Connect with us

Business

THESE 7 STRATEGIES WILL MAKE YOUR BUSINESS PROCESS MORE EFFICIENT

Published

on

The efficiency of your business process plays a huge role in your business’s success. Without it, it’s harder to reach your goals, and it would be challenging for your company to survive in the business world.

The better your process is, the more your business is able to thrive. But, how can one improve their efficiency? Here are some tips to help your business.

 

Check Your Old Strategy

It’s hard to welcome changes when you’ve already gotten used to a certain process. However, if it doesn’t contribute to your business’ growth, it’s probably time to change your strategy.

If you feel like your business process isn’t efficient anymore, take time to check your strategy. See which ones in your business process are working and which ones aren’t anymore.

If your methods aren’t working anymore, ask yourself how you can improve them. Or, try to dig into your data to see how you can do better.

 

Set Goals

Whether or not you’ve introduced a change in your strategy, it is important that you set clear goals. If you can write it, do it; as long as it will help you remember your mission and how you can get there. Additionally, it will help you track your progress and see if there’s a need for additional changes.

 

Automate

Your responsibilities grow with your business. The bigger your business becomes, the more responsibilities you and your employees need to juggle. And sometimes, too much demand can make your people overworked. As a result, they’re not able to work their best. But, if you consider automation, your tasks will be easier.

Payroll management, for instance, is one of the office tasks that could take a lot of your time and energy. But, if you let technology work with your business, managing tasks like this will be easier. You can quickly take on your responsibilities while ensuring that your employees are well taken care of.

Because you won’t have to spend your time and energy on computing and filing forms, you can pay more attention to what your clients need and focus more on other important matters.

 

Communicate Changes

Communication is key to a business’s growth. This makes things run smoothly within your company and makes your business process better.

That said, every time you make changes in your business process, make sure that it is communicated well within your team. Take time to inform and train them about the changes.

If you’ll be using new software, for instance, make it a point that everyone in your team is well aware of it. This way, miscommunications are kept at bay, and you’re sure that their time will not be wasted trying to figure out how they work, and they can smoothly adapt to the changes.

 

Promote Repetition

After you’ve made changes to your business process known to your employees, don’t forget to promote repetition. This will ensure that the processes are completed and everyone is able to go with the flow.

It’s a bit challenging to try a new method, especially if you’ve already been doing it for a long time. Thus, it’s crucial to promote standardized repetition to help your employees adjust well, especially if you’re utilizing software that they’re not familiar with.

 

Gather Feedback

Feedback plays a big part in a business’ growth too. But it’s not only your clients’ feedback that matters. What your employees have to say matters as well.

If you’re trying to implement new rules or strategies in your business process, your job doesn’t stop once you’ve introduced it to them. As the head of the company, you should also ensure that you strive for continuous refinement.

When you’re changing something in your business process, don’t forget to gather some feedback too. Being open to hearing what your employees have to say can help you better your strategy and help eliminate bigger issues.

 

Don’t Rush

Truth be told, it can be tempting to take the faster route, pushing your business process to the limit. However, it would only result in stress and even further problems. Sometimes, it’s better to take things slow and steady to surely achieve your goals for your business.

Hence, rather than aiming for the fastest and highest possible results, try to create a strategy that will help you achieve a balance of sustainability and productivity.

Your business process is vital for your company to flourish in the business world. It is for your employees to be more productive. That said, make it certain that you always strive to make your strategy better.

 

Business

THE ACCELERATION TOWARDS A MOBILE FIRST ECONOMY

Published

on

By

By Brad Hyett, CEO at phos

 

Over the last year, we have seen a big shift towards contactless payments. Fuelling this has of course been the coronavirus pandemic, which has made the public hesitant to handle cash due to the health concerns.

As multiple national lockdowns forced physical stores to close, and customers demanded easy, cash-free payment options, merchants had to quickly adapt. The result? An increased provision of pay and collect services.

In the UK alone, 83% of people use contactless payments according to data from the Office of National Statistics.

So it’s vital that merchants are equipped with the most efficient payment solutions, as the UK heads towards a mobile-first economy.

