The Changing Pace of Payments: Why Merchant Payments May Never Be the Same Again

05th May 2020
Contributor:
Joanna Hyde
Joanna Hyde

The world of retail payments has never changed so quickly. In the past few weeks, a number of the trends we were already seeing in payments have accelerated exponentially as a result of the ongoing pandemic. The shift from in-store to online payments has been almost instantaneous; contactless transactions have soared; cash volumes have dropped drastically; automation at the POS has increased; and, more than ever, merchants are vying to leverage their payments arrangements to survive, and thrive, at this critical time.

As well as accelerating existing trends, the pandemic is also introducing new, unexpected dynamics. Many of these developments are by no means temporary: the impacts of lockdown restrictions and changes in consumer habits are likely to last well beyond the pandemic itself.

The U.S. payments landscape may never be the same again – and merchants must prepare now to ensure they survive and thrive in the years ahead. To support the merchant community in taking the right steps in the short-, medium- and long-term, we’re launching a brand new series of webinars. Providing practical guidance on next steps, as well as unique insights into exactly what trends we’re currently seeing, ‘The Changing Pace of Payments’ webinar series is your single source of everything you need to know about payments both during and after the pandemic.

Any strategy for navigating these changes needs to consider two distinct phases: surviving and thriving. In our first two webinars, we’ll be concentrating on the survival phase. With a focus on the shift to online transactions and the rise of contactless in the face-to-face environment, our experts will guide you through the key challenges and opportunities in payments today.

Later in the series, we’ll explore what merchants can do to truly thrive in the new retail environment. The retail industry can no longer afford to lose sales to poor customer experience, falsely declined transactions, and the inability to accept the right payment types. Market-leading merchants have long acknowledged the value of payments in maximizing revenue, enhancing customer satisfaction and loyalty, and minimizing risk.

Now is the time double down on these strategies: and our experts will highlight exactly what you should be focusing on to ensure you don’t fall behind your retail peers.

It’s almost impossible to predict exactly what will happen in the world of payments in the future, but we know one thing for sure: over the next few months, merchants will need to ensure their payments supply chains are flexible and robust; responsive and risk-averse; and, most of all, productive. As a merchant, your payments strategy is your retail strategy - it’s that important. The pandemic has not only accelerated the change in the payments mix, but it's also widened the cracks in a slightly broken payments industry.

Alex Ellwood - Head of Merchant Advocacy

Through our free, merchant-only webinar series, merchants will learn about:

Response Strategies

How to respond to the changes we’re seeing in retail today

Productivity

How to make payments more productive

Risk and How to Adapt

How the supply chain will need to adapt to retailers’ new emphasis on risk

Technology

How the payments industry can use technology to meet the needs of retailers adapting to new modes of trading

Get the recording of each session by clicking their titles below:

The eCommerce Catalyst: Adapting Your Payments for an Online World | Tuesday May 12th | 2pm EDT

The Contactless Catalyst: Managing Costs in a New Payments Landscape | Tuesday May 26th | 2pm EDT

The Power of Payments: Retailing Anytime, Anywhere, in Any Way | Tuesday June 9th | 2pm EDT

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