With more businesses selling online or via mobile apps, more consumers are hopping online to shop and pay. Merchants are therefore pressed to ensure that they are delivering cross-border payments experiences that are fast and seamless while also supporting payment preferences that vary widely from market to market.
This rise of eCommerce has led customers to develop high expectations for simple, transparent, secure digital payment experiences, as reported in “The New Singularity,” a PYMNTS and USEND collaboration.
Get the report: The New Singularity
B2B eCommerce is enjoying a similar rise, driven in part by the digitally savvy millennials who are moving into managerial positions with purchasing authority. Comfortable with digital payment and self-service capabilities, they’ve more or less abandoned traditional modes of purchasing goods.
That has presented a challenge to wholesalers, distributors and manufacturers dealing with wholesale, as B2B transactions often carry a higher price tag than business-to-consumer (B2C) purchases. This means that online merchants need to double down on building trust and high-touch payment experiences while still capitalizing on the efficiency digitization affords.
Meeting Expectations in the Cross-Border Arena
The great digital shift has enabled all sorts of merchants, particularly small- to medium-sized businesses (SMBs) to move beyond their home territories and across borders to tap new markets, USEND Chief Operating Officer and Chief Technology Officer Ran Grushkowsky told PYMNTS.
Read more: Compliance Automation Critical in Making X-Border Payments Faster and Cheaper Not all payment capabilities are created equal here. Businesses and consumers expect their banks to deliver a consistent user experience (UX) across numerous digital channels. This means financial institutions (FIs) need to provide flexible cross-border payments offerings that are compatible with a wide array of digital technologies.Third-party application programming interfaces (APIs) are a cost-effective way for banks to support these functions — far better than the alternative, rebuilding […]
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