Payment Acceptance Will Never Be the Same After the COVID-19 Pandemic.

By Gartner Report

COVID-19 has changed the way consumers look at commerce and payment options. Businesses are adapting to make payment transactions fast and safe for both customers and associates. Application leaders need to protect business continuity and align to evolving customer payment expectations.

Overview Impacts

• Lockdowns that limit physical interactions, coupled with changing consumer attitudes toward cash and other contact-based payment methods, have changed the way that businesses manage and accept payments.

• Shifts in buying behaviors impact metrics and key performance indicators (KPIs) related to payments and disputes.

• Digital commerce payment vendors are largely compensated based on a share of volumes processed, and related revenues have been impacted accordingly. This may result in financial distress, performance challenges or unexpected adaptations.

• Many digital commerce payment vendors have adapted their offerings to help merchants weather the pandemic

Recommendations

Application leaders responsible for digital commerce payment technologies should:

• Protect or enhance their sales volumes by optimizing their digital commerce channel and unified commerce initiatives. Provide consumers with contactless ways to shop and pay within the physical store.

• Recalibrate business monitoring efficacy to the new normal by continuously assessing and amending metrics and KPIs.

• Measure the capacity of their organization’s payment capabilities to withstand the effects of the pandemic by evaluating the resiliency of their commerce payment vendor(s).

• Increase their organization’s resiliency by taking advantage of payment vendor initiatives designed to help them adapt to the current and emerging environment.

To access the report click on the link below:

Gartner - Payment Acceptance Will Never

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