Trial and test new payment methods in their infancyCustomers have higher expectations today. They want to be able to use a variety of ways to pay. Uber owes a lot of its success to its understanding of this. As a result it’s now estimated to be worth in excess of $62bn, just seven years after starting up. It makes payment especially easy because it offers multiple ways to spend. It embraced new payment options like Google Wallet when only a handful of people were using it. Meaning that now that Google Wallet is widely embraced, Uber has already addressed any technical teething problems to offer a seamless payment service. The same is true in its processing of PayPal, credit cards and Apple Pay.
Using payment data to better understand your customerSMEs can benefit from using payment data to better understand customers, not least because they can integrate payments with loyalty programmes. Starbucks is a great example to learn from. In the US and UK, they recently launched mobile order and pay, which allows customer to pre-order using their mobile, and simply pay on arrival. Completely removing the need to queue. (And let’s face it, how many of us have walked in to Starbucks and straight out, once you’ve seen the length of the queue?) So, for customers, it’s a great time-saving device. But the real value is to the business. Starbucks is able to keep a track of the customer’s preferences, of the times of the day they are receptive to marketing, and when and what to market to them. Sean Blanks is marketing director at cartridgesave.co.uk. The wind of change in the payments world is gaining in strength as financial technology’s (fintech) potential to alter how, where and when payments are made is further explored and leveraged, World First COO Graham Stanton told Real Business.
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