What are customers’ payment preferences

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By Mariana Almeida Marques

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The payments industry, much like any other, is shaped around what customers need and their expectations. Unsurprisingly, there have been numerous studies centred around customers’ preferences and how these differ based on particular factors. We have previously discussed the most popular payment methods globally so, in this article, we will dive into customers’ preferences, how they have changed and how they are expected to change in the future.

 

Customers’ payment preferences by age

Gen X (those born between the mid-60s to early 80’s) are the biggest users of mobile payments and digital wallets, just above millennials. However, mobile payments are becoming increasingly popular across all generations. It is estimated that by 2023, approximately 1.3 billion people will use mobile payments in some way (Statista reports). Generally, younger generations are more tech-savvy and therefore more likely to prefer digital payment methods or adopt the newest payment trends.

Millennials are also thought to be particularly keen on rewards programmes. In fact, 68% of Millennials would consider changing where they shop based on the rewards opportunities they got offered (Bond Brand Loyalty study). If younger generations are your client base, introducing rewards and loyalty programmes may be a good option for your business. Imburse enables you to deploy any payment method you want for both collection and pay-out, including rewards vouchers and gift cards.

On the other hand, older generations (66 and older) prefer to use physical debit or credit cards, with American Express being one of their top favourite issuers. Naturally, older generations are more resistant to technology advancements and tend to choose payment methods that have been around the longest and feel the most familiar.  

[/et_pb_text]Millennials are more likely to use online payments.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

Customers’ payments preferences by gender

Research suggests that women prefer to use debit cards, whilst men prefer credit cards. Men tend to use credit cards for rewards or cashback, whereas women use credit cards on one-off, higher-value purchases rather than regular ones. Women are also more likely to own prepaid cards, such as gift cards, and to pay via alternative payment methods such as PayPal.

When is comes to customer behaviour, women tend to be more digital-focused, but they also pay more attention to security risks when shopping online. Overall and despite the differences mentioned above, gender actually does not have a high impact on how customers shop or their preferred payment methods. Age, for instance, brings much larger discrepancies.

 

Customers’ payment preferences by income

Customers on a lower income have a significant smaller usage of any payment method, including debit and credit cards, alternative payments, digital wallets, and even paper checks. They prefer to use cash as their main payment method. The higher the income, the more customers prefer alternative payment methods and online payments. Equally, those on a higher income use credit cards more. Income has a strong correlation with education, so the statistics are similar for both parameters: Whilst higher educated consumers tend to prefer credit cards, lower educated consumers tend to prefer debit cards (Bank of Boston research).

[/et_pb_text]Higher income earners are more likely to use credit cards.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” hover_enabled=”0″ inline_fonts=”Lato” sticky_enabled=”0″]

 

Know your Customer

Knowing your customers is the first step for you to meet and exceed their expectations. If your customer base is Gen X- dominated, for instance, you could be offering credit cards to meet their preferences. Similarly, if your customer base is composed mainly of Millennials and Gen Z, it may be worth offering NFC payments, alternative payment methods such as PayPal or digital wallets. The safest bet is to offer as much variety as possible, so that it is likely you’ll offer your customers exactly what they want regardless of their age, gender, where they are based or their financial situation.

 

How Imburse can help

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

 

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What is 3DS2? Complete guide

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By Mariana Almeida Marques

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3D Secure 2.0 is one of the key components of the revised payment services directive (PSD2). This protocol holds enormous value for all businesses operating in the European Economic Area, as it enables them to easily comply with the newest payment regulations, whilst delivering their customers a seamless and frictionless payment experience. In this article, we will explore all about 3DS2, including its history and benefits.

What is 3DS2?

3D Secure 2.0, or 3DS2, is an authentication protocol used for all card-not-present online transactions. It is an updated version of the original 3DS1, and offers a more seamless user experience with frictionless authentication processes. 3DS2 was developed in 2016 by EMVCo, a global technical body that facilitates payments worldwide.

EMVCo stands for Europay, MasterCard and Visa, though its members now include other card networks such as American Express, Discover and JCB. 3DS2 entered the market as a new, more modern solution to comply with Strong Customer Authentication rules like KYC. As the deadline for compliance with SCA has been extended to 2022, the adoption of 3DS2 has been slow.

What is the purpose of 3DS2?

