New Tendencies in Payment Market and Customer Payment Behavior

2017-05-28
New Tendencies in Payment Market and Customer Payment Behavior

Every single business in the world must deal with the fact of providing easy, fast and updated payment procedures for its clients. One of your biggest concerns as business owner has to be making your clients’ life less complex and a way to achieve that is precisely making sure that when the billing and payment time comes, your clients won’t have to undergo complicated steps to pay for your services or products.

Making the necessary changes to ensure your business easier payment methods can often be expensive and needs to be adjusted to the new trends that are dominating the payment market.

As old as the man itself, paying with cash is one of the most widely used payment method. It is still a very simple and easy way for both the customer and the business but, as the market continues to change and grow, stores and companies are moving to the net, where in-cash payments are nearly impossible. Bank deposits and mail-in payments were also other quite accepted options but have dropped in about a 25% of usage since 2012 precisely because of the market trends: people tend to prefer businesses that have other billing options that don’t require them to lose time at a bank or in a post office.

This is when electronic and transfer based payment methods come to the picture, so every business’ owner out there should keep its eyes open. Clients and customers around the world are increasingly preferring transactions that are entirely based on the net: online payments already equaled other payment solutions in the last decade and will for sure replace them in the next years. According to the Federal Reserve, only the use of checks declined by 30.6 billion since 1995. On the other hand, 72% of all non-cash payments in the year 2014 were done electronically.

At some point in the very near future, not having an electronic payment method available for your clients will influence your business success and shape it in not the most profitable way. It is expected that phone-based bill payments will reach at least 300 million transactions next year, so the biller direct market is still evolving.

Direct billing methods are leaving behind all the old options we’ve been using, because customers’ behavior is changing: checkbooks and stamps are now kept away while computers and phones are in front-row. Your approach on how you receive the profits from your store or company also needs to change by embracing the newest payment trends out there.

At Modular SoftSystems we are always a step ahead so we can offer our clients the best electronic banking and payments solutions, software and support to help them successfully achieve a better and uncomplicated way to attract more clients and keep up with the newest trends.