Every company has a legacy, no matter how long it has been in business. The past is important when it comes to payments, so hold that thought. At the same time, companies want to create new opportunities. This may be via global expansion, improving the customer experience or building a world-class brand. Payment sits at the intersection between commerce and finance so it can help - or hinder - all of these objectives.
Going for global growth
Online sales are growing. E-commerce represented around 10% of global retail sales in 2010, which is projected to climb to 17.5% in 2021. While many businesses may wish to harness the e-commerce growth opportunity, legacy systems can hold them back.
Very few retailers have a truly seamless omni-channel offer. They either started with brick-and-mortar stores and added e-commerce processing. Or they had an e-commerce offering and added physical stores. Behind the scenes, legacy IT constraints may necessitate payment and reporting work-arounds.
There are complexities everywhere. And complexities equal costs. Retailers may use different gateways and/or acquirers for credit, debit and local payments. Point-of-sale (POS) set-ups tend to be domestic or regional and heavily customised. They are typically implemented one country at a time, so are costly to maintain and impossible to expand quickly. E-commerce retailers may already trade internationally and want to add global POS processing without the complexity.
A global template
One way to achieve this is to align global in-store set-ups with e-commerce set-ups, which are already global. A single global template backed by a single integrated payment solution simplifies roll-out and cuts time- and cost-to-market. It allows retailers to trade in new sectors, channels and countries quickly and generate revenue in the shortest possible time.
ANYpay is purpose-built for international retailers, who rely on PXP Financial to deliver all the services needed in each region. As is a global, multi-channel payment solution, ANYpay consolidates all transactions, irrespective of sales channel. It securely processes and settles them, plus offers granular reporting in real time for quicker, cheaper, more accurate reconciliation and financial management.
Time to switch?
Retailers want to trade internationally through various channels: face-to-face, online, in-app and via mobile devices and on on. They want a better understanding of customer preferences, past purchases and browsing history to personalise the experience. They want to build strong, trusted brands.
Payments help power business objectives. If your current payment partner is impeding your growth objectives, maybe it’s time to switch?