Since the outbreak, businesses across the world have had not only to retrench staff, cut back on costs such as team building, salary increases, etc., but have also had to shut their doors. HSBC, for example, had to close 82 of their branches across the UK, not necessarily because of COVID, but because of one simple human trait: the fast ability to adapt.
People have become more accustomed to purchasing goods online. This is backed by many studies and reports since the pandemic from reputable consultancy firms such as Optima Consultancy in which they showed in a survey that 44% of respondents said they have been using mobile banking apps more frequently, since the COVID outbreak.
This means that the nature or the behaviour of the regular consumer has been slightly altered. — And as all marketing gurus will tell you, you need to focus on consumer trends rather than any other notion.
Back to the title – a real solution for businesses affected by COVID-19
What is the solution?
Take your business as an example to this problem. You may have tried many avenues to gain what you have lost. Many avenues, however, have been blocked by the discouraging setbacks still alive in many countries.
After any pandemic or accident, a business has two options, which may be painful for both: stay the same or change.
Businesses that have survived on tried and tested methods for years before the pandemic would be, naturally, frightened to go with the “change” notion; but in a precarious environment in which countless jobs are lost, in many industries, your business must move with the changing tide of its customers. — After all, it is through customers that income is made.
Follow the customer
Businesses may like to believe (albeit in a somewhat delusional sense) that what matters in advertising is their brand and their business, which speaks very clearly why so many businesses are reluctant to change their mode of operation, especially if they have done so well in the past.
Many business owners are still hanging on a branch of hope that this will all disappear. — Indeed, it may disappear, and everyone wishes it so; but even if the pandemic were cleared up today, the behaviour of the consumer has already changed.
The next step
If you take into account that since the onset of the pandemic, an estimated 13 million people have started investing for the first time using one app. This news was shared by renowned investment advisor in the Fintech realm, Marcel van Oost.
This suggests that businesses should consider moving to online payment acceptance. By providing customers with both a payment solution online, via your website, and alternative payment methods, the space for growth is incalculable.
Offering a service online opens your business to the world; that is, to customers you may never have had without an online payment solution.
Advertising would need to be taken a notch higher or perhaps a notch in slightly different direction. Allowing your customers to know about your new service offering through social media channels will be effective in promoting not only your new service but your brand also.
Other factors to consider
When you contact a payment solutions provider such as one of the most well-respected ones in the UK; namely, iPayTotal, you should be ready with questions.
For example, you should know upfront if the payment solutions company accepts your type of business. With high-risk businesses such as the travel industry or pharmaceutical companies, not all payment solution companies can offer you a merchant account.
Traditional banks will most likely reject your applications, which makes approaching iPayTotal a perfect solution in obtaining a merchant account, especially a high-risk merchant account since they work with many acquiring banks offshore.
With their secure online payment gateway, your business can be certain to offer safe payment options to your customers.
Other statistics that may push you to consider a change
Statistics for one company alone has shown that two and a half million people chose to use digital channels in 2020, becoming BBVA clients. This shows a staggering 33% of new customers, representing a 56% hike compared to 2019.
This same company saw a great growth, as can be seen by the figures, despite the COVID-19 pandemic.
In this one company alone, it shows that 61% of the population of Spain is using mobile apps to do their banking—all during this pandemic. They have also generated 73 million new customers globally.
This is proof enough that digital incorporation for the payments sector is clearly the way forward.
Make the call today and start recovering
iPayTotal has the solution for your business with built-in anti-fraud technology to help you feel confident when becoming a merchant.
This peace of mind is what you need to feel confident to carry on with business as usual, in a better, more efficient way.
Contact iPayTotal today on +44 800 776 5988 or email firstname.lastname@example.org