Payment Processing and Your Business￼
The payment process is one of the most important aspects of your business. Whether you’re a traditional brick-and-mortar retailer, or more focused on e-commerce. Times are changing though, and with it, how customers pay for products and services. And if your business doesn’t keep up with the changing payment habits of consumers, you risk being left behind by your competitors.
How can you stay abreast of the changing payment landscape and keep up with your competition? Read on.
The Changing Landscape of Payment Processing
The pandemic brought with it many changes to our everyday lives. And along with that, changes to how we interact with businesses. One of the biggest being the rise of digital wallets as a payment option.
Digital wallets have become popular in North America over the past few years as a contactless way to pay during the pandemic. That popularity soared as consumers discovered the ease and convenience they made completing a transaction.
Digital wallets require no handing-over of credit cards or touching keypads. And there are no consumer’s digital wallet, and the transaction is complete. Many digital wallets have also issues with card reader errors. All it takes is a quick scan of the QR-code produced by the eliminated the concept of chargebacks for the merchants.
If your business isn’t currently accepting digital wallets, you could be losing out on a lot of revenue. 69% of consumers say that since the pandemic hit, they shop more often at businesses that accept digital payments. And 54% said they spend more when they have the option to pay digitally.
In 2020 46% of 24-39 year olds preferred paying with a digital wallet. The same goes for 44% of both 18-23 year olds and 40-54 year olds. This is a large chunk of consumers who are going to prefer to shop at businesses that accept their preferred payment method.
How to Expand Your Payment Processing Capabilities
But let’s zoom out even further. There’s more you can do to expand your payment processing capabilities. Because while accepting digital wallets like Venmo and PayPal are a good start, you can increase your potential revenue even more.
While PayPal and Venmo are the two of the most popular digital payment options in North America, they aren’t for the rest of the world. Digital wallets like Alipay and KakaoPay dominate the Asian market. And these payment forms are the preferred forms for a majority of Asian consumers. Especially when they visit North America.
In fact, over 2 billion consumers across the world prefer to use digital wallets when they pay for goods and services. You might be wondering why that should matter to you and your business. It’s because many of those 2 billion people are students who come over to study in North America, or are tourists who come to visit.
By integrating Pockyt into your existing point of sale software, you can accept international digital wallets, cut down on the friction many of these international travelers face when trying to make purchases in North America, and open up a completely new customer segment for your business.
Processing Payments with Pockyt
Needless to say, processing payments with Pockyt is a breeze. For in-store payments:
- Your POS system initiates QRC as the tender method at checkout
- Your customer opens their digital wallet app and displays the unique QR-code for that transaction
- You scan the QR-code
- Payment concludes and syncs with your point of sale, and your customer leaves happy
For e-commerce sites:
- Your customer selects their preferred digital wallet
- The digital wallet authenticates the payment
- The payment is accepted
- Payment concludes with the customer never having to fumble their way through a credit card form
It’s as simple as that.
Why Pockyt’s Digital Wallet Integration Makes Sense for Your Business
Pockyt’s simple integration with your existing point of sale system has more benefits than just allowing you to accept international digital wallets.
Pockyt allows you to offer your customers installment payment options to give them more alternatives for how to pay, and drive more sales for your business.
Accepting over a dozen digital wallets, like Alipay, WeChat Pay and KakaoPay, will also allow you to market your business on those platforms, giving you a greater reach into the Asian market and its billions of consumers who prefer to complete transactions with their digital wallets.
Accepting digital wallets also allows your consumers to have an easier and more streamlined checkout process online. Cart abandonment rates are always a worry for businesses of any size. By allowing your e-commerce customers the ability to skip tedious credit card forms, and simply login to their digital wallet for payment, you reduce the friction of the checkout process and reduce the risk of cart abandonment.
So what are the cons of integrating your point of sale system with Pockyt’s software? There are none. We’re so confident in our product we’ll fund the integration of our product to your system. There are no monthly or hidden fees either. We only get paid when one of your customers uses one of our supported digital wallets. One easy integration enables all of our existing digital wallets and any alternative payment methods we add to our platform in the future.
Still have questions? Contact us today and one of our representatives will be happy to answer any other questions about Pockyt’s software and how it can help open up new revenue streams for your business.