Remote payments are good for businesses, too
Any sort of payment that is made without direct contact between seller and buyer can be considered a remote one. ItÔÇÖs easy to see how the ability to make remote payments has changed the consumer experience for the better. Online shopping, door to door delivery, and the ability to wave your phone at a checkout sensor when paying for goods, all rely on remote payments.
Why? Because these arenÔÇÖt just good for the consumer but are also incredibly empowering for entrepreneurs and SMEs. Consider the new paradigm of transport created by Uber and Careem. These services wonÔÇÖt have been as possible without adopting a seamless remote payment system. E-commerce stores too rely on remote payments for their business model to work ÔÇô though many in the UAE also offer cash on delivery.
So, remote payments unlock new business models by diversifying away from a cash-only model. They also enable a wealth of data gathering, upselling and cross-promotional activities.
For instance, mobile and remote payments can help businesses small and large integrate loyalty programmes into the payment system. Customer information can be stored in the payment gateway, which does away with needing additional tokens or customer codes to be punched in. Adding value directly to the customer experience increases brand loyalty and makes the customer want to return.
Remote payment gateways are also an excellent way of upselling and cross-selling. Relevant offers, discounts and additional goods and services can be offered right at the point of payment, either through mobile or online. Customers are more receptive to these offers at the point of payment, which improves conversion rates and sales.
Remote payments, and those made through mobile, are also very helpful in tracking inventory and understanding customer behaviour. It helps businesses track the products and services they are selling, and gain insight into customer demand. Not only can they capture payment information but can also store purchasing patterns to learn more about their customers, and improve their service offering.
ItÔÇÖs not just remote payments that are helpful for businesses. Remote money transfers, such as those enabled by the UAE Exchange Money2Anywhere portal, make it exceptionally easy for customers to transfer money anywhere in the world, and support family and friends back home ÔÇô creating disposable income. For local businesses back home, this higher disposable income translates into sales, which in turn unlocks job creation to add further prosperity to the community.
Remote payments have revolutionised the consumer experience. At the same time, theyÔÇÖve helped businesses find new audiences and better serve existing ones. With a simple, secure effective remote payment provider, a good marketing plan and reliable shipping methods, a small business can widen its net of potential customers far beyond the geographical boundaries of its physical location - with obvious benefits to turnover and profit.