The COVID-19 pandemic has permanently changed the way in which business is done and how customers shop. In 2020, retail e-commerce sales worldwide amounted to USD 4.1 trillion and are projected to grow to USD 6.54 trillion in 2022.

Despite innovation in payment methods offered to consumers, the way businesses pay each other has changed very little over the last 40 years.

The fiscal policy measures introduced by the State and Federal Governments to cushion the economic impacts of the COVID-
19 pandemic have provided some businesses with a much-needed lifeline.

There is no doubt that company culture matters. Culture defines the way in which a business operates, the way tasks are managed, how colleagues interact with each other and with their customers.

Last week, many businesses across Australia were impacted by connectivity issues with their EFTPOS terminals resulting in customers simply walking away because there was no other digital alternative to pay for their goods and services.

The COVID-19 pandemic resulted in 2020 being defined by a huge uptake of business-to-customer (B2C) payment services, such as contactless transactions and online shopping.

A Point of Sale (POS) system is the software used to make sales and take payments for goods and services within a business. While a POS system’s role is to facilitate financial transactions, the latest fintech innovations have revolutionised POS systems to manage multiple aspects of business.

What a year 2020 has been. We all had specific hopes and aspirations for the year and as we know, it’s turned out to be a very different outcome for everyone. Two words that sum up 2020 are uncertain and unpredictable, and while it’s been a tough year for business in general, we’ve decided to take a quick trip down memory lane and look back at the positives, the happy moments, and what we achieved for our customers.

No matter what your professional background is, you likely know how popular digital transformation has become over the last two decades. Starting with the internet changing how information is gathered and shared, through to today’s technologies that enable you to digitise your business.

If 2020 has taught business owners anything, it is the importance of being agile and resilient. For most businesses, the past year was a whirlwind of adapting and pivoting, such as introducing working from home arrangements and fast tracking eCommerce.

COVID-19 and the resulting decline in business activity has made it necessary for businesses to provide safe, fast and easy payment options for customers.

A payment platform that lets customers settle multiple invoices in one transaction could be a ‘game changer’ for ending late payments.
Australian business software developers have created SpendaCollect, which allows customers to track, group and batch-pay all of their outstanding invoices simultaneously.