English
Solutions Industries Success Stories Resources About
Contact
Request a demo
Blog May 2019 Updated July 2023

The state of payments

As margins continue to squeeze, businesses must turn to digital to improve operational efficiencies, and that includes their payment system.

Call me back

As margins continue to squeeze, businesses must turn to digital to improve operational efficiencies, and that includes their payment system.

New technologies are disrupting the global payments market, according to research by Capgemini and BNP Paribas. These technologies aren’t without challenges, with regulatory and technical complexities to grapple with.

According to a McKinsey study, alternative payment solutions to cash – and digital transactions in general – continue to push the electronic trend. Digital commerce volume around the world surpassed $3 trillion U.S. in 2017 and will more than double by 2022.

The question is how to take advantage of digital innovations in a way that can be sustained – it’s a delicate balance between a dearth of capital and development resources and what McKinsey calls a proliferation of technologies and initiatives.

Omnichannel vs. multichannel

Another interesting point emerges in both organization’s research: The growth of mobile commerce, accounting for 48% of digital commerce sales globally in 2017 and expected to hit 70% by 2022 (tripling to $4.6 trillion).

Customers want omnichannel experiences. In fact, one of the core pain points we hear, specifically on the IT front, is out-of-date functionality. With multiple PCI connections to maintain and the often-stressful management of several suppliers, the waste management industry is crying out for a simplified process.

Multichannel processes may well signal the way forward. In the U.S., 70% of customer journeys are already omnichannel. European customers are also making payments by omnichannel – by 2020, this number is expected to account for 53% of all retail sales.

Omnichannel is not the same as multichannel. In the past, businesses developed channels in response to technology. Those channels were not always coordinated, which led to inconsistent and confusing customer experiences. That was multichannel. Omnichannel makes the different channels seamless at every touchpoint.

But what about integration, maintenance, and the ability to adapt to a changing marketplace, waste, recycling and complex logistics providers ask? Key decision-makers say they need a solution that puts integration first, so they don’t have to worry about adapting to new systems. On top of that, a future-proofed model that allows them to adapt to customer needs is a must.

Around the world

Here’s a glimpse at what’s happening around the world in payment methods, cited in a report by Global Payments unless otherwise noted.

It’s also worth noting that with millennials more impatient and tech-savvy, businesses must develop a deeper understanding of how payment preferences differ from culture to culture in order to properly serve customers.

Where is your place in all of this?

The technological innovations going on will increase efficiency and competitiveness, said Europa – the official EU website – and it’s happening. As in-app and omnichannel order-ahead models evolve so, too, do adjacent services. According to McKinsey, there are now 140 new Alternative Payment Methods (APMs) globally.

Businesses need a payment gateway that has a presence in the region, and one which offers reassurance that it complies with relevant regulations. Responsible for securely transferring information from your website, the gateway has a critical role in the smooth running of your payment solution.

The system maintenance costs that proved a huge pain point for key decision-makers, needn’t be an issue anymore. By focusing on payment solutions designed to work harder and smarter, customers can look forward to seamless POS payments and integrations, with no downtime or faults.

There’s a real need for more compliant platforms, with businesses requiring the functionality to manage international payments. Mono-payment engines and fragmented systems can make payments challenging, but thanks to industry innovation, a different approach can mean boosted efficiency.

The right solution should offer a wealth of benefits, including a reduction in cost, the improvement in the management of data, and reduced risk. Whatever their size, companies need the right system in place, not only to ensure customer security but to maintain visibility of payments along complex journeys.

On top of this, it should increase the control that users have over their payment processes. A platform that integrates with your company’s current operations is an important advantage, as it eliminates disruption and set-up time.  

Address these issues now

Any payment solution must be able to work with all types of payments and programs without the need to build integrations. Ideally, it should be an omnichannel solution to meet demand and provide a seamless customer experience.

That’s exactly what AMCS Pay is.

A comprehensive payment solution already integrated into the AMCS Platform, AMCS Pay offers a premium service packed with rich features, and providing you with an in-depth view of your payments received and paid.

It’s also a way to reduce your transaction and volume fees. We can even provide you with a full analysis of your potential cost savings. Making perfect business sense, it’s eliminated the challenge of outdated functionality, and the operational downtime that comes with it.

You’ll be kept updated with new features and legislative directives – we will do any necessary updates whatever the reason – such as those focused around security and compliance.

The system’s hardware can be integrated with multiple payment channels and its transparent back-end means it addresses the issue that is a lack of visibility on the payment journey.

We’ve partnered with the world’s premier provider of payment technology, Global Payments, to bring you AMCS Pay. Together. We’ve thought of everything. There’s no need to maintain several PCI connections because the process is streamlined. PCI-compliant with fraud management software, AMCS Pay gives you and your customers a safe and secure payment environment.

The bottom line is that waste and recycling organizations must change, not just their systems but their mindset. In order to reap the rewards of boosted efficiency, they need to get on board with smarter payment solutions – and fast. The way to do that is with AMCS Pay.

Share this on:

Facebook X LinkedIn

Request a demo to learn how AMCS will transform how you engage online

Discover how AMCS can enrich your online engagement with customers and partners.

Request a demo

AMCS Pay brochure

Find out how AMCS Pay optimizes payment processes to help you get paid faster

Download brochure

Resources

Event

OWL Wales 2024

Blog

The Benchmark Infographic: A Quick Look at A Deep Dive into The Industry

Blog

Navigating Technological Shifts

View other resources

Ready to start your digital journey?

Stay up to date by signing up to our newsletter now!

Sign up for our newsletter
DEMO

Request a demo to discover how our software solutions can drive growth and sustainability in your business.

Explore Careers Solutions Blogs Brochures Privacy Statement Legal notice Stay in touch Sign up for our newsletter Follow us on