The main purpose of 3DS2 is to prevent fraudulent transactions and enhance security in online payments. The PSD2 regulations established by the European Union put emphasis on Strong Customer Authentication (SCA) practices across all industries. SCA includes verifying the legitimacy of your customers ahead of a transaction through two or more elements. The main elements are: knowledge (something they know), possession (something they have) and inherence (something they are- such as fingerprints). Though the implementation of 3DS2 itself isn’t mandatory for merchants, 3DS2 is agreed to be the easiest and most effective solution to comply with SCA.

You don’t need a specific SEPA bank account to make SEPA payments. Your traditional bank account should already cover SEPA bank transfers if it is located within the Eurozone area. If you are based in a non-Eurozone country, you can double check which banks or financial institutions offer SEPA before opening an account with that bank or making a payment. In order to make a SEPA transfer, the transaction needs to be in Euro currency, otherwise you will have to use your national payment system.

[/et_pb_text]3ds2 helps merchants protect their customers.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

Differences between the 3DS2 and 3DS1

Though equally effective in protecting customers online, the original 3D Secure (or 3DS1) came with considerable issues. It was initially introduced by Visa in the early 2000s, and there have been major advancements in technology since then. This caused 3DS1 to lack in speed, to be incompatible with mobile browsers and, generally, to add friction to the payment process. So, in order to provide customers with a better user experience, card networks developed the 3DS2.

The 3DS2 allows customers to complete the authentication process within their checkout page, rather than being redirected to new pages whilst purchasing an item. This naturally eases the flow of the payment process and makes it much easier and faster to pay. 3DS2 also allows for companies to authenticate their customers even without them making a purchase.

This means that companies can, for instance, verify the legitimacy of their customers when they add bank details to mobile wallets. The upgraded version of 3DS1 also has a strong focus on mobile, since mobile payments are becoming one of the most popular payment methods across the globe. Merchants can integrate 3DS2 into their mobile apps and authenticate customers when they buy products using their mobile phones.

Benefits of 3DS2 for your business

Because 3DS2 was developed taking into account today’s customers needs, it offers a much more user-friendly payment experience. Providing a user-friendly, seamless and fast checkout experience to customers makes them much less likely to abandon the checkout page and to end up not purchasing the item or service. Therefore, 3DS2 contributes to a decrease in checkout abandonment rates and avoids loss of profit.

[/et_pb_text]3DS2 works through multi-factor authentication.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” hover_enabled=”0″ inline_fonts=”Lato” sticky_enabled=”0″]

3DS2 also functions on the basis of multi-factor authentication, meaning that customers need to provide more data than simply their bank details or name. The more details customers provide, the easier the authentication process is. When authenticating customers, there is always a chance that payments are declined due to minor typos or errors. Whilst is it better to be safe than sorry, it is equally important to avoid the rejection of payments that aren’t actually fraudulent. Because 3DS2 extracts a wide variety of data from customers, it facilitates the verification of legitimate transactions and reduces false declines.

How Imburse can help

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

 

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Why use a white label payment solution

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By Mariana Almeida Marques

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White-label solutions are incredibly popular in the financial services industry, pushed by open banking and increased collaboration between companies. In this article, we will discuss what is white label and how using a white label payments solution can benefit your business.

 

What is a white label?

A white label consists of a permit to put your own brand on a product/service developed by a third-party. Essentially, this allows you to portray the product as yours, not as the product developer’s, as your customers will only see your brand in the product. White label solutions exist in every industry, from food to fashion and, in this case, financial services. There are many advantages that come from using a white label solution, the main one being that won’t have to spend any time, money and resources building the product yourself.

 

Benefits of a white label payments solution

 

Strengthen the brand

The most obvious benefit that stems from using a white-labelled payments solution is the fact that your product will still be branded, just as if you had built it yourself. This increases brand awareness and even customer trust. If the product/service is good and customers are satisfied with it, they will connect it to your brand only and have a positive outlook on your company, which makes them more likely to become loyal to the brand, purchase other services and spread the word. Should you use a third-party solution that isn’t white-labelled, your customers won’t be able to connect the service to your brand, which weakens your brand strength and reach.  