 

Proliferation of contactless payments

In 2020, 90% of UK card payments were contactless. This equates to an increase of 12% on the year prior, despite the total number of payments made falling by 11% from 2019 to 2020. Moreover, the affordability of smartphones has increased significantly over the last decade. And it’s estimated that 84% of UK adults now own one.

We’re Seeing merchants embrace more efficient and cost effective payment methods in response. While physical payment terminals are often too expensive for many small businesses, software point of sale, or SoftPoS, enables merchants to turn hardware that they already own – i.e. their mobile device – into a point of sale terminal.

With merchants increasingly adopting these innovative technologies, contactless payments will continue to gain popularity among the general public. In 2020, 13.7 million people in the UK either didn’t use cash at all or only used it to make a single purchase. That’s double the same figure from the previous year.

 

Changing consumer demand

Now more than ever, consumers are aware of how innovative payment solutions can add efficiency to their daily lives. As such, consumers now demand better payment services, including reduced queuing times, checkoutless stores, and bespoke loyalty schemes.

Businesses such as Mercedes offer an end-to-end digital car purchasing service, so customers can go through the whole car purchasing journey from the comfort of their own home. This includes car deliveries, financing, insurance and more.

Meanwhile, eCommerce giant Amazon has started trialling checkoutless ‘Go’ stores, speeding up the shopping experience by eliminating the queuing process altogether. The days of waiting for a table at a restaurant are also over, as more people have grown used to booking in advance.

Hence, it’s important that we empower small businesses to remain competitive and provide them with the payment solutions to meet customer demand.

 

Global transformations

The digital payments revolution isn’t slowing down anytime soon. By 2026, only 21 percent of transactions will be made using cash.

The US might have been slow out of the gate, but it’s starting to see increased adoption of mobile payments. In-store mobile payments grew by 29% in the States last year alone.

This growth was primarily fuelled by Gen Z-ers and millennials. Latest projections show that there will be 6 million new mobile wallet users by 2025, with millennials accounting for 4 million of this figure. These two generations, the former in particular, have grown up with mobile banking.

For most Gen Z-ers, their first foray into financial services was with a challenger bank like Starling or Monzo. These banks are able to offer online features such as ‘split the bill’, fee-free withdrawals abroad and much more to cater to the modern financial needs of the younger generation.

The Middle East experienced similarly sharp increases in contactless payments. From 2019 to 2020, there was a 200% growth in contactless transactions. This shift towards a mobile-first economy in the region was inevitable; the pandemic merely accelerated this shift. A recent study showed that 80% of people living in the Middle East planned to continue using contactless payments post-pandemic, with speed and security being the main draw.

 

The future is mobile

As parts of the world now start to come out of lockdown, there’s an openness to new solutions and a widespread acceptance of new technologies.

It is now a case of when, rather than if, we’ll see a permanent shift to cashless in the future. For businesses, embracing digital innovation will be key to remaining competitive and keeping pace with consumer demand in this fast-changing payments landscape.

 

Continue Reading

Business

HOW MERCHANTS CAN IMPROVE THE ONLINE PAYMENTS EXPERIENCE

Published

on

By

By Alan Irwin, Senior Director of Product at Global Payments UK

 

The dramatic increase in online shopping over the past 18 months has encouraged many businesses to invest in developing their omnichannel shopping experiences. The reasons vary – some are keen to capitalise on the trend of older shoppers migrating towards ecommerce and some are trying to make up for loss of sales in brick-and-mortar stores during the pandemic. It is also true that many businesses are shifting their models to sell direct to consumers to avoid high marketplace fees and are therefore building their ecommerce channels for the first time.

The checkout experience is arguably the most important and delicate part of the ecommerce transaction, as it can make the difference between a happy customer likely to return, and a shopping cart abandoned out of frustration and confusion. A survey from March 2020 suggested that 88% of online shopping orders were abandoned, i.e. not converted into a purchase. A seamless, customer-centric online payment experience is therefore critically important in ensuring completed transactions. But with so many payment providers available, what should businesses be looking for when trying to keep friction to a minimum?

 

Keep clicks to a minimum

Less touchscreen interaction equals less abandonment. Adapting the payment page to fit any device and supporting popular mobile digital wallets like Google Pay ensures a seamless, stress- and hassle-free checkout experience for the customer and keeps clicks to a minimum. Friction can present itself in the most minor features – for example, when the customer is navigating the payment form, the appropriate keypad should be shown to the customer when required. It’s much easier to enter a card number using the dial pad instead of switching between QWERTY keypad layouts.

