What is the current state of payments, and how has technology changed it along with consumer behaviours?
According to a PYMNTS interview, there has been some tailwind in terms of the “digitization of commercial payments.” Compared to the past, it is now easier than ever to use virtual cards in order to quickly complete purchases. Additionally, with the rise of banks such as Monzo, both peer-to-peer (P2P) payments allow individuals to transfer funds instantly via mobile devices.
On the flipside, the traditional methods and processes that are paper-based are seen as more inefficient. This is especially the case in the context of the worldwide coronavirus (COVID-19) pandemic due to the need to uphold social distancing measures and decrease as much purchasing-related contact with others as possible. The “new normal,” which consists of work-from-home business policies and contactless payment methods, also helps highlight changing consumer needs and behaviours.
According to Stuart Davenport, the chief innovations officer at Conferma Pay, mobile technology can be now advantageous to businesses. This can be done through allowing employees to request cards from managers. Managers can then get notified through their mobile devices and get the option either to approve or disapprove requests.
Davenport added that such virtual cards would help in the reduction of fraud and the use of plastic. “It’s often also incremental spend because virtual cards can be used in different ways,” he said. These cards can also enable the transmission of data with payments. Token may be part of such a process as well.
In terms of individuals who are mainly working from home, getting access to physical means of payments in the form of cheques can be an inefficient process. Solutions like Conferma, for example, can be useful in helping businesses, as the company works with commercial card issuers to allow for extra features and products.
As technology and the worldwide pandemic continue to influence consumer behaviours, it is integral for businesses to keep up with the times in order to retamin ahead of their competitors. PayFrame is here to support business owners in their endeavours by offering them the best payment processing rates.
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