[/et_pb_text]White label solutions can strengthen your brand.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

Save time and money

Building any kind of product involves a lot of financial investment, time and human resources. It is equally expensive to keep upgrading the product, building new features and adapting it to your customers’ needs. Payments is an ever-evolving industry, and customer demand is changing rapidly, so you need to be able to quickly adapt to what your customers want. This can be either supporting digital wallets, offering alternative payment methods, or adding new security features.  A white-label payment solution provider will have the product ready for you and will continuously upgrade it, without extra costs.

 

Ease internal operations

Buying a white-labelled solution allows companies to provide the service they want to their customers with no hassles whatsoever. Not only are companies able to choose the exact service they want, they are also not responsible for managing it. The provider you partner with will be the one doing all the behind-the-scenes work, so whatever issue the service may face, it won’t impact your teams directly. Equally, whatever upgrade you need (for instance, deploying a new PSP), the provider will do this for you whilst your teams can focus on other relevant business areas.

Note, however, that it is important to find a provider that you fully trust and whom you can collaborate with successfully in the long-term. Our team is happy to discuss any concerns or questions you may have- just drop us a message by clicking the button at the bottom of this page.

 

Increase speed to market

PaaS providers are fully dedicated to continuously improving their product, adding new features, developing their technology and connecting to the right partners. Therefore, they can do so faster than anyone else. If companies want to deploy new payment technology into their existing IT system by themselves, they need to go through a very long process that involves a huge amount of resources. By the time this process is completed, other companies may have already put the product to market and acquired their target customers. Speed to market is essential, even to simply be able to meet customers’ expectations- and a white-labelled payments solutions can offer you that.

[/et_pb_text]A white label solution can help you improve speed to market.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” hover_enabled=”0″ inline_fonts=”Lato” sticky_enabled=”0″]

 

Take advantage of the expertise

SaaS providers are usually focused on a particular product or subject, such as payments. Therefore, their teams are dedicated to the product and have a lot of industry knowledge and experience. Companies that decide to partner with third-party providers and adopt their white-label solution gain instant access to technical support and valuable industry expertise. This means that, firstly, they won’t need to hire a dedicated payments team and, secondly, they have the right people to advise and support them for years to come.

 

How Imburse can help

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

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Benefits of cloud computing for payments

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.4.4″ background_enable_color=”off” custom_padding=”||||false|false” custom_padding_tablet=”30px||30px||false|false” custom_padding_phone=”0px||30px||false|false” da_disable_devices=”off|off|off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.4.4″ width=”90%” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone”][et_pb_column type=”4_4″ _builder_version=”4.4.4″][et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ text_font_size=”12px” header_3_font=”Lato||||||||” header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]By Mariana Almeida Marques
[/et_pb_text][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” inline_fonts=”Lato”]Cloud computing isn’t a new term, but the benefits it can bring to businesses, particularly in the payments arena, truly are revolutionary. As the payments industry continues to evolve at record speed, banks and insurers are faced with the inevitability to innovate. Migrating to the cloud is an open door to the flexibility they need to meet customer demand. In this article, we will discuss what is cloud computing and the benefits of having a cloud-based payments system for your business.

What is cloud computing?

Cloud computing is a technology used to store and manage data in the “cloud”/internet. It allows companies and individuals to access, store and manage their data without owning the premises/infrastructure. They can simply pay a certain amount for the cloud space they use, where they can store all of their databases, servers, tools or applications. All of this data will be kept available in a data centre managed by the Cloud Services Provider (CSP). If a company is looking to expand and requires for space in the cloud to support more technology, all it has to do is pay for extra space.

Traditional hosting, on the other hand, involves hardware that needs to bought, kept and updated by the company according to business needs. For instance, if the company is scaling up and more employees require access to the data, it needs to either purchase more hardware or upgrade their existing system. Every computer or technologies used by the company’s staff is connected to a remote server which, in traditional computing, would be located in the company’s premises. In cloud computing, the remote server is located in the internet (no hardware needed).
[/et_pb_text]Cloud computing offers flexibility and scalability for your payments system.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

Advantages of a cloud-based payments system

Now that the differences between traditional and cloud computing are clearer, it is easier to see the benefits that cloud-based systems can bring to companies. Amongst others, some of the advantages of cloud computing include:

Flexibility and scalability

A cloud-based system is fully flexible and easily scalable according to business needs. Upgrading traditional IT systems can take up a huge amount of time and resources, which holds back companies and prevents them from scaling up quickly. With cloud computing, there is an unlimited amount of space to store data, so scalability will never be an issue. Companies are also able to install payment software whenever they need to, on demand. Considering the fast pace of the payments industry (particularly the growth of mobile payments), having this kind of flexibility to grow fast and easily is game-changing- and very much necessary.

