The Transformative Power of Payments Technology

In today’s fastpaced digital world, payments technology plays a pivotal role in shaping businesses and enhancing consumer experiences. From small mom-and-pop shops to multinational corporations, the evolution of payments technology has been a cornerstone of business growth. Shane Estes, Vice President of Sales and General Operations at Inovio, captures this impact, saying, "Nothing, perhaps no industry out there, has supported the growth of business and the experience of the consumer the way that payments technology has."

Estes’ quick video take highlights that businesses offering credit card payments typically see a 17% increase in average transaction value, compared to those that are cash only. This statistic underscores the importance of a seamless customer experience, made possible by advanced payments technology. Digital wallets like Apple Pay, Google Pay, and PayPal empower consumers to pay as they prefer, enhancing convenience and satisfaction.

Additionally, payments technology supports global transactions, enabling a consumer in Japan to purchase from a U.S. business in their local currency. This capability minimizes cart abandonment and chargebacks, fostering a sense of global connectivity.

The integration of advanced fraud measures and risk reduction strategies further enhance the payments ecosystem, balancing growth and safety. These technologies reduce checkout friction for merchants and provide a secure environment for consumers, making them feel protected during transactions.

Actionable steps for businesses

• Implement diverse payment options: Support various payment methods, including digital wallets and international currencies, to maximize customer convenience.
• Leverage data analysis: Use transaction data to understand consumer behavior and preferences, tailoring your offerings accordingly.
• Enhance security measures: Invest in robust fraud prevention technologies to protect your business and customers.

While the benefits of payments technology are clear, some businesses, particularly smaller ones, may encounter challenges in integrating these advanced systems. Let’s take a look at a few… 

Challenges faced by smaller businesses

Smaller businesses often face several obstacles when integrating new payment technologies. First, they may struggle with a limited budget, making it difficult to allocate funds for the necessary hardware, software, and training, which can initially seem daunting. Additionally, many small businesses lack the technical expertise required to integrate and manage sophisticated payment systems, leading to operational inefficiencies and increased vulnerability to fraud. 

However, partnering with a global payments gateway like Inovio can offer the vital support needed to overcome these hurdles.

How Inovio can help

Working with a global payments gateway like Inovio can provide small businesses with the resources and support they need to integrate modern payment solutions, seamlessly. Some of the benefits:

• Cost-effective: Inovio offers scalable payment solutions that can grow with a business, ensuring that companies only pay for what they need. This scalability helps to manage costs effectively.
• Expert support: By providing access to a team of experts, Inovio helps businesses navigate the technical complexities of payment systems. This support can include everything from initial setup to ongoing maintenance and updates.
• Robust security measures: Inovio's advanced security features protect businesses from fraud and cyber threats, giving them peace of mind and allowing them to focus on growth.

Payments technology's transformative power in the digital age is undeniable. As businesses adapt and innovate, focusing on consumer experience and secure transactions will pave the way for sustained growth and success.