Simplifying online forms with autofill and tokenisation also significantly reduces friction at checkout and shortens necessary time taken. Ensuring checkout forms are tagged correctly for “autofill” is a great way to offer customers a single-click to input the payment, shipping, and billing data that they have stored in their browser profile. Similarly offering a guest checkout option will help convert customers who are in a hurry or looking for a one-off purchase. This can also be achieved by offering to store the payment details (called ‘tokenisation’) for express repeat and one-click purchases.

 

Make it easy to understand

A tailored payments approach can increase both domestic and international global sales. By offering a checkout experience in the customer’s language, the option to pay in their currency of choice, and use their preferred method of payment (whether it’s PayPal, Alipay or card), businesses can build loyalty quickly and put customers at ease. It is equally important for merchants to ensure they always display simple direction and information about next steps to instil confidence and prevent customer drop-off. The customer should be informed of what is happening at every stage in the process, for example, whether they will proceed to SCA (Secure Customer Authentication) next or go straight through to completion.

In addition, validating forms in real-time means merchants can highlight potential errors to the customer early on, and payment providers should provide this functionality. This could be an invalid expiry date, an incorrect digit in the card number or incorrect CVV number based on card type. When issues are only flagged at the end of the process, this forces the customer to go back through the steps to figure out the error. Real-time signposting of problems removes this potential friction and reduces the potential for a declined transaction.

 

Ensure seamless security

Merchants should work with a payment partner who offers the right blend of security and compliance management without it coming at a cost to the end-to-end checkout experience for the user. Instilling trust and security in your checkout flow while utilising the right solutions to drive seamless authentication flows will increase customer confidence and help prevent drop-off.

The greatest level of security and control comes from either utilising hosted payment fields that the
merchant can natively integrate into their checkout flow, or a hosted payment page where they can
manage the look and feel. Showcasing your brand on the checkout page with trust signals and logos also adds to building trust with the customer.

Staying ahead of regulations is also important. Secure Customer Authentication (SCA) will soon be mandatory in the UK for all eligible digital transactions, and this doesn’t have to be a friction-full process. Tools like Transaction Risk Analysis (TRA) and Exemption Optimisation Service (EOS) can quickly score transactions and drive exemptions where there is the right blend of transaction risk.

 

The devil is in the details

These three rules for successful ecommerce checkout experiences may seem straightforward, but it is important to apply them at a micro level. It can take only one minor point of friction to cause a customer to abandon their cart, and this will inevitably be replicated across other similar customers. It is critical to identify friction points early on and anticipate customer needs throughout the process. Discussing these points and any opportunities to improve customer checkout experience with your ecommerce team and payment provider is an important first step towards ensuring your entire shopping experience remains competitively seamless and loyalty is won. It may be that your payment provider cannot address them, in which case it could be time to move on in order to stay competitive.

 

Continue Reading

Magazine

Trending

News2 days ago

FINTECH COMPANY PAYEN CHOOSES AQILLA FOR ITS LIMITLESS SCALABILITY AND SUPERIOR MULTI-CURRENCY FEATURES

Payen is a fast-growing FinTech company that provides gateway Payment and FX services to online merchants. Having launched in 2010,...

Business2 days ago

THE ACCELERATION TOWARDS A MOBILE FIRST ECONOMY

By Brad Hyett, CEO at phos   Over the last year, we have seen a big shift towards contactless payments....

News2 days ago

NEW RESEARCH REVEALS KEY ROLE OF KYC COMPLIANCE IN DRIVING CUSTOMER LOYALTY, ADVOCACY AND NEW BUSINESS

The impact of financial crime for institutions goes beyond crippling fines   A piece of original research conducted by RegTech...

Business2 days ago

HOW MERCHANTS CAN IMPROVE THE ONLINE PAYMENTS EXPERIENCE

By Alan Irwin, Senior Director of Product at Global Payments UK   The dramatic increase in online shopping over the...

