Four payment challenges to overcome in the "new normal"

Learn how to optimize the customer experience in turbulent times.

Four payment challenges to overcome in the "new normal"

Learn how to optimize the customer experience in turbulent times.

Four payment challenges to overcome in the "new normal"

Learn how to optimize the customer experience in turbulent times.

Get the Cybersource 2020 Global Payments Report

Is your business struggling to stay ahead in this turbulent payments landscape? Are you wondering what other businesses have been doing to create the best customer experience, prevent fraud, and mitigate loss?

Based on a survey with 890 payments, fraud, and payment analytics specialists in 20 countries, our global payments study reveals the top four payment challenges to consider when planning a successful customer experience strategy, to benefit both your company and your customers.

By analyzing the approaches, strategies, and techniques that leading companies use and comparing them to average businesses, we can provide you with a valuable benchmark for assessing and improving your own customer payment experience performance.

Payments report background and why it's so relevant now

Every two years, we conduct a global payments study to capture and highlight trends in the payments landscape. This year, we conducted the survey in January and February of 2020. Obviously in the months since, the world has changed with the COVID-19 global pandemic.

Cross-channel shopping has grown by 34 percent since the pandemic began.

—2020 Pyments.com Global Payments Report

In this context, our 2020 Global Payments Report provides a valuable benchmark–a "baseline of normal" that payment professionals can use to stay focused and grounded as they navigate this time of unprecedented uncertainty.

Profile of an industry leader (and why it matters)

To provide relevant and actionable insights, we focused on identifying and highlighting payment practices that define the highest performing organizations–those who are "top performers." Top performers were the respondents reporting their organizations with the:

Highest conversion rates

Highest payment acceptance rates

Highest levels of internal satisfaction

There is one central, overarching characteristic that every top performer shares: They all successfully embrace the challenge of thinking beyond and staying ahead of change. The ability to adapt to change has never been more important than it is right now. 

Top four payment challenges and priorities

The survey's top performers tend to view the payment landscape somewhat differently—and have different priorities—than the other respondents. Here are four top-of-mind issues:

Top performers named digital transformation as the biggest external factor driving their payment strategies

By contrast, other respondents identified "staying relevant in the context of changing customer patterns and demands" as their most important strategy-influencing external factor.

Businesses are very concerned about fraud

A leading 36 percent of survey respondents said staying ahead of threats and managing fraud is their biggest payment management challenge. Top performers were considerably more focused on using predictive fraud management, machine learning, artificial intelligence and other advanced technologies to combat fraud than other respondents.

Managing the growing number of payment methods and sales channels is also a major concern

Survey respondents also named today's growing number of payment methods and managing multiple complex sales channels as another top-of-mind challenge. Notably, the top performers were significantly less concerned about their ability to manage multiple channels than other respondents.

Businesses are building their payment strategies around data security and customer experiences

86 percent of respondents identified "security of customer data across payment and loyalty" as an extremely or very important piece of their payment management strategy. 83 percent placed "providing consistent customer experience across sales channels" in that same category. "Better protect customer data" was also cited as the top priority over the next 12 months across all organizations. At the same time, "increase revenue through increased acceptance" was seen as a considerably more important future priority by top performers.

We also surveyed how and where businesses accept payments, including:

A look at the growing number of payment methods.

The advantages of connecting to multiple payment processors and merchant acquiring banks.

Effective payment management practices, approaches and techniques, including:

  • Exploring new and expanded retail approaches
  • Using new technologies to enhance and improve the customer experience
  • Improving payment security and customer confidence with tokenization
  • Making payment authorization more efficient, intelligent, and secure
  • Encouraging customers to use safer, lower-cost payment methods

 

Cybersource Global Payments Report

Download the report to dive deeper.