Marginal Gains #4: Recovering payments
Innovation has paved the way for ideas that challenge the status quo while helping to fulfil a need. But for every Spotify or eBay, there's thousands of ideas that don't succeed. An idea alone is not enough. You need to utilize every tool at your disposal to turn that idea into a viable business.
More and more, businesses are looking for ways to refine their processes and generate revenue where they hadn’t before. We spoke to some of Europe's fastest growing businesses to see how they turned a payments platform from a perfunctory tool into a genuine business asset.
We're sharing key insights and advice from some of Europe's fastest growing brands, and the brains behind them.
Picking a great partner can be an incredibly effective way to fortify your company’s strengths, counteract any weaknesses, and accelerate growth. Depending on your business, success can hinge on any number of partners from supply chain management to retail intermediaries. One that’s often overlooked is your payments provider.
Finding the right payments provider for your business will first and foremost help you save a vast amount of time and resources, whether it’s in managing your payments system or handling a multichannel integration. But on another level, the right payments partner can fundamentally change the way you innovate, as is the case with British bike maker Brompton.
“Our partnership with Adyen is fundamental to our growth strategy,” says Harry Mann, Head of Customer Experience at Brompton. “We benefit from a global overview with localized control and we're learning more about our customers all the time.”
Who doesn’t want returning visitors and loyal fans? Converting casual browsers into paying customers, whether online or in-store, is undoubtedly an essential part of any profitable business. What’s exciting is that even the slightest tweak to a customer’s journey can result in huge revenue uplift. Here are a few ways this can be achieved:
Optimizing your purchase funnel and payment page can be a huge help to your bottom line. From offering one-click payments to auto-filling information into forms, there are a variety of ways to create a more seamless and enjoyable checkout experience.
Building a sense of trust and security with your customers is critical for lasting loyalty and long term success. An effective risk management system will block fraudsters without adding friction to your customer’s journey or blocking legitimate transactions. Custom fraud rules can even recognize your shoppers’ payment histories and assess the validity of a transaction, decreasing fraud rates while increasing authorization rates. Dutch fintech company Creative Group, use RevenueProtect to reduce fraud while recognizing genuine shoppers and increasing conversions.
“By using RevenueProtect, we saw that we were easily blocking bad traffic pre-authorization,” says Linda Faassen, CFO of Creative Group. “Besides that, our chargeback win rate elevated at least 40% compared to our previous win rate while not changing anything in the challenge process.”
Loyal customers should have the smoothest customer experience possible, and payment innovations make this easier than ever. With the help of secure tokens, you can securely save shopper details, payment preferences, and loyalty schemes via a secure token to ensure your customers keep coming back for more.
Expanding to new markets can seem like a daunting task, even if you know it’s the logical next step for your business. Different regulations, customer preferences, and payment options are just some of the hurdles you’ll encounter, and any business dealing with disjointed systems or legacy technology is likely to find the transition especially tricky.
The payments platform you use can have a big influence on your ability to pivot, adapt, and grow into new markets. Why? An agile payment solution allows you to grow your business at speed without the administrative and technical complexities.
"We are growing and have a strong desire to develop internationally,” says Martin Tauber, VP Strategics of My Jolie Candle. “We chose Adyen when we were only present in France, knowing that we were going to go abroad and open stores across borders. With Adyen we knew we could guarantee fast and efficient implementation. This was particularly the case in Spain.”
Having a single payments platform capable of supporting you anywhere in the world, with any payment method, means you can easily expand your business globally, meet local requirements, and let your customers pay the way they want. Leading carpool platform Blablacar, for example, was able to expand to six new countries in the space of a year thanks to its centralized and agile payments platform.
Today, companies of all sizes and from all geographies have the ability to compete on a global scale through the power of payments. Faced with a fast moving and intensely competitive landscape, businesses that can learn from the trials and triumphs of industry leaders will be well placed to avoid common pitfalls and accelerate their own path to success.
From the CEO of Go Sharing to the founders of Picnic and Gebrouwen door Vrouwen, Elevate 2020 brought together the best business minds in Europe to explore and discuss the latest ideas, brands, and technologies driving business growth.
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