Business2 days ago

JUMP-STARTING PROCUREMENT TRANSFORMATION WITH A CLEAR AND REALISTIC PLAN

by Alex Klein, COO at Efficio Consulting   Following a period of ongoing economic uncertainty, business spend has risen high...

Finance2 days ago

NAVIGATING FINANCIAL SERVICES IN 2021: LOW-CODE TO THE RESCUE

Nick Ford, Chief Technology Evangelist, Mendix   Financial services are the poster child of great digital transformation: today, Britons can...

News2 days ago

PAYSAFECARD AND NEO EXTEND THEIR SUCCESSFUL PARTNERSHIP

paysafecard, a market leader in eCash payment solutions, and NEO, one of the most successful FIFA teams in the world,...

Finance2 days ago

WHY THE NORDICS WILL CONTINUE TO LEAD THE WAY IN DIGITAL PAYMENTS

Kriya Patel, CEO, Transact Payments   While the recent introduction of PSD2 — the second iteration of the EU’s Payment...

Banking2 days ago

COMBINED RISE OF M&A AND CYBER RISK CREATES STORMY SEAS FOR INVESTORS

UK organisations carrying out merger and acquisition (M&A) activities must improve pre-acquisition due diligence of software vulnerabilities By Philippe Thomas,...

News2 days ago

PPRO CLAMPS DOWN ON FINANCIAL CRIME RISKS, PARTNERING WITH AND INVESTING IN AI-DRIVEN TRANSACTION MONITORING STARTUP SENTINELS

PPRO, the leading local payments infrastructure provider, has today announced a strategic partnership and minority investment in Sentinels, Europe’s leading transaction...

Business2 days ago

EMV® IN TRANSIT: WHY AND HOW?

Taoufik Sakhi, Smart Mobility Technical Advisory Director at Fime   Today, contactless cards provide a fast and frictionless payment experience,...

News2 days ago

INSTANDA ENTERS THE MIDDLE EASTERN MARKETPLACE

INSTANDA expands global footprint by working with new client, NewTechMe  First product distributed in the Middle East  Announcement signals INSTANDA’s understanding of NewTechMe’s vision to drive digital transformation in UAE...

News2 days ago

RGU LEADS EUROPEAN INTER-REGIONAL NORTH SEA PARTNERSHIP TO HELP HOMEOWNERS IMPROVE ENERGY EFFICIENCY

NB: Image from left to right includes:   Mike Bauermeister, Kishorn Insulations, Jamal Alabid, RGU, Amar Bennadji, RGU, Richard Laing, RGU,...

News2 days ago

JUMIO APPOINTS JENNIFER N. HARRIS TO BOARD OF DIRECTORS

Addition of veteran CFO comes amid period of record growth and product expansion at Jumio   Jumio, the leading provider...

News2 days ago

WISE LAUNCHES ASSETS, YOUR WISE ACCOUNT INVESTED IN THE WORLD’S LARGEST COMPANIES

Assets offers current account flexibility, with the potential for investment returns Wise, the global technology company building the best way...

Finance3 days ago

A CHECKLIST FOR RETRENCHMENT READINESS

By Shelley van der Westhuizen, head of financial well-being strategy & applied research at Alexander Forbes   Your health may not...

News3 days ago

EQUIDUCT LAUNCHES TRADING IN EXCHANGE TRADED FUNDS FOR RETAIL INVESTORS IN EUROPE

Equiduct will offer 436 ETFs and ETPs for trading through Apex   Equiduct, the pan-European retail exchange, announced today that...

Finance5 days ago

THE IMPORTANCE OF MANAGING DATA RISK IN THE FINANCE FUNCTION 

Written by Steph Charbonneau, Senior Director of Product Strategy, Vera by HelpSystems     CFOs and financial controllers play a pivotal role in how organisations evaluate and manage...

Business5 days ago

THE DEMAND FOR BETTER B2B PAYMENTS

By Brandon Spear, CEO, TreviPay   Business-to-consumer (B2C) payments started adapting to digital processes when consumer shopping habits began shifting...

Finance5 days ago

HOW TO BUY USDT AND AVOID THE HIGH VOLATILITY OF CRYPTO

Understanding and breaking down all the different types of crypto can feel like a huge task—there are so many variations...

Trending