Digital transformation is important for any business that desires to grow. This is because digitalisation has fueled the demand for online shopping. Also, the COVID-19 pandemic is driving the need for contactless payment solutions like APMs. In this Macropay review, learn how your business can reach new heights by leveraging advanced payment solutions.
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What are APMs?
Alternative Payment Methods (APMs) are payment methods other than cash, credit or debit cards. APMs supported by Macropay include Giropay, iDeal, Multibanco, and Sofort.
APMs aim to provide customers with options aimed at reducing payment friction. Based on a Macropay review, payment friction is one of the leading causes of online cart abandonment. In 2020, registered mobile payment users surpassed 1.2 billion people globally. At the same time, research by PPRO Group shows that 67% of UK consumers abandon online transactions due to the absence of preferred payment options.
Customers are becoming more digitally savvy with unique payment preferences. This means businesses must transform their operations to prevent losing customers.
Scaling Your Business with APMs
Here is how APMs can help your business scale up and digitally transform.
1. APMs enhance user experience
Using APMs will enable your business to offer customers their preferred payment method. Further, payment gateways like Macropay make it easy to integrate multiple APMs on one platform. APMs on Macropay also offer omnichannel functionality which enables customers to pay using any device. This is important because integrated omnichannel payments allow businesses to be agile and flexible.
2. APMs facilitate seamless cross-border expansion
APMs can assist your business to gain access to global markets. However, APMs tend to be localized payment solutions customized to cater to local markets and they rarely extend beyond their borders.
When businesses enter a new market, it takes time to build trust. Also, different currencies and preferred payment methods make global expansion difficult and expensive. Additionally, digital expansion is harder due to the high incident of online scams. As such, using familiar payment solutions, like local APMs, builds customer trust which in turn accelerates market penetration.
Conventionally, businesses need to build customized platforms to cater to local markets and APMs. However, Macropay eliminates the need for unique platforms per local market. Thus, allowing businesses to scale without the added cost of creating standalone tech and financial solutions for each market resulting to reduced expansion costs.
3. Expanded customer base
By offering APMs, your business can access a wider and under-served market. APMs are more flexible compared to their conventional counterparts. For instance, opening a bank account requires applicants to satisfy pre-set conditions. These requirements are often inflexible leaving some members of society unable to access digital payment solutions like credit or debit cards.
Presently, only about 20% of eCommerce shoppers have access to credit cards. Thus, APMs enable anyone with mobile and internet access to access online goods and services.
Macropay Reviewed: APMs and Payment Gateways
In conclusion, using APMs as part of your digital transformation will enable your business to grow faster at a lower cost. To learn more about APMs supported by Macropay, get in touch through support@macropay.net.
Also Read: Digital Transformation: Why Companies Need To Invest More In Training
