Ezidebit website logo
Ezidebit website logo
Ezidebit
  • Book a Demo
  • Contact Support
  • Find Payments
  • Login
  • Worldwide
  • Products
      • Cloud Payments
      • Direct Debit
      • BPAY
      • E-commerce
      • Cybersecurity
  • Industries
      • Accountants
      • Charities
      • Childcare
      • Enterprise
      • Health & Fitness
      • Personal Trainers
      • RTOs
      • Small Business
      • Software
      • Storage
  • Developers
      • API Doc
      • API overview
      • Developer
      • Request a Sandbox
  • Partners
      • Partners
      • Become a Partner
      • Partner Program
      • Software Integration
  • Company
      • About Us
      • Why Choose Us
      • Global Payments
      • PCI Compliance
      • Mission
      • Careers
  • Ready To Learn More?
    Enquire Now Watch a Demo Find Payment
    • Ezidebit Blog
    • Downloads
    • Video Resources
    • Contact Us
    • Watch a Demo
    • FAQ
    • Find Payment
    • Login
  • Book a Demo
  • Contact Support
  • Find Payments
  • Login
  • Worldwide
  • Products
      • Cloud Payments
      • Direct Debit
      • BPAY
      • E-commerce
      • Cybersecurity
  • Industries
      • Accountants
      • Charities
      • Childcare
      • Enterprise
      • Health & Fitness
      • Personal Trainers
      • RTOs
      • Small Business
      • Software
      • Storage
  • Developers
      • API Doc
      • API overview
      • Developer
      • Request a Sandbox
  • Partners
      • Partners
      • Become a Partner
      • Partner Program
      • Software Integration
  • Company
      • About Us
      • Why Choose Us
      • Global Payments
      • PCI Compliance
      • Mission
      • Careers
  • Ready To Learn More?
    Enquire Now Watch a Demo Find Payment
    • Ezidebit Blog
    • Downloads
    • Video Resources
    • Contact Us
    • Watch a Demo
    • FAQ
    • Find Payment
    • Login
  • Products
    • Cloud Payments
    • Direct Debit
    • BPAY
    • E-commerce
    • Cybersecurity
  • Industry
    • Accountants
    • Charities
    • Childcare
    • Enterprise
    • Health & Fitness
    • Personal Trainers
    • RTOs
    • Small Business
    • Software
    • Storage
  • Developers
    • Integration
    • API Doc
    • API overview
    • Request a Sandbox
  • Partners
    • Partners
    • Become a Partner
    • Partner Program
    • Software Integration
  • Company
    • About Us
    • Why Choose Us
    • Global Payments
    • PCI Compliance
    • Mission
    • Careers
  • More
    • Ezidebit Blog
    • Downloads
    • Video Resources
    • Watch A Demonstration
    • Login
  • Find Payments
  • Contact
  • Enquire Now
 
  • Ezidebit Blog

Are payments a functional outcome or a business strategy for you?

April 1, 2016
  • facebook
  • linkedin
  • twitter
  • google+
  • email

 Are payments a functional outcome or a business strategy for you

We know the customer is what businesses pivot on. Gain them or keep them in a satisfied state and you will normally do well, whatever your business is. In the Australian context there has been a strong focus on “customer centricity” or customer experience in the last few years. Much of this has been in the context of mastering digital channels.




But has this focus also extended to the role of payments? We often find organisations treat payments systems as a “back end” thing. Something you (or a partner) implements and trusts will fulfil its role. In other words, it’s a functional outcome that should just work, or at least that’s the assumption.

At a recent roundtable event we held in Sydney, hosted by Tech Research Asia, and attended by over a dozen leading CIOs and business leaders we asked the question of whether payments should be considered more important to business strategy than a function. The answer was a somewhat surprising, but from our perspective obviously not unwelcome, yes. And it was a resounding one at that from all at the table.

Some of this change in mindset we are witnessing in 2016 is due to association of payments to the very strong interest shown in the FinTech sector. A lot of money and effort is being poured into FinTech at present and any associated area is likely to be viewed as being of strategic import.

Yet, regardless of the hype of the day, when you examine the role of payments in detail in any organisation, they are arguably, after all, one of the most critical parts of the customer experience. Think of it this way, if a customer can’t pay or you can’t receive their payments then there is effectively no “customer”. There is no business being transacted. It’s hard to think of this as not being a critical component of any experience with an organisation. And, yes, that’s a deliberate understatement.

But there are also other reasons to also elevate payments into a business strategy discussion. Firstly, is the notion that your customers are now the ones in control. In the majority of urban centres that have decent digital infrastructure, customers are more informed than ever before and in many industries are able to switch providers with relative ease. They expect to be able to use a variety of payment types. If they can’t pay quickly and with the method of their choosing then they’ll likely be mighty upset and in addition to sharing it with their social media world, possibly take their business elsewhere if the frustration is high enough.

Second, is the fact that payments transactions offer a wealth of data and insights about your customers if you can capture it effectively and analyse it within context. This data can be critical to ensuring your business strategy is effective at delivering on its stated aims. It is also personal data that needs to be stored and secured in compliance with all relevant regulations. A breach can have fatal consequences.

The last reason is that there is significant innovation occurring within the payments industry that may either change your customers’ expectations or offer you an opportunity to also innovate. From the exploration of using block chain technology to mobile wallets to integration with wearable devices, there is no shortage of possibilities with payments.

These are just a few brief examples of the reasons why payments are now on the strategic radar for Australian businesses. As 2016 unfolds we expect this new mindset to continue to gain a foothold. See the latest CIO and Customer Software research for more Australian payment market insights.

Categories: SME
Tags: Revenue

Categories

  • SME (90)
  • Fitness (30)
  • Childcare (24)
  • Charity (21)
  • Accounting (10)
  • Enterprise (9)
  • News (8)
  • Property (2)

Tag Cloud

Business Challenges Cash Flow Growth Plans Revenue Social Impact Direct Debit Solutions Find Time
question_mark Sign Up Now
calculator Calculate
Leave Message
Startup Login
bar Almost there! Please complete this form and click the button below to sign up now. Get Paid On Time, Every Time – With Our Cloud Payment Solution

Industry Spotlight

  • Accountants
  • Charities
  • Childcare
  • Enterprise
  • Fitness
  • Personal Trainers
  • RTOs
  • Small Business
  • Software
  • Storage

Features

  • Cloud Payments
  • Software Integration
  • Direct Debit
  • BPAY with Ezidebit
  • E-commerce
  • Integration
  • API Docs
  • API overview
  • Partner Program
  • Request a Sandbox
  • Cybersecurity

Resources

  • Ezidebit Blog
  • Contact Us
  • Downloads
  • Video Resources
  • Frequently Asked Questions
  • Support
  • Ezidebit on your statement
  • PDS and FSG
  • Terms and Conditions
  • PCIDSS Guide
  • Credit Card Fraud Protection
  • Social Impact

About Us

  • PCI Compliance
  • Global Payments
  • Our Company
  • Mission
  • Values
  • Careers
  • Contact Us
  • Enquire Now
  • System Status

Social

  • facebookfacebook
  • twittertwitter
  • google plusgoogle plus
  • linkedinlinkedin
  • youtubeyoutube

Global Payments Direct, Inc. is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, CA.
Global Payments Direct, Inc is a registered ISO of BMO Harris Bank N.A.

© 2019 Global Payments Inc. All rights reserved. Privacy Statement    Terms of Use
Head Office: PO Box 3327, Newstead Qld 4006 Tel: 1300 763 256