The three forces driving 2022’s biggest payment trends

BlueSnap is a Business Reporter client

In the past two years, we have seen an unprecedented acceleration of digital payment adoption across all industries. For many businesses, 2020 saw an acceleration that analysts didn’t expect for another seven years, according to McKinsey. And the business transformation journey is still going.

This year, leaders will continue to fine-tune the processes they’ve put in place and will begin to look at digital payments to drive business impact and the bottom line rather than only playing a supporting role. Our eBook, 2022: The Year of Optimizing Payments, offers key payment trends focused on three business goals: driving growth, elevating the customer experience and optimising payments.

Businesses of all types have come to understand digital payments lead to higher conversion rates, an increase in successful payments and more profitable geographic expansion.

In 2022, organisations will continue to build on the success they’ve already achieved with digital payments, using payment optimisation tools to drive higher conversions and growth. Tools such as intelligent payment routing and failover technology help increase authorisations and allow companies to take full advantage of their investment in digital payments.

We’ll also see even more businesses moving into the global marketplace. With digital payments, companies can sell to customers worldwide and the right payments partner can make international payments simple and efficient. By 2027, the value of all cross-border payments is projected to be $250 trillion, so now is the time to be sure your payment solution will help you make the most of the global marketplace.

Customers have quickly become accustomed to the convenience and ease of use that digital payments offer. More B2B businesses than ever are now providing online payments, and 53 per cent of business leaders want to accept more digital payments, according to the Progressing Payments report. Accounts receivable teams are seeing the benefits of sending electronic invoices and receiving digital payments. In 2022, businesses will offer even more features to get the most out of their customers’ affinity for going digital.

Businesses will provide more payment options and localise each customer’s payment experience. Whether accommodating cashless customers with alternative payment methods or offering more flexible payment options – such as buy now, pay later – these efforts to cater to customers’ payment desires will ultimately mean more sales and revenue.

The quick shift to digital payments, growth into global markets and the digitalisation of AR processes was the result of the pandemic for many businesses. This year, we will see these businesses moving away from the patchwork solutions they initially put in place to more cost-effective, strategic payment solutions that provide positive ROI. Businesses will move full steam ahead to optimise their authorisation rates, consolidate vendors, reduce their tech debt and fully automate their accounts receivable operations.

Included here will be how businesses approach their security, fraud prevention and compliance on a global scale. Businesses will be partnering with payment platforms that can offer strong solutions in this arena.

These goals (and more) are discussed in-depth in our eBook, 2022: The Year of Optimizing Payments

Originally published on Business Reporter