Adrian Floate 16 December - 3 min read
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.
Industry disruptors like Uber introduced consumers to a seamless payment system – a sales process customers now expect.
Business payment processes are long overdue for an overhaul.
The way businesses trade has changed little in centuries, with most businesses using manual data entry, which wastes time, money and is prone to mistakes.
The late payment of invoices limits business cash flow, meaning they are less resilient to economic volatility and cannot survive long if business drops.
However, businesses can get paid for goods and services on delivery in real time if they adopt software that features an intent to pay framework and workflow payments.
Once customers have entered their details and confirmed tokenisation of their card they can enjoy contactless transactions triggered at the point of purchase.
Payments are automatic and effortless, just like Uber.
The benefits for customers:
The benefits for business:
The benefits for the economy:
The new workflow payments software allows businesses to disrupt their respective verticals – just like Uber.
The use of software that enhances the customer’s experience resulted in Uber dominating the taxi and ride-share industry.
Uberfication has become synonymous with pivoting a business to providing convenience for customers.
Having contactless transactions triggered at the point of purchase or completion of a service is the ultimate in convenience for customers.
Many things need to be operating successfully for a profitable business, but the most important factor is cash flow management. Without adequate cash flow, it becomes difficult to pay suppliers, manage stock and cover the everyday expenses of running a business.
As businesses have started using technology more, online payment fraud has become a common problem. Email payment fraud is one of the most common and costly online scams.
Australian small to medium businesses (SMEs) have a cash flow problem and despite government legislation implemented on 1st January 2021, many may not survive if lockdowns and trading restrictions continue.
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