The Many Ways Retails Receive Digital Payments with Microsoft Dynamics BC

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Retailers are always looking for ways to assist their customers and build their brands with payment options integrated into Dynamics BC. Convenient, safe, and innovative ways to pay for goods and services have become increasingly important to buyers, and that shows up in various new payment trends.

Now that consumers are open to new technology and payment solutions, retailers must keep up with the demand.

Shopping changed during the pandemic years. At one point, online shopping was the only reasonable alternative for many. According to a Visa study, almost three-quarters of consumers polled said pandemic restrictions permanently changed how they pay.

Contactless pay and curbside pickup have remained popular; many shoppers don't carry cash and checks anymore. With credit cards, Applepay, Paypal, and other methods accessible to most shoppers, there's no anticipation of a return to cash payments.

Statista.com says only ten percent of point-of-sale purchases involved cash. There's no doubt the majority prefer cashless payment methods.

Top payment trends include digital wallets, online payments, mobile phone payments, buy now, pay later, and QR Codes. These are popular among buyers, and more retailers indicate they are ready to adopt them.

Digital Payment Options in Dynamics BC

One of the fastest-growing payment trends is digital wallets. These financial apps allow customers to access their accounts and perform financial transactions via phone or tablet.

According to Forbes.com:

  • More than half of customers use digital wallets more often than traditional payment methods.
  • Forty-seven percent of Americans say they spend more money when using digital wallets compared to traditional payment methods.
  • Fifty-one percent of people say they would stop shopping with merchants that don't accept digital payments.
  • Over 70% of those polled said they would use digital wallets as their primary method of shopping, while another 62% said they would do so for travel.

Digital payments are three times faster than other methods, saving retailers and customers time.

The Convenience of Digital Payment Methods

The number one reason consumers prefer digital wallets is convenience, and they are also more convenient for retailers. To keep shoppers coming back, more retailers are embracing these new digital payment trends.

The Buy Now, Pay Later Trend

The Buy Now, Pay Later trend skyrocketed in popularity during the pandemic. Customers and retailers appreciated this method, allowing buyers to spread payments over short periods (typically three to six months and usually without interest). According to the Consumer Financial Protection Bureau, the dollar volume of BNPL loans increased by more than a thousand percent from 2019 to 2021 and is expected to continue growing. BNPL offers a viable alternative to shoppers who wish to avoid credit card interest and debt.

QR Codes

Contactless payments for in-store purchases also arose as a safe, convenient way to pay during the pandemic. QR codes allow retailers to make price or product changes instantly. According to PayPal, consumers like using QR codes, and they are a way for retailers to reach potential new customers. Buyers can "window shop" with a merchant's QR code. Not only retailers but also many restaurants have QR codes for payments.

Customers can use their smartphones to scan the merchant's QR code, which is generated by the business or payment service provider. The scanning process allows the payment app to decode the information and initiate the transaction, enabling swift and convenient cashless payments.

Other popular payment trends are payment automation and self-checkout. These trends offer convenience to retailers and customers and are gaining traction among both groups.

Automated Payment Trends

Automation and artificial intelligence (AI) are also positively impacting the payment industry. Automation benefits businesses by offering efficiency, accuracy, and security. More retailers are moving toward automation, and many plan to automate their operations by the end of 2024. Customers are also more open to automation for speed and security.

Self- Checkout Payments

Groceries and other retail stores have adopted self-service checkouts. Self-checkout stations offer speed, convenience, and safety. This technology is also growing in popularity. Shoppers like to use kiosks to place an order or checkout after shopping. Some shoppers have the option to self-checkout on their mobile phones.

Payment Security

Security is always a top concern for retailers and consumers. Data privacy and cybersecurity will remain a priority whenever digital payments are involved.

Retailers can provide protection by ensuring they are using a PCI-compliant payment processing system.

Keep up with Dynamics BC Payment Options with Red Maple

Clever Division, patented software by Red Maple, can help sellers achieve extra levels of security,

Clever Division safeguards customers' credit card information with innovative technology that divides, scrambles, and deletes sensitive credit card data. The information becomes worthless to cybercriminals because the retailer never retains all of the credit card data.

Red Maple's solutions will maximize your Microsoft Dynamics 365 solution and streamline complex operations. Our native extensions for Dynamics 365 Finance & Operations, Business Central, and Customer Engagement allow users to choose their processor, accept multiple payment types, transact in multicurrency,  surcharge credit card transactions, and support simple to complex business processes.

Contact our experts at Red Maple to learn more about Clever Division and the many other software solutions we offer. Schedule a Free Demo to find out if our Microsoft Dynamics extensions and solutions are a good fit for your business.

By Red Maple, redmaple.com

 

 

 

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