In the past two decades, people have changed the way they pay, receive, and transfer money. With unified payments, the race to transform payments is now going global, and using Converged Commerce™ will ensure your customers will have a seamless purchasing experience across all your channels, locations, and devices.
Converged Commerce serves as an impactful instrument, consolidating every customer interaction with your brand onto one platform. By integrating data from various channels, it provides profound insights, paving the way for tailored, consistent, and unforgettable customer engagements.
This process not only fosters profound connections with your clientele but also propels brand loyalty and boosts revenue. Boosting another revolution in shopping behaviour and setting the tone for the future of commerce.
The importance of payment harmonisation for SMEs
For Small and Medium Enterprises (SMEs), payment harmonisation remains pivotal in the journey towards achieving seamless commerce. Harmonised payments mean that no matter where or how a customer chooses to shop, the payment process remains consistent and straightforward.
For instance, consider the rise of pop-up shops and online marketplaces. An SME may initially set up an online business, later expanding to a physical location. Customers would expect the same smooth payment experience both online and in-store.
Another example is the case of a local cafe or boutique. Using integrated payment solutions, these businesses ensure that a customer ordering coffee through an app pays using the same method and experiences the same loyalty rewards as one purchasing in-store.
5 tips to harmonise payments with Converged Commerce™
Having discussed the benefits of using Converged Commerce for your business, we’ll now focus on our best practices for implementing it:
1. Unify your payments experience with your approach to loyalty
Your loyalty program shouldn’t operate in a silo. When customers make a purchase, they should not only experience a consistent payment process but also feel encouraged to become loyal. Whether they’re earning loyalty points for every purchase or redeeming rewards, integrating your payments and loyalty systems ensures customers feel valued at every payment touchpoint.
2. Build promotions based on payment insights
Harness the power of data. By analysing payment insights, you can tailor promotions to suit your audience’s preferences. Understand where and when your customers are more likely to purchase and shape your promotions accordingly. A tool like TRU Insights offers a concise summary of several crucial payment metrics.
3. Choose a bank provider with open banking and tokenisation
As you analyse payment data, patterns of purchase emerge. By understanding these patterns, SMEs can manage inventory more effectively, ensuring that requested products are always in stock while preventing overstock of less popular items. Ensure the right inventory balance using powerful tools like Inventory Management.
4. Make a budget and stick to it
With the surge of transactions from various channels, reconciling payments can be cumbersome. Leverage modern technology solutions that automatically reconcile payments, ensuring your books are always accurate and up-to-date. Furthermore, a system that automatically reconciles ensures timely financial reporting, allowing businesses to make informed decisions promptly.
5. Invest in helpful tools and software analytics
There needs to be a consistent payment experience for customers wherever they choose to make a purchase. Whether they start by adding items to their cart online and then choose to pay and pick them up in-store, the transition should be smooth and hassle-free. Successful cross-channel payments showcase a brand’s adaptability and commitment to evolving consumer behaviours, positioning the business as forward-thinking and customer-centric.
Your perfect partner for adopting Converged Commerce™
Converged commerce is the future, harmoniously merging every point of sale into one cohesive experience. With Trust Payments, you can count on:
Out-of-the-box solutions
These ensure a hassle-free and rapid setup for your online store. No intermediaries and no prolonged processes.
A robust omnichannel experience
We pave the way for diverse, innovative methods of accepting payments, ensuring businesses cater to every customer’s preference.
QR code payments
The simplicity of scanning a QR code and processing a digital transaction has never been more vital, offering consumers a touch-free, efficient payment mode.
Rapid integration of emerging technologies
The simplicity of scanning a QR code and processing a digital transaction has never been more vital, offering consumers a touch-free, efficient payment mode.
Embrace the future with converged commerce, and ensure your payment systems are perfectly harmonised for the journey ahead. Get in touch to start your Converged Commerce™ journey.
