Blog post

Optimize your payments

Optimize your payments
03 May 2019

Have you considered how the payment options you offer - or do not offer - may affect your sales and the relationship with your customers?

If you’re a brokerage owner exchange or have any type of website that sales, you probably know who’s your ideal customer. Perhaps your preferred customer is a male or a female, young or old or part of a particular demographic that can be defined by household income, level of education, employment status or other indicator. If you’re like most businesses, “knowing” your customer probably influences your decision making in relation to the products and services you sell, the technology you use, the methods you use to market your business and where you choose to advertise.

Payment options can be the cause differentiating between making a sale and not making a sale. Consider a simple example: a so-called trader, in this case our Client who aims to make profits in trading. He might want to deposit his funds using a particular credit card. If you don’t accept credit cards at all or specifically his credit card of choice, he will undoubtedly take the business to other business that will.

Payment options can also incentivize traders to support your business at the expense of your competitors. For example, Bitcoin enthusiasts known to go out of their way to support businesses that accept Bitcoin as they want to see bitcoin and other cryptocurrencies gain traction and market share.

While these are relatively narrow examples, the important takeaways are:

  1. Demographics can predict payment preferences
  2. By tailoring payment options to the preferences and needs of your clientele, you can increase revenue and increase customer loyalty.

With the power that AI yields over predictive analytics and forecasting future market trends, it’s often easy to focus solely on growth, profit gain and beating competitors to The Next Big Thing. What often left out in this approach to AI and predictive analytics is the power to learn more about your traders, and how we can alter our methods to provide them with a better service and payments experience. Understanding your trader’s payments experience – how they think, feel and act is the real benefit of AI as this provides businesses the information about how best to drive loyalty and brand engagement.

Modern business this days are more and more powered by AI technology and most likely continue to be until an even greater technological approach comes along. AI-driven algorithms are constantly processing data, forecasting payments trends and responding to market changes in real time. All data captured from Merchants, traders, payments providers and payment methods is crunched and analyzed at a speed never seen before, making essential insights readily available for use by merchants in all shapes and sizes.

Bridger routinely logging each visit to the cashiers and payment pages, every interaction with the user using credit cards, wires, or any of the many direct payment methods we offer. The trader experience captured through his behavior, operations and queries allowing merchants to have data from a huge number of their frequent customers, which give them real and actionable insights.

Using AI to deliver personalized experience

Knowing why sales occur allow businesses to conduct intelligent processing decisions that pro-actively drive sales rather than just waiting for them to happen. Companies should turn these insights and forecasts into meaningful actions that drive the strength of their brand and create new business opportunities. By taking traders on a payment journey crafted specifically for them, businesses can earn their trust and loyalty with ease. Companies tend to realize that when they customize the make-up of the trader experience through email personalization, digital advertising or targeted suggestions, traders do not see the marketing as abrasive or a nuisance leading them to have an open mind for new ideas and products.

By handing over much of the finance departments’ analysis work to AI, businesses can free up resources and concentrate on developing the invaluable insights, which help their brand to appeal to the right trader and ultimately drive more sales. By successfully combining the meteoric technological innovation Of Artificial Intelligence with the highly important approach of improving customer-brand interactions in a tactile way, Brokerages will be able to capture customers’ loyalty and nurture it for many years to come.

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BridgerPay is the world’s first Payment Operations Platform, built to automate the payment flows of your business with a Lego-like interface, so you can connect any payment method or tool, boost revenue, and optimize your payment experience.

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BridgerPay is not a PSP (payment service provider), or an acquiring service, and we do not provide any processing merchant accounts. Bridger is a SaaS (software-as-a-service) company that allows businesses to utilise one API to consume all payments from any method or provider that is connected within BridgerPay’s ecosystem.