Why Payment Technology is Important Now More Than Ever

Why Payment Technology is Important Now More Than Ever

BY Lucy Fang
Sep 02, 2015
Consumer Incentives, Cash Management, Event Marketing, Prepaid, Prepaid Cards, Rebate Programs, Referrals

The digital age has lead to new and exciting innovations. However, it has also led to a new way in which consumers react and behave with brands and companies. Payment technology is important because consumers are in tune with new technologies. If they can get instant gratification at other brands, why would they opt to not with yours? You won’t have successful campaigns with only one channel of communication. To have effective campaigns, you must have rewards that are available to redeem online or through email.

New technology now allows us to have flexible offerings. We can literally give a gift to someone halfway across the world if we want. Physical rewards you have to preorder and then give away and while this is a method of our marketing forefathers, online rewards provide more options and opportunities for both the consumer and the marketer. Online rewards give consumers the opportunity to choose out of a few options what they want. Online payments are perceived better because consumers like to have a choice, and if the company is willing to accommodate the consumer, the consumer is more willing to refer that brand as well as create an ongoing relationship.

Lately, it’s all about meeting the consumer’s expectation. The millennial generation is so reliant on instant gratification because they are communicating faster, getting meals faster, and instantly getting what they want. So why don’t we meet them on their platform, in their own way? Think of the big online money makers. Amazon, eBay, and all sorts of retail stores are changing the way we pay. Change is inevitable, create payment technologies for the upcoming generation by offering them online payment options or reward them for paying online.

Payments and rewards need to have options for being virtual and mobile. A good way to do this is to use pins or pin numbers. These pin numbers will show a physical prize and give them a pin to redeem after payment. The positive thing about pins is the fact that the consumer can see the prize, they know exactly what they are getting before they choose.

Payment technology offers a friendly interface. You can easily integrate it into your promotions. There are abilities to simply plug into your existing campaigns and promotions. The ease alone should intrigue you to participate in the payment technology movement.

Ultimately, the sky’s the limit. What you can create in your head is what will drive payment technology’s flexible solutions.

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