Month: December 2020

What is the current state of digital devices amid COVID-19? 

According to a report by PYMNTS, the daily lives of consumers in 2020 greatly differ from that of the previous year. 

Due to the advent of the worldwide coronavirus (COVID-19) pandemic, employees working in traditional office positions that take place between the hours of 9 a.m. and 5 p.m. are no longer required to commute on a daily basis. Additionally, individuals who used to opt for shopping on the weekends, as well as other activities that involve group gatherings, no longer occupy the majority of their time with such activities. 

Instead, individuals are hunkering down at the comfort of their own homes for both work and leisure purposes. The latter of which includes socializing with friends and colleagues, shopping, as well as making digital payments all the while avoiding any direct contact with others. 

According to the report, approximately 90% of the share of consumers also now own smartphone devices. This is a reflection of the broad shift in the different types of connected devices that are being used to conduct online transactions. The increasing reliance on smartphones is a result of being at home. 

On the flipside, products such as electronic reading devices and activity trackers are now less prominent in their use. In fact, the research indicates that about 20% of consumers have eReaders in 2020, which is a decrease when compared to the 23% in the previous year. 

With this decrease in devices that perform one function at a time, there is an increase in the popularity of connected devices. These do not only include smartphones that have multiple functions, but also voice assistants and laptops. Voice assistants, in particular, are owned by 33% of consumers. This is an increase from the 31% in 2019. 

It should be noted that in terms of the traits related to device ownership, however, that is not changing. PYMNTS notes “superconnected” consumers are still owners of many connected devices. Smart television technology is one of the few exceptions to this, as they are more popular among bridge millennials, older millennials, and individuals who are on the younger end of Generation X. 

As consumer habits continue to shift amid the pandemic, it is important for merchants to keep up with the times. By offering flexible and innovative payment solutions to consumers, businesses not only make the customer experience more streamlined, but also increase retention due to the ease and convenience of secure online transactions. 

PayFrame is here to provide business owners with the best payment processing rates and solutions. For more information, contact a member of the PayFrame team at either 1-888-668-0733 or info[at]merchantbroker.com.

What is the current state of travelling and what kind of role does the worldwide coronavirus (COVID-19) pandemic play in it? Ever since the advent of the pandemic, individuals around the world have been staying at home for the health and safety of their communities and colleagues. 

Digital tools have risen in popularity due to the need for both internal and external communications. Applications and platforms such as Zoom and Google Hangouts, for example, have been used for video conferencing purposes, business meetings, as well as a means to livestream and share content with others. 

The transition to these tools have helped mitigate the requirement for travel and having meetings face-to-face with potential clients and other stakeholders. On the business side of travel, many companies have learned to adapt to the new normal.

However, according to PYMNTS, such attitudes about travel can change amid the holiday season. In an interview, Colin Smyth, the head of travel at Flywire, informed PYMNTS that while there have been digital enhancements in the year 2020, some activities that did feel quite right unless done in-person. 

Smyth provided an example to highlight this point. “I think the holidays have really underlined how hard this is,” he told PYMNTS. 

Smyth added that for Thanksgiving, his family stayed at home while they used Zoom to connect with relatives. “That just doesn’t feel normal,” he said. “And coming out of it, we’ve already talked about what we are doing in the new year: ‘Where are we going to go? How can we all connect again?’”

To him, such a sentiment was similar to that of other families around the world. He said that the travel industry was significantly affected by the pandemic and grounded the wish to see the world. However, that also meant that travel now faced “the greatest pent-up demand on the planet.” 

However, such a demand would eventually be let loose, according to Smyth. He noted how the potential of a vaccine for COVID-19 helped pave the way for interest in travel. In terms of the resumption of travel, he said that would depend on the sector after the pandemic. 

As the industries around the world continue to be affected by the unprecedented situation, so have the businesses within them. Companies that are able to adapt to shifting consumer behaviours while improving their services can overcome the greatest of challenges. 

PayFrame is here to help business leaders reach their goals through a plethora of payment processing rates and solutions. This is in addition to communicating with stakeholders in order to meet budgets and revenue targets through the use of innovative technology amid the pandemic. 
To receive more information, contact a PayFrame expert at either 1-888-668-0733 or info[at]merchantbroker.com.

WhatsApp announced a new feature that would help businesses. 

With the addition of carts, customers can now communicate with companies that are selling products at once. 

Shoppers are also able to browse through digital catalogues, pick and choose multiple items, and send their order to the business as a single message. Not only would this make it easier for business owners to keep track of any questions, but also allow them to better manage customer requests while closing sales. 

According to the announcement made by WhatsApp, putting the new carts feature to use is fairly easy. Customers simply have to seek out the products they would like to buy before pressing the “add to cart” button. When a cart is filled with the wanted items, customers can then send it as a single message to the business. 

