Welcome to the Era of Digital Payments

Is the ability to make digital payments important to customers? Well…yes!

Today’s digital age makes it easy for anyone with a smartphone or computer and an internet connection to shop for clothes, a friend’s wedding present, or pretty much anything else. Even before the global pandemic, consumers around the globe had happily migrated to conducting much of their everyday business online.

Therefore, organizations that haven’t already done so must embrace the digital payments movement, including healthcare providers, government organizations, third-party collection agencies, and more. Doing so will provide a host of benefits for your customers…and your organization.

The Proof is in the Payments

You might be asking…are there enough customers out there to justify an investment in digital payments? The answer is, overwhelmingly, yes!

According to an ACI Worldwide 2020 study, 67% of consumers prefer using websites or mobile apps to make one-time bill payments. Not a big enough number for you? Is 2.14 billion big enough? That’s the number of digital buyers as of 2021. To put it another way, that means 27.6 percent of the 7.74 billion people in the world, or more than one out of every four people you see around you, is an online shopper.

All of those buyers translate to a total estimated transaction value in the Digital Payments segment of $1.765 trillion in 2022. And that total transaction value is expected to show a compound annual growth rate of 14.86%, resulting in a projected total amount of $3.528 trillion by 2027.

Consumers around the world have embraced the world of digital commerce, and you are missing out on your piece of that pie if you don’t go digital.

More than Money

As if leaving money on the table isn’t enough incentive, adding digital payments provides a host of other benefits to your organization and for your consumers.

With digital payments, your employees are no longer manually processing checks or cash, which can inevitably lead to human error. Digital payments are handled quickly and efficiently, and are processed automatically with no delays or time lags, such as waiting for a check to clear. Your employees can now focus on a host of new activities that are not only a bit more exciting, but also play a role in growing the department and the company.

Customers will also appreciate the convenience of digital payments, being able to determine when and where they can make a payment, even from their phone. Customers also appreciate being able to schedule a date and time for ongoing payments. All of this saves them time and makes the unpleasant task of making payments a bit more convenient, which has the added benefit of reducing the number of late payments.

This digital interaction also provides you with a host of information about your customers. This data is vital to getting to know your customers more closely than ever before. Organizations can quickly learn customer preferences and can build future programs and offerings based on this data, providing an even more personal experience for the customer. And that’s just what customers are looking for.

Let’s Get Digital

Businesses that have already adopted digital payments have seen an explosion of happy, loyal customers, as well as a growth in sales. These forward-thinking organizations quickly realized that customers enjoy the ease and convenience of conducting business online.

Healthcare providers, government organizations, and third-party collection agencies can share the same benefits their e-commerce brethren have been enjoying for years simply by enabling digital payments for your constituents and citizens.

Everyone else has joined the digital age. It’s well-beyond time for you to do the same.

Need help with your digital payments? Visit Finvi to learn how we can help.

 

This is the final blog post in a three-part series on Payments Innovation. Click the links to read Part 1 and Part 2.

 

Disclaimer: Finvi is a technology company and provides this post solely for general informational and marketing purposes. You should not rely on the content of this material for any other purpose or as specific guidance for your company. Finvi’s advice, services, tools and products described herein do not guarantee compliance with any law or industry standard. You are ultimately responsible for your own company’s actions and compliance efforts. Because everyone’s situation is different, you must consult your own attorneys, accountants, and/or other advisors to obtain specific advice on your company’s compliance, legal, tax, regulatory and/or other business needs. Despite Finvi’s efforts to provide current and up-to-date information, you need to recognize that the information contained herein may become outdated quickly and may contain errors and/or other inaccuracies.

© 2022 Finvi. All rights reserved. Information contained in this document is subject to change. Reproduction of this publication is not permitted without the express permission of Finvi.

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