Credit unions that can offer these merchant services innovations will attract and retain small business customers eager to earn consumer loyalty.
Credit unions take pride in their ability to provide a high level of personalized service. To fully meet the needs of small business customers, their merchant services offerings must progress with evolving payment trends.
To be successful, retailers intent on building customer loyalty and spending need to partner with financial institutions that provide cutting-edge merchant services capabilities. A recent study showed that 78% of retail respondents agree that the checkout experience is as important a competitive advantage as having the best products. The same report talks about how having the right payments strategy can increase resilience, finding that:
- Two-thirds of finance leaders say that improving their payment-acceptance processes is a ‘cornerstone’ of how they plan to become more resilient.
- And about half say they can’t be a resilient and successful organization without changing their payment operations for the better, and this increases to 58% of C-suite finance leaders.
Consumers expect a payment process that’s as effortless and convenient as possible. As a result, any opportunity to remove steps—including handling physical forms of payment—is a welcome experience. Whether it’s uninterrupted shopping cart access across omnichannel platforms or improved self-service capabilities that allow customers to create the exact payment experience of their choosing, five payment trends represent the latest merchant services expectations.
Read about the five payments trends in a free whitepaper from Elan Financial Services.
As customer payment expectations continue to shift, retailers will want to work with financial institutions whose merchant services can meet their emerging needs. By partnering with Elan, organizations have access to Elavon, a leading merchant services provider with extensive experience helping community banks and credit unions offer the payment tools that small businesses need to increase sales, improve efficiency, and build customer loyalty.
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