Speed to market

Higher flexibility means that companies are able to deploy payment technologies much faster than if they were using their old IT system. Integrations of payment technologies to traditional infrastructures are a long and expensive process. Unfortunately, as the market evolves faster than ever, these integrations simply aren’t speedy enough to keep up with competition, customer demand and the market itself. A cloud-based payments system like Imburse allows you to deploy any payment technology, in any market, within weeks.

Reducing costs

Traditional IT infrastructure requires the purchase of actual hardware, so there are upfront costs involved that companies can’t escape from. Equally, as the business grows, there will be more and more upfront costs for purchasing more hardware. Business needs are constantly changing, so it may be difficult for companies to predict what technologies they want to install before purchasing the hardware. That is why it is easy to end up with a lot of unused space or to end up needing extra space urgently. With cloud computing, companies only pay for the space that they are using. This flexibility allows companies to better manage their expenses and avoid unnecessary costs for hardware that isn’t being used.
[/et_pb_text]Cloud computing can help companies reduce costs.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” hover_enabled=”0″ inline_fonts=”Lato” sticky_enabled=”0″]

 

Higher security

There are many fraud risks associated with internet usage, which is why the regulations around payments are constantly improving. It is crucial to be compliant with all the payment services regulations set in place, particularly the PSD2, but banks have struggled to meet the deadlines for these rules in the past. A cloud-based system can alleviate much of the hassle of complying to regulations, because it already comes with all the necessary security measures. This way, banks and insurers are able to rely on their trusted payments partner not only to meet current security rules, but to adapt to future regulatory changes.

 

How Imburse can help

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

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What is an electronic invoice?

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By Mariana Almeida Marques

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Electronic invoices, or e-invoices, aren’t necessarily new. As more and more processes become digitalised, it only makes sense for invoices to be sent and managed electronically. However, there are still a lot of businesses holding on to their current processes and sending invoices via paper or PDF. There are many advantages to switching to electronic invoices. In this article, we will go over the meaning of electronic invoices and the advantages they can bring for your business.

 

What is an electronic invoice?

An invoice is a formal agreement that registers a request for payment, usually between two companies. Note that invoices are very different to receipts. Receipts are used as proof of payment, whereas invoices are simply a request for a payment to be made. Therefore, they don’t actually prove that a service or product has been paid for until they are settled/paid. Invoice must include the companies’ names, addresses and contact information, as well as a description of the service, its costs and the date when services were provided.

An electronic invoice is, essentially, a regular invoice but rather than being printed or sent via email, it is fully created and managed electronically in a fixed location. Note that invoices sent digitally in a Word or PDF format are different from e-invoices. E-invoices are settled and managed in a specific location- they aren’t digital documents that can be sent or shared around. Equally, paper invoices that are later digitalised can’t be classed as e-invoices, because they were not issued electronically.

[/et_pb_text]electronic invoices are documents issued, managed and stored online.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

Electronic invoices also involve the automation of processes such as accounting. Rather than having their own staff dedicated to filling in and issuing invoices, companies that use e-invoicing rely mainly on technology to automate the whole process, from issuing to delivering, managing and archiving. The most common formats for e-invoices are EDI and UBL.

 

Advantages of electronic invoices

 

Convenience

Because the process is automated, e-invoices naturally save companies a lot of valuable time. The company’s own resources can be allocated to other pressing tasks. E-invoices can also be convenient when it comes to archiving. Depending on the country your business is based in, companies are required to archive all invoices and maintain them for a certain number of years. Paper or digital invoices can always be misplaced, damaged or mistakenly destroyed, so companies run the risk of missing important information and even facing legal issues. E-invoices allow companies to have all the information readily available, and easily access it whenever needed.

 

Speed

Electronic invoices are automated and processed faster, so payees can access it immediately online. Contrary to this, if the invoice was posted to the company’s physical address, there could be a long waiting time until it was received and approved. Because e-invoices are instantly available to the payee, companies may be able to receive the payment much faster, which also improves their cash flow balance.

