty, it’s “seriously going like the clappers”.
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