Prior to the pandemic, if your business preferred sending paper invoices and accepting/using paper checks to process accounts receivables, your customers accepted it or found another vendor that offered other ways to pay. Today, if your accounting team is still using an antiquated workflow or a less than successful hybrid of online and offline systems, and the bills are getting paid, it really doesn’t matter, right? Wrong. If your company hasn’t searched out new ways to offer and receive seamless and frictionless payments that integrate into your system and can engage your customers, you can be significantly hurting your bottom line, not just for now — but for the future.
This is the perfect time to get your systems up to speed and incorporate an embedded commerce solution into your existing accounting software. Research systems that effectively host your product offerings and accepts payment without a hitch, plus can integrate nicely with your accounting software. According to a recent report by Insider Intelligence, worldwide ecommerce sales will exceed $5 trillion in 2022 for the first time, accounting for more than a fifth of overall retail sales. And figures are expected to reach over $7 trillion by 2025. If your company has been waiting for the right moment to upgrade your technology, it’s time to get on board.
Advancements in technology and marketplace growth have made it easier than ever for vendors to get their goods and services to market and sell through online channels. PwC report explains that the consumer shift to digital channels will remain, post-pandemic, but a “historic and dramatic shift in consumer behavior” has taken precedence, and a more savvy, online shopper is emerging. Consumers are motivated more by price, ease of use, and breadth of offering, indicating the days of the loyal shopper following may be at an end. It’s not enough to have brand loyalty and recognition: companies need the ability to offer a problem-free product selection and seamless payment process that is invisible to the consumer to avoid cart abandonment. If your system is too hard for your customers to navigate and make their way to finalize a purchase and pay, it can quite often lead to a negative experience and loss of revenue.
Retaining customers in a digital world and providing a positive experience, means companies need to invest in technology that will distinguish themselves from others in the marketplace. Initially, shutting down old procedures and practices seems like a big commitment, but long-term your company can move forward in establishing an enhanced experience for your customer. Search out software developers and platform partners that integrate seamlessly together, and/or with your current system. Look for companies that deliver automated accounting workflows that improve efficiency and cash flow. Seek out partners that not only offer omnichannel processing that allow customers to pay anywhere and through any method but can deliver an overall system that is PCI compliant, reduces fraud, and drives customer engagement.
Once these components are in place, not only will you have a cohesive system that works effectively and efficiently, but you will have a customer experience that engages your customer and helps drives transaction frequency.
Fortis is an embedded commerce platform that integrates with Lockstep’s award-winning accounts receivable automation, Lockstep Receivables, allowing you to create customized payment experiences for your customers. If you’d like to learn about this Lockstep integration partner, reach out to a Fortis Guide.
Fortis delivers comprehensive payment solutions and commerce enablement to software partners and developers, processing billions of dollars annually. The company’s mission is to forge a holistic commerce experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves commerce closer to invisible with a proprietary platform that supports and strengthens the commerce and payments capabilities of software partners. For more information, visit www.fortispay.com.