In the past year and a half, we have seen an unprecedented acceleration of digital payment adoption across all industries. In some cases, 2020 saw an acceleration that analysts didn’t expect for another seven years, according to McKinsey. And the business transformation journey is still going.
As we move into 2022, leaders will continue to fine-tune the processes they’ve put in place and will begin to look at digital payments to drive business impact and the bottom line rather than only playing a supporting role. Our eBook, 2022: The Year of Optimizing Payments offers key payment predictions focused on 3 business goals:
Businesses of all types have come to understand digital payments lead to higher conversion rates, more successful payments and more profitable geographic expansion.
In 2022, organizations will continue to build on the success they’ve already achieved with digital payments, using payment optimization tools to drive higher conversions and growth. Tools like intelligent payment routing and failover technology help increase authorizations and allow companies to take full advantage of their investment in digital payments.
We’ll see even more businesses moving into the global marketplace as well. With digital payments, companies can sell to customers worldwide, and the right payments partner can make international payments simple and efficient. By 2027, the value of all cross-border payments is projected to be $250 trillion, so now is the time to be sure your payment solution will help you make the most of the global marketplace.
Elevating the Customer Experience
Customers have quickly become accustomed to the convenience and ease of use that digital payments offer. More B2B businesses than ever are now providing online payments, and 80% of B2B transactions are expected to be digital by 2025. Accounts receivable (AR) teams are seeing the benefits of sending electronic invoices and receiving digital payments. In 2022, businesses will offer even more features to get the most out of their customers’ affinity for going digital.
Businesses will provide more payment options and localize each customer’s payment experience. Whether accommodating cashless customers with alternative payment methods or offering more flexible payment options, like Buy Now, Pay Later, these efforts to cater to customers’ payment desires will ultimately mean more sales and revenue.
Optimizing Payments for the Best ROI
The quick shift to digital payments, growth into global markets and the digitalization of AR processes was the result of the pandemic for many businesses. 2022 will see these businesses start moving away from the patchwork solutions they initially put in place to more cost-effective, strategic payment solutions that provide positive ROI. Businesses will move full steam ahead to optimize their authorization rates, consolidate vendors and reduce their tech debt, and fully automate their accounts receivable operations.
Included here will be how businesses approach their security, fraud prevention and compliance on a global scale. Businesses will be partnering with payment platforms that can offer strong solutions in this arena.
These 3 goals (and more) are discussed in-depth in our latest eBook. Download it to learn about all the key predictions that will be driving payment and business success in 2022 and beyond!