Seamless, simple payments are good for consumers, merchants and banks. But when something goes wrong, brands must be able to offer quick (and compliant) resolution.
Digital and mobile payments have been gaining popularity for a while—order and pay ahead in an app, automatic bill pay, one-click payments. The notion of “invisible payments” that are seamless and simple has been guiding the strategies of industry leaders across across numerous sectors. After all, the simpler the payment process, the more likely the customer is to make a purchase and keep coming back, whether it’s an online or in-person transaction.
By 2023, invisible payment technologies will power $28 billion in transactions, according to research from PayVision. As millennial and Gen Z consumers continue to expand their buying power, these digital natives will likely demand more seamless transactions as part of their daily lives. As of 2020, the spending power of each generation is expected to be $1.4 trillion and $44 billion, respectively. We’re also well on our way to having more than 1.5 billion payment-ready smart devices globally within the next three years.
Customer Support to Match
Companies can only expect to reap the benefits of invisible payments if they also provide seamless customer support when problems arise. Here are a few critical ways that CX can help to push invisible payments forward:
Issue resolution must match the speed and convenience of the purchase process. Returns, exchanges or mistakes—all are an inevitable part of commerce. So, brands must make a strong commitment to customer support to ensure that it’s just as easy to get a problem resolved as it is to make payments. For example, be sure that the simplest and most common issues can be addressed quickly through self-service channels, like the app, the site or the IVR. For larger issues, having a strong handle on chat, AI support and highly trained live agent support are key to minimizing headaches and hassle.
The bigger picture of security and privacy. One of the key benefits of invisible payments is the unique security and privacy features it can offer. Newer processes like tokenization or multifactor authentication can offer unique security solutions; however, providers have to balance security and simplicity—two things that can be at odds. And, it’s important that consumers understand how any hurdles to convenience are protecting them. For instance, research shows the average consumer has to remember more than 14 different passwords and is increasingly frustrated by cumbersome authentication processes. Some companies, like Google, offer phone verification prompts, which simplify the process.
Better collaboration between banks and brands. It’s important to remember that in order for invisible payments to work, both banks and retail brands must constantly work in concert—streamlining the payments side, while providing a fast, focused purchase experience both online and in-person. This level of connectedness requires customer support from both sides to be efficient in solving problems in order to mitigate any potential bottlenecks or consumer frustrations in the process. For many companies, this is already happening, but is of the utmost importance to truly reap the benefits of invisible payments.
Learn more about how the team at Ubiquity can build a responsive (and compliant) error resolution program as your business grows.
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