Payment innovation is a real thing, but there is a limitation to the amount of innovation that can happen in something as basic as payments. With so many payment providers in the market, it’s becoming increasingly difficult for established players to differentiate themselves and retain customers. In order to stand out, payment providers must now focus on providing support-heavy services that have traditionally been avoided in the industry.
It’s important to note that while there are new technologies and approaches being developed in the payments space, the core function of processing a payment is still the same. This means that there is only so much innovation that can happen in this area.
To differentiate themselves from the competition, payment providers must now focus on providing support-heavy services for point of sale and e-commerce solutions. This includes services such as installation, training, and after-sales support. The support-heavy nature of these services is critical for the successful implementation of point of sale software. It requires a deep understanding of the software and the merchant’s business operations to ensure that it is set up and configured correctly. Additionally, providing training for merchants and their employees on how to use the software effectively can make a significant difference in the adoption and success of the system. After-sales support is also important to ensure that any issues or problems that arise are quickly and efficiently resolved.
It’s worth noting that software in general is usually not the core competency of payments companies. Therefore, it’s essential for payments providers to have a dedicated team of experts to provide these support heavy services and ensure a smooth implementation of point of sale software.
Payment innovation is real, but there is a limitation to the amount of innovation that can happen in something as basic as payments. With too many payment providers in the market, the only way to differentiate is by providing support-heavy services such as installation, training, and after-sales support for point of sale and e-commerce solutions. By doing this, payment providers can add value to the customer experience and improve customer satisfaction. Additionally, providing a dedicated team of experts to provide these support heavy services can ensure a smooth implementation of point of sale software.
