Tuesday, November 12, 2024
Why is it important for merchants to be able to accommodate a number of different payment options?
According to a recent report, North American cashless payments are expected to rise 7 percent by 2028 to $338.3 billion. Half of global cashless transactions will be made with debit and credit cards by 2028, followed by instant payments and credit transfers. Many merchants currently find themselves limited by single-provider systems that restrict their payment options, making it challenging to adopt new, emerging payment technologies.
Without the freedom of choice to select the best providers for their needs, merchants are at risk of missing out on revenue opportunities, especially as younger consumers rapidly embrace new payment methods. Flexible payment options are essential for merchants to stay agile and future-ready. The ability to adapt easily to evolving payments tech is crucial for retaining customers, optimizing costs, and ensuring merchants aren’t left behind as the industry shifts.
How exactly do no-code payments make it easy for merchants to implement new payments technology?
No-code payments make it easy for merchants to implement new payment technology by giving them the freedom of choice often lacking in traditional software integrations. Typically, business software restricts merchants to a single integrated payment provider, resulting in high fees, rigid pricing, and limits features like surcharging, ACH, and contactless payments.
No-code payments empower merchants with advanced payment capabilities—without technical hurdles or the need to be locked into a single provider.
Merchants gain the flexibility to offer more payment options, reduce transaction costs and, most importantly, enjoy true freedom of choice. It’s a solution that grows with their business, freeing them from the limitations of traditional integrations and giving them control over a modern, adaptable, and cost-effective payment system.
No-code payments integration can enable merchants to access powerful features, including credit card surcharging to offset transaction costs, ACH bank transfers for lower fees, digital wallet acceptance for a faster checkout experience, and the ability to text invoices directly to customers for quicker payment. These features can update in real-time, allowing merchants to stay on top of payment trends effortlessly.
How do no-code payments create a better transaction experience for consumers?
No-code payments are fast and easy to set up, allowing merchants to start accepting payments quickly, a vital step in getting a business started. This saves merchants a lot of time, money and hassle, so they can devote their resources to building a consumer-friendly ecosystem.
Additionally, no-code payments are easy to maintain since they are added via a simple browser extension, allowing merchants to focus less on operations and more on serving their customers.
Merchants gain an easy way to accept a number of different payment options and leverage new payment technologies, ensuring that consumers can pay the way they want to pay. This is critical to attracting younger consumers as Gen Zers are twice as likely to delay or abandon their purchase if their preferred payment method isn’t available rather than using an alternative.
By reducing operational burdens on merchants, no-code payments allow businesses to focus more on building a consumer-friendly ecosystem. The result is a smoother, more adaptable transaction experience that attracts and retains customers by catering to their preferences and security concerns.
Are there specific industries or sectors where you’re already seeing no-code payments make a big impact?
With consolidation common across many industries, managing payment workflows and minimizing operational friction becomes paramount. No-code payments can reduce payment processing relationships to a single provider, giving merchants optimized pricing, saving development resources and providing more financial visibility.
For multi-location businesses, no-code payments offer the best of both worlds: the flexibility for each location to select preferred providers, combined with the benefits of a unified, compliant platform. This allows consolidators and multi-location businesses to leverage economies of scale, centralize reporting, and maintain control while supporting each location’s unique payment needs.
Additionally, with just a click, no-code payments can be integrated into existing, industry-specific software. A few industries PayJunction caters to are veterinary practices, automotive dealerships, and healthcare offices. Merchants in these industries enjoy features that are customized to their needs through no-code payments.
For example, veterinary practices that want to offer their clients the convenience of not having to stop at a checkout station while juggling leashes can send a payment request via text message or email.
For auto dealerships, no-code payments integration can be seamlessly implemented into dealership management systems, enabling flexible financing, transparent billing, and down payment collection. Dealerships gain a customer-centric payment experience without being limited to one provider, allowing them to negotiate competitive rates.
What sorts of payment options and trends do you expect to gain popularity in 2025?
In 2025, with continued increases in credit card processing fees, I expect that surcharging will become an increasingly common way for businesses to offset credit card costs. At PayJunction, we’ve already seen increased interest from businesses wanting to pass on processing fees to customers in a transparent and ethical way.
As businesses look for ways to protect margins, surcharging will play a critical role in maintaining profitability while continuing to offer customers a choice of payment methods.
Additionally, as businesses across industries increasingly adopt subscription services, having efficient recurring billing options will be crucial. PayJunction’s platform supports recurring payments with the added ability to apply surcharges to credit card transactions, reducing the impact of processing fees for businesses operating subscription models in healthcare, veterinary, and other sectors.
In an environment where rising fees and evolving payment preferences are challenging margins, freedom of choice will become increasingly important. Businesses are looking for platforms that allow them to select the best payment providers for their needs while avoiding the limitations of a single-provider model.
For consolidators and multi-location businesses, this flexibility means each location can optimize for local preferences or cost savings while leveraging a unified platform. Consolidators gain economies of scale, centralize reporting and compliance, and maintain control, all while supporting each location’s unique payment needs. 
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