[/et_pb_text]Electronic invoices involve automated processes which are faster than traditional invoices.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”18px” hover_enabled=”0″ inline_fonts=”Lato” sticky_enabled=”0″]

 

Efficiency

Automated processes are always less prone to errors than manual processes, which improves accuracy and saves time on fixing potential mistakes. Aside from this, e-invoices are more easily accessed, managed and archived, which improves operational efficiency. Electronic invoices also allow for a higher and more creative degree of personification, as companies can use different templates for different business clients. Personification is now a focal point in every industry, and has proved to be key in establishing deeper connections with clients, ensuring their loyalty and satisfaction.

 

Reduced costs

Regular invoices have a lot of costs associated to them. Aside from the obvious cost of materials, invoices require a lot of personnel to be dedicated to that one task. With electronic invoices, businesses may save a lot on unnecessary material and resources, and allocate this budget to more relevant business areas. According to recent studies, e-invoices are about 60% cheaper than paper or PDF-invoices.

 

How Imburse can help

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

 

 

 

 

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Payment digitalisation in insurance

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By Mariana Almeida Marques

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It’s clear that digitalisation is here to stay. Technology has completely changed the way customers shop, and companies are now held to a certain standard when it comes to the payment experiences they offer. The insurance industry is very much centred around paying out to their customers, so it is that payment experience that customers use to evaluate their services and, ultimately, to stay loyal to the company or to look for the same service somewhere else.

Whilst it is no news that insurers need to keep up with technology, they simply aren’t quick enough to adopt new technology and processes. In this article, we will synthetise how insurers can embrace payment digitalisation and make fruitful changes for their business.

 

Adopting customer-centred approaches

Customers are at the heart of any product or service, and their feedback is invaluable for upgrading products or developing new ones. But the product isn’t the only thing that needs to suit customers’ needs: the whole buying experience is equally important. Customers want seamless experiences both when paying out to their insurers or when making a claim, and the insurers that listen to their customers’ needs and enhance their processes are the ones likely to win in the long-run.

Traditional insurers have reputation in their favour. They have been servicing customers for many decades and are a household name that the average person recognises. But reputation doesn’t seem to be enough anymore. In order to stay relevant, they must adapt. It’s the customer that dictates the rules, and the market just follows.

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Customers’ needs are simple when it comes to their payment experiences: they are looking for convenience, personalisation, speed and ease, all of which is centred around technology. A cheque that arrives in the mail five weeks after it was initially claimed simply isn’t as effective as a gift card that customers can easily add to their mobile wallets. As difficult as it is for insurers to completely change processes, it is extremely necessary. It all starts with listening to customers, finding out exactly what they want, and focussing on implementing these changes.

 

Enhancing internal processes

Optimising internal processes to enhance efficiency is as important as offering a more digitalised customer experience. Think of auto-reconciliation tools to speed up the traditional reconciliation process that involves a lot of resources, takes a lot of time, and is naturally prone to manual errors. Equally, transaction analysis tools are key in getting valuable insights into customer behaviour and trends. Knowing your customers’ preferences isn’t just important for the payments area. Marketing, for instance, is an area that focusses deeply on understanding the customer and tailoring the message to them.

By digitalising some of these internal processes (or, ideally, all of them), and investing into make your payments system easy to use and easy to understand, you can decrease costs and accelerate profit. However, traditional insurers generally don’t have a payments team dedicated specifically to this business area, and they don’t have the industry expertise to navigate this area either. Building a payments team isn’t on top of insurers’ priority list, as there are many other critical business areas to focus on. However, it is still an essential part of the business, and one that requires frequent upgrades.

 

Partnering with third-party providers

Open banking has opened up the doors for new market players to collect their fair share of customers, traction and competitiveness in the market. Challenger banks have reaped the benefits of open banking and gained popularity through using the best-in-class technology and offering excellent user experience. Challenger insurers are doing the same: investing in high-end technology and putting their customers at the centre of their mission.

[/et_pb_text]Insurers must be able to offer a wide variety of payment methods.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” hover_enabled=”0″ inline_fonts=”Lato” sticky_enabled=”0″]

Traditional insurers, who have always played by the same rules, are now required to change if they want to compete with the innovative startups that are disrupting the industry. However, they are still dependant on a decades-old IT system that is incompatible with new technology and offers close to zero flexibility. Third-party providers offer insurers the technology and expertise they require, without the commitment or risk of completely modifying their existing system.

