In a survey of UK and US merchants, global payments company PXP and polling firm Censuswide found that 64% of merchants now report that payment technology is a strategic growth driver for their business. Payment tech has been an operational necessity for years, as buyers have become heavily reliant on ecommerce, but business owners now see that it is also helping expand their businesses as well.
The evolution of payment tech has brought enhanced security and fraud prevention, which 36% of businesses ranked as their top priority when selecting payment partners, while also bringing more reliability during high-traffic and peak sales periods, which 28% reported was their highest priority.
More than half (51%) of merchants said they are actively leveraging payment systems to create new revenue streams and monetize payment capabilities, while a similar segment (49%) said they are exploring the value of digital wallets and account-to-account payments.
Front-end interactions with customers and back-end data-heavy workflows are being transformed as enhanced digital payment tech streamlines data analysis, business intelligence and operational tasks, but different merchant segments reported key distinctions in their payment tech needs. More than a third of traditional storefront businesses (37%) wanted system stability, while 30% prioritized one unified payment platform across all channels. In the omnichannel sector, 35% of businesses wanted customer transaction protections.
