PYMNTS interviews Andrea Gellert, head of marketing at payments solution provider Clover, about what merchants should consider when adding new payment options and how they can streamline and scale their businesses.
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Small- to medium-sized businesses (SMBs) have a different technology adoption curve from that of larger enterprises — one that is driven by the urgent need to meet customers where they are, according to Gellert. Many SMBs were already positioning themselves for omnichannel before the pandemic accelerated the shift. Now they are increasingly seeking greater presence and visibility online and on social media — especially TikTok, which arrived at the perfect time to help fuel the transition. Meanwhile, SMBs, which have always differentiated themselves through a more curated and personalized experience, are competing by aiming for consistent experiences across all channels, extending personalization throughout the entire customer journey — particularly at checkout. Additionally, for both merchants and customers alike, ensuring that payment is not a hindrance or a detractor from the buying experience is key. Offering customers more ways to pay — including contactless, cashless, BNPL, etc. — is a win-win for all.
Gellert said Clover’s solutions are built to enable merchants to run their entire businesses from one ecosystem. Clover is among those providers going beyond payments, offering an all-in-one system with integration points for employee management, inventory management, customer engagement and cash flow management. A single ecosystem brings many benefits that allow owners the opportunity to focus more on the reasons they started their businesses — and less on spreadsheets. Upgrading technologies that support running operations from day to day while also offering a variety of payments’ acceptance helps SMBs streamline running their entire businesses.
To realize the benefits of payment innovations, SMBs must establish a framework for scale. This strategy should include an understanding of how larger competitors and other sectors are reaching and serving customers. What newer services, such as curbside pickup or loyalty programs, are being offered? Within their respective businesses, merchants should look at data as much as possible to understand opportunities for learning and optimization. Even simply examining abandoned shopping carts or exploring what customers want at each step of the purchasing journey can provide helpful information. Social media offers another important way for SMBs to understand their customers’ needs better, interacting in real time to glean insights and generate engagement. Ultimately, the more merchants can reduce barriers to buying, the faster they will grow.