 

How Imburse can help

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

 

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The most popular payment methods globally

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By Mariana Almeida Marques

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Businesses that operate internationally or plan to reach new markets need to ensure that they offer a good range of both local and international payment methods. Maximising your payment options will enhance customer checkout experience, satisfaction and retention, as well as contribute for an increase in profits.  

Although each customer has their own preference when it comes to how they want to pay, some payment methods are quite popular globally, and likely to continue being your customers’ favourites in the years to come. In this article, we will discuss some of the most popular payment methods for international reach.  

 

Electronic transfers

Electronic Fund Transfers englobe a huge variety of bank-to-bank online transactions, including Direct Debit, Direct deposit, e-cheques or debit/credit card. PayPal is a widely known gateway and processor that offers electronic transfers directly from your PayPal account or via your bank cards. There are over 337 million PayPal users (customers and merchants) across the world, which explains just how popular this service is. If you are looking to reach customers in other markets, alternative payment methods like PayPal would be a good option to add to your checkout page.

[/et_pb_text]electronic transfer is one of the most popular payment methods.[et_pb_text _builder_version=”4.9.2″ text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” custom_margin=”||||false|false” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|0px||||” header_3_font_size_tablet=”22px” header_3_font_size_phone=”20px” header_3_font_size_last_edited=”on|phone”]

 

Mobile wallets

It’s easy to understand why mobile wallets are gaining popularity. They offer customers the convenience and ease to make contactless payments with their mobile phone, a piece of technology that they’re unlikely to leave at home. Plus, mobile wallets allow for users to insert as many bank accounts as they want, and still be able to use their preferred account for each transaction despite not carrying any physical card.

Mobile wallets have around 1 billion users worldwide, which corresponds to 12% of the population. In countries like China, Norway, the UK and Japan, the percentage of mobile wallet users actually ranges from 20 to 47%, and the growth trend is upwards (Merchant Savvy). Despite not being the most popular payment method worldwide as of yet, there is a significant percentage of people from all over the world using it. Therefore, mobile wallets can be a great payment option to offer for international reach.

 

Credit cards

Though certainly not as innovative or convenient as mobile wallets, credit cards remain one of the most popular payment methods worldwide. Credit cards are issued by banks or credit unions, not the card networks themselves. Visa and MasterCard, for instance, are card networks but they don’t issue credit cards. However, there are a few exceptions in which card networks are also credit card issuers, such as American Express and Discover.

Generally, most banks offer credit cards options- think Barclays, JP Morgan, Capital One, Citi and NatWest, amongst others. Therefore, companies need to make sure that they support all credit card issuers, from all the countries they operate in.

[/et_pb_text]Credit card is one of the most popular payment methods.[et_pb_text _builder_version=”4.9.2″ _module_preset=”default” text_font=”Lato||||||||” text_text_color=”#000000″ header_font=”Lato||||||||” header_text_color=”#000000″ header_font_size=”24px” header_2_font=”Lato||||||||” header_2_text_color=”#000000″ header_2_font_size=”24px” header_3_font=”Lato||||||||” header_3_text_color=”#000000″ header_3_font_size=”24px” hover_enabled=”0″ inline_fonts=”Lato” sticky_enabled=”0″]

 

Buy Now, Pay Later

The Swedish company Klarna is perhaps the most popular BNPL provider amongst the young generation, but there are many other providers out there. You may also frequently see the option to buy now, pay later in ecommerce shops. BNPL is when payments are partially or fully postponed. Customers can purchase an item and pay for it later in instalments over a set period of time. Naturally, merchants run the risk of customers not paying back on time, which may affect the cash flow of the business. However, there are usually very high fees and interest rates for late payments.

BNPL schemes are incredibly popular and are expected to continue growing for years to come. In the US, BNPL spending accounted for $24 billion, and this digit is expected to double by 2024. BNPL is equally popular in Europe too, with countries like Sweden, Germany, Norway and Finland getting the top spots of BNPL market share (Statista report). Considering the global scale of this payment type, BNPL may be a good payment method to offer your customers.

 

How Imburse can help

Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.

In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.

Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.

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