Understanding and preparing for the new payment experience

Payment acceptance is an essential building block for any business. To adjust to new customer demands, it’s time to take a look at how payments can help pivot your operations and overall strategy.

Tags: Payments, COVID-19, Small Business
Published: August 20, 2020

2020 brought new challenges for small business and consumers alike. The pandemic has put a laser-like focus on safeguarding the cardholder payment experience and providing new ways of doing business. Now, more than ever, it’s crucial to prepare your business, your employees and your community for a new market reality. Here are a few ways to enhance the payment experience for you and your customers. 
 

Provide a touchless experience

As we transition to a new business reality, enabling consumers to pay their preferred way is key to customer satisfaction. Simply accepting credit and debit cards is no longer enough. 

 

Contactless/Mobile Wallets

The ability to accept contactless payments should be an essential component of operating safely and minimizing the spread of germs. Contactless cards, mobile wallets and smartwatches are all convenient and quick ways to pay while avoiding contact at the point of sale.

EMV/NFC-enabled POS devices are the most essential part of accepting contactless payments in-store and on the go.

2020 was poised to be the year of contactless adoption before business as we know it, and now its adoption is increasing exponentially.
 

Stat: 31 million Americans tapped a Visa contactless card or digital wallet in March 2020, up from 25 million in November, with overall contactless usage in the U.S. growing 150% since March 2019.1
 



eCommerce/Omni-commerce

As online shopping and ordering reach a tipping point, a business’s ability to add eCommerce payment functionality to their business is key to future success. Look for flexible solution that multitask – including accepting payments in-store, online, via mobile or phone.

Cloud-based POS solutions can help you simplify your operations and uncover strategic insights that can empower small businesses to grow.
 

Stat: Online transaction volumes in most retail sectors have seen a 74 percent rise in March 2020 compared to the same period last year.2

 

Manage cash flow

Want to reduce business costs and expenses? You can access your cash faster and control payment processing expenses with new funding speed solutions, surcharging and Commercial Card Optimization.

 

Funding solutions

Cash flow is the core of keeping a business open and running. Whether it’s paying invoices or payroll, investing in new technology, or upgrading to new customer engagement channels, having money in your account enables you to achieve your goals.
 

Benefits of cash flow management

  • Have cash on hand ready to invest in any opportunity
  • Balance deposits versus withdrawals to avoid delays in paying bills, invoices, or other costs
  • Know when cash will be available to schedule payments
  • Easier reconciliation of batch versus funding deposits

    Stat: 66 percent of small businesses say that funding timing has the largest impact on their cash flow management. 3

 

Everyday Funding allows you to get funding seven days a week so you can pay invoices quicker, cover your expenses faster and increase your cash flow efficiency. The best part of Everyday Funding is that it works on weekends, not just weekdays, which means funding is direct to your deposit account every day of the week. Everyday Funding is available free to U.S. Bank checking customers with a U.S. Bank Payment Solutions account. If you’re interested in faster access to cash flow, let us help you identify your checking and payment options.


Avoid fraud with strong and secure transactions

Atop of mind for both you and your customers, Contactless payment technology utilizing EMV/Chip card technology inherently make transactions safer.

The increase in online transactions also means taking a closer look at card-not-present (CNP) fraud. As more consumers turn to eCommerce transactions, it’s important you have the tools in place to prevent malicious account takeover and phishing schemes.

Be sure to look for advance fraud solutions that provide a frictionless cardholder experience while offering stronger security and authentication protocols.
 

A note on friendly fraud

CNP transactions come with their own rules and chargeback guidance that may be new to merchants unfamiliar with online transactions. Ask us about tips and tools that could help manage this new payment channel, reduce chargebacks and prevent your funds from being withheld.


Get prepared

Ensure you’re ready to adapt to a new business landscape. U.S. Bank and Elavon provide you and your business with strength and stability during uncertain and changing times. Here’s a checklist to help you prepare for the new payment experience.

 

For more informative articles like this, click here to learn more about how to improve your cash flow and improve your business.

 

Sources:
1 Visa 2 ACI Worldwide 3 Payments Journal