The carts work in tandem with WhatApp’s catalogues feature.First announced back in 2019, the catalogue feature enabled small business owners to more easily communicate with their customers. When a shopper wished to browse and discover new items to purchase, they were able to simply visit a business’ mobile storefront. 

Business owners themselves also had an easier time in terms of adding items to their digital stores. For example, instead of sending photos of their products one at a time and repeatedly in order to provide information, their customers had access to full catalogues within the mobile application.

Such a feature did not only help make businesses look more professional, but also kept customers engaged via chat. Shoppers were no longer required to waste any time visiting websites outside of the application. 

Information pertaining to product descriptions, prices, and product codes were also contained within digital catalogues. According to the announcement, WhatsApp hosted the catalogues in order to help both businesses and customers save on storage space.

As digital applications continue to help streamline the customer journey, merchants themselves should also take the necessary steps to take advantage of modern technological innovations. Doing so would guarantee that their customers are getting the best experience possible. 

PayFrame is here to help business owners take their companies to the present and future by offering them the best payment processing solutions available. For more information, contact a member of the PayFrame team at either info[at]merchantbroker.com or 1-888-668-0733.

In November 2020, American Express announced Early Pay enhancements in the United States. Such an update would allow large companies and their suppliers to make and receive payments more easily through a digital platform. 

Early Pay was first launched in 2018 by the company. It gave buyers access to greater control over their accounts payable process in terms of business-to-business (B2B) payments. Early Pay also contributed to the generation of extra cash from early discounts on payments. Payments were also financed when working capital was required. 

According to the announcement, the recent Early Pay enhancements represented the company’s investment in both digital business financing and high-quality B2B payment solutions.    

“As we continue to focus on enabling digital payments beyond our traditional Corporate Cards, we are investing in solutions to improve the buyer and supplier experience and help solve common B2B payment-related pain points,” Daniel Brachfeld, the vice president and general manager of supply chain solutions at American Express, said in a statement. 

Brachfeld added that especially now, businesses were highly focused on digital transformation. Approximately 84% of American business decision makers noted that they felt positive about the transition to a digital payments system. Thanks to the evolution of Early Pay, businesses could more easily and efficiently manage their cash flows and payments.

“This comes at a time when businesses are seeking a simple digital solution among a rapidly evolving and fragmented supplier payments landscape,” he explained. Early Pay would continue to evolve with more features as well. Benefits would begin rolling out in 2021. 

Keeping the shifting payments landscape in mind, PayFrame is ready to support businesses worldwide with competitive payment processing rates. By working closely with clients, the PayFrame team finds solutions that solve everyday business needs. To receive more information, do not hesitate to contact an expert at either 1-888-668-0733 or info[at]merchantbroker.com.

According to a December 2020 filing from the U.S. Securities and Exchange Commission (SEC), payments volume for the United States experienced an increase of 6% in terms of its year-over-year.

Debit also continued on with the trend of strong growth with an increase of 19% in November. As for credit, it decreased by 5% in the same month. With the exclusion of travel, card-not-present went up by 27% year-over-year. Meanwhile, card-present decreased 7%. 

There was also a low growth in spend by merchant category compared to the previous month, however, retail goods experienced a positive outcome thanks to the approaching holiday season and the need for consumers to purchase presents. 

According to the document, the worldwide coronavirus (COVID-19) pandemic played a part in such findings. For instance, trends of the international market were varied due to the restrictions in place to help mitigate the spread of COVID-19. Another cause in varied trends was the holiday timing in the month of November. 

For countries located across Europe, such as the United Kingdom, Germany, and Italy, the restrictions related to COVID-19 supported domestic card-not-present payments volume. However, it should be noted that the overall growth of payments volume slowed down. 

As for Hong Kong and India, events Singles Day and those related to Diwali helped increase sales. Meanwhile, the United Arab Emirates, Australia, Brazil, and Japan experienced growth for domestic spend that was either consistent with or surpassed that of October. 

When compared to October, the ever-rising popularity of ecommerce, especially amid COVID-19, contributed to the improvement of cross-border volume as well. It went up by four points thanks to the increase of 20% year-over-year in November ecommerce spend. 

The unprecedented pandemic attributed to card-present and card-not-present in terms of travel-related cross-border volume, too. There was a decline of 65%. Meanwhile, the volume dropped 19% year-over-year in the same month. 

As COVID-19 continues to have an effect on businesses and payments, merchants should do what they can to ensure a smooth and profitable holiday season. PayFrame is here to provide that support and guidance through competitive payment processing rates and unrivaled customer service. 

To receive more information, contact a payments expert today at either 1-888-668-0733 or info[at]merchantbroker.com.