Consumers expect alternative payment methods from your company

Alternative payment methods are part of the reason why medium-sized ventures are able to reach the next level of growth and attract the interest of mobile-savvy consumer markets that are fast adopting new, easier ways to pay.

The consumer market – especially younger shoppers who have grown up with the internet and connected mobile hardware – have more choice than ever before to manage their money and make a purchase thanks to a boom in secure online alternative payment methods.

A recent report has even suggested that, because of the adoption of alternative payment methods online, cash will only account for 27% of all payments by 2025. That number stood at 45% as recently as 2015.

2025 is less than a decade away. The sooner you consider online alternative payment methods for your business, not only will you be able to better align your business with the technology your market is using, but you can also futureproof your company against what is fast becoming a financial technology (fintech) revolution.

Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.

Alternative payment methods provide a seamless user experience

The digital consumer journey is being rewritten thanks to alternative payment methods. Are we really heading towards a cashless society, though, and will one really exist?

With smartphone penetration in the UK hitting 74% and nearly 92% of the population having internet access at home, it’s looking increasingly likely. That connectivity also helped to see an increase in mobile contactless payments in 2016 of 247% when compared against the year before.

New alternative payment methods are being trialled and released all the time with the fintech industry advancing at an incredibly fast rate, determined to disrupt traditional ways of handling money and processing payments.

Yolt, for instance, is a new smartphone app dedicated to aggregating users’ financial accounts, credit cards and more to give them greater visual control over how their finances are spent, offering them easier ways to manage their money as well as provide price comparisons for specific services.

How your company can better integrate alternative payment methods online

While technically impressive, apps like Yolt and those similar are no longer coming once in a blue moon. They are fast becoming the norm and will likely soon be taken for granted.

The sooner medium-sized businesses adopt mobile payment methods and promote themselves as a safe, secure and easy place to purchase with, the quicker it will accelerate their growth, helping them to reach the next stage of expansion as well as offering seamless customer solutions.

Apple has recently announced its intention to allow users to transfer money via Apple Pay. We’re entering an age where it’s never been easier to manage your finances from a personal and commercial point of view.

Not just externally, but internally too. Senior managers and CEOs can also integrate these types of efficient payment solutions within their business to streamline the way it operates, save time, negate the need to micro-manage and more.

Are you interested in the world of alternative payment methods but aren’t sure which are the best ones to streamline your business and excite and attract the types of customers using them? Contact Fibonatix today to find out how the right ones can modernise your internal financial processes.

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