As companies consider implementing payment innovations, the ability to enable payment from an invoice is high on the list.
Forty-one percent of companies have this innovation on their agenda, according to the Payments Innovation Readiness Playbook, a collaboration between PYMNTS and Spreedly.
Get the report: Payments Innovation Readiness Guide
Push payments and payments to digital wallets are not far behind, with just under 41% and 40% of businesses, respectively, intending to implement these payment innovations.
Additionally, more than one in three companies plan to implement spend management, spend controls, and rules-based decision-making to automate payment methods, while more than one in four plans to automate receivables, automate payables, receive real-time payments, through processing, enabling businesses to choose payment, send real-time payments and application programming interfaces (APIs) .
Prioritize payments modernization
What is driving this interest in payments innovations? PYMNTS research indicates that payments modernization has become a priority for many businesses, as successful payments decision makers have learned to make the connection between optimizing their business resources and ensuring that customer transactions consumers and B2B are not hampered by unsuitable technologies or poor user experience.
The industry’s shift towards payments innovation became widespread and irreversible at the onset of the pandemic. No one could afford to compromise on the payments infrastructure anymore. Every component of a payment solution had to work everywhere, on every device and with any gateway, otherwise the investment would not be worth it.
Companies that could not easily find a unique solution should design it themselves. Nearly seven out of ten merchants and online platforms now want to be able to orchestrate their payment processes to manage rapid growth.
Payment orchestration is a worthwhile investment for many merchants, Spreedly CEO Justin Benson told PYMNTS. He said the idea that every business should think like a payment business may work for some, but for many others they may need to focus on what they’re building and selling — and in that cases, they neither want nor need distractions. around the management of their payment infrastructure.
Read more: What is “payment orchestration” and why does your business need it?
Offer a user-friendly payment process
The need for innovation has been driven by consumers who want less friction at checkout – meaning minimal data entry and instant transaction processing – as well as effortless data security on every device.
Consumer and B2B standards for an acceptable payment experience have risen to match the upper limits of existing technology. Most companies now understand the importance of an agile payment strategy and the pitfalls of a modernized strategy.
It’s no secret that a seamless flow of payments is key to business growth, but the reverse is less understood. PYMNTS research found that friction across transaction processing could disrupt any positive customer experience, undermining customer loyalty and sabotaging customer relationships.
Offering a user-friendly payment process has now become essential to creating a positive user experience. Consumers who have grown accustomed to instant gratification via websites and mobile apps will likely demand the same streamlined checkout processes offline.
Businesses offering ad hoc mobile commerce and online services will need to adapt to increased competition from well-established online platforms that offer a seamless payment experience across multiple platforms.
Successful businesses risk innovating and adopting payment orchestration to stay competitive as B2B and retail customers demand enhanced payment options and experiences.