Understanding and preparing for the new payment experience

August 20, 2020

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.

 

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.

 

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.

 

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. 

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.

 

Learn more about how to improve your cash flow and improve your business.

Related content

Protecting elderly parents’ finances: 6 steps to follow when managing their money

Webinar: CRE technology trends

Restaurant surveys show changing customer payment preferences

Enhancing the patient experience through people-centered payments

Digital trends poised to reshape hotel payments

Automate escheatment for accounts payable to save time and money

3 benefits of integrated payments in healthcare

Improve government payments with electronic billing platforms

3 awkward situations Zelle can help avoid

Myth vs. truth: What affects your credit score?

More payment options create checkout success

Want AP automation to pay both businesses and consumers?

Access, flexibility and simplicity: How governments can modernize payments to help their citizens

ABCs of APIs: Drive treasury efficiency with real-time connectivity

30-day adulting challenge: Financial wellness tasks to complete in a month

What is a CLO?

Colleges respond to student needs by offering digital payments

6 timely reasons to integrate your receivables

Benefits of billing foreign customers in their own currency

Hospitals face cybersecurity risks in surprising new ways

Post-pandemic fraud prevention lessons for local governments

Webinar: Robotic process automation

5 Ways to protect your government agency from payment fraud

Fight the battle against payments fraud

Fraud prevention checklist

How to improve your business network security

Government agency credit card programs and PCI compliance

Modernizing fare payment without leaving any riders behind

Tap-to-pay: Modernizing fare payments pays off for transit agencies and riders

How real-time inventory visibility can boost retail margins

Escheatment resources: Reporting deadlines for all 50 states

Payment industry trends that are the future of POS

White Castle optimizes payment transactions

Managing the rising costs of payment acceptance with service fees

Three healthcare payment trends that will continue to matter in 2022

Webinar: CSM corporation re-thinks AP

Increase working capital with Commercial Card Optimization

Top 3 ways digital payments can transform the patient experience

Automate accounts payable to optimize revenue and payments

Ways prepaid cards disburse government funds to the unbanked

Webinar: AP automation for commercial real estate

Understanding and preparing for the new payment experience

Safeguarding the payment experience through contactless

COVID-19 safety recommendations: Are you ready to reopen?

Higher education and the cashless society: Latest trends

3 ways to make practical use of real-time payments

4 benefits to paying foreign suppliers in their own currency

Restaurant surveys show changing customer payment preferences

Unexpected cost savings may be hiding in your payment strategy

Digital trends poised to reshape hotel payments

Enhancing the patient experience through people-centered payments

Overcoming the 3 key challenges of a lump sum relocation program

How mobile point of sale (mPOS) can benefit your side gig

Rethinking common time management tips

How to apply for a business credit card

How jumbo loans can help home buyers and your builder business

How Everyday Funding can improve cash flow

When your spouse has passed away: A three-month financial checklist

How to save money in college: easy ways to spend less

How to spot an online scam

Dear Money Mentor: How do I set and track financial goals?

P2P payments make it easier to split the tab

Dear Money Mentor: How do I begin paying off credit card debt?

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.