Be where the customer is
As the world becomes increasingly digital, it is more important than ever for businesses to "be where the customer is" – that is, to offer a range of online payment options in order to stay in touch with their customers. This is especially true for physical outlets, which have had to pivot to online channels in order to survive the pandemic.
One way for businesses to offer online payment options is through "social in-channel" payments. As social commerce becomes more popular, brands will value payment partners that enable customers to make purchases directly through social media platforms. By offering social in-channel payments, brands can create a more seamless experience for their customers. Social commerce is growing rapidly and will continue to do so as more consumers turn to social media platforms to make purchases. Brands that adapt by offering online payment options through social media channels will be able to stay ahead of the curve and provide better service for their customers. This not only makes the payment process more convenient for customers, but also helps to build brand loyalty.
In addition to social in-channel payments, embedded payments are also becoming increasingly popular with the rise of fintechs and open banking infrastructure. By integrating financial services into non-financial products and services, businesses from various industries can provide their customers with a seamless and convenient experience. This includes everything from accounting tools to smart city projects. For example, an e-commerce platform may offer payment and financing options at checkout, while a ride-hailing app may provide insurance and investment products to its drivers. This approach allows non-financial businesses to expand their offerings and increase customer loyalty, while financial institutions can reach new customers through partnerships with these businesses.
One company that is helping merchants offer online payment options is GoTo Financial. They provide an easy invoicing tool called "Payment Link" as a feature in Midtrans, which allows customers to make payments through a hosted payment page – even if the merchant doesn't have their own website. The Payment Link feature allows merchants to create customised payment pages and accept multiple payment methods including credit cards, debit cards, PayPal and more. They can also access their transaction history through the GoTo Financial website or app.
Another customer-centric example is TIMO, a Vietnamese digital bank which partners with 7-ELEVEN to offer in-store transaction points for a variety of services, including card replacement and cash transactions. This demonstrates the importance of the right partnership in creating a better customer experience.
Overall, it is clear that in order to survive in today's digital world, businesses must "be where the customer is" – and this means offering a range of online payment options. Whether it's through social media, software applications, or smart city projects, it is crucial for businesses to stay ahead of the curve and provide their customers with convenient and seamless payment experiences.
Download the Report Five Critical Payment Lessons from the New Economy, created in collaboration with Kapronasia.
