Collectively, we’d been riding the first wave of digital transformation for a while, with businesses adapting at different rates, in line with their offering and objectives. However, with COVID-19 set to impact us for an unknowable timeframe, nearly all businesses have had to accelerate the process of digitisation or focus on areas they hadn’t considered before. This article will offer guidance for businesses looking to reopen in accordance with the new government regulations in the UK and how they can tailor their payment offering to fulfil safety requirements.
New regulations in the UK
The UK government recently announced their plans to relax some lockdown restrictions and pave the way for businesses across multiple sectors to start reopening. Their timeline is approximate but based on their projections most businesses could reopen as early as July. The exception to this is the hospitality sector, with pubs, clubs and restaurants projected to be amongst the last to reopen.
Although the regulations are reliant on the continuing decline of coronavirus cases, they do indicate that the vast majority of businesses should be looking at strategies for their reopening within the coming months. Digital is likely to feature heavily in these plans as many businesses have begun to rely more on online channels. The next wave of digital transformation will, therefore, be an omnichannel operation with a further blending between physical and online sales channels.
Adapting your payment portfolio
These changes will need to be reflected in the payment methods you offer your customers. Increased consumer wariness may result in a rejection of cash and cause more people to embrace contactless payments. Furthermore, opening up your physical store does not mean that you should reject your digital channels as some consumers will still prefer to shop online. Providing the opportunity for consumers to pay across multiple touchpoints using a variety of methods will put you in a favourable position.
In-store payments
If you’re a business expecting to open within the next month, conducting a risk assessment will give you a clear view of all the special measures you will need to put in place to protect consumers and staff alike. The check-out process will need particular attention – ensure that your POS terminals are equipped to accept contactless cards and mobile payments. The shift towards contactless has been further accelerated by the limit for transactions being increased to £45 in the UK and adoption is estimated to go up +6-8% compared to previous projections as a result of COVID-19. Leveraging popular payment methods like Google and Apple Pay means that you can provide a secure and seamless purchase journey for your customers. Additionally, consider limiting face-to-face interactions at the checkout and opt for self-checkouts if feasible.
Online payments
On the other hand, there may be some businesses who chose to remain shut for a while longer (or are unable to reopen) and are looking to convert their payments to online channels. This may seem like a challenge, but it doesn’t need to be daunting and can be vital for helping your business remain operational. On top of this, it can open up your offering to a new audience, diversifying your customer base in the process. One of the most important factors to consider is which payment methods you want to provide your customers with. You need to decide this based on your product or services, e.g. if you are looking to convert to a subscription model, you’ll need to use a method that favours recurring payments, such as bank transfers.
Security should also be a primary focus; we’ve written an entire guide on how merchants can accept online payments safely, which can be viewed here. The bottom line is that you should work with a security-conscious payment service provider (PSP) who has a comprehensive fraud and risk management solution.
Pay by link
Sending a payment link to your customers is another way of accepting funds safely. This is particularly useful for businesses operating without a website as a link to a secure payment page can be sent via email along with the invoice. Our recent article looks in depth at the benefits of this payment method.
Final thoughts
Working with a multi-solution PSP, like emerchantpay, can help you embrace the next wave of digital transformation and keep your business running to the best of its abilities. This is a difficult time to navigate and having an experienced payment partner on side that can provide you with safe payment methods for POS and eCommerce channels will help encourage consumers to shop with you.
Are you looking to accept payments securely across multiple channels? Speak with a member of our team and find out how we can digitise your payment offering.