The competition between businesses existing in the same sector is growing tighter. Modern technology means that even smaller firms can tussle with the big hitters in each industry. Moving advertising online, for example, means that those without the funds for a big TV commercial can still go viral and gain attention. So, businesses have been searching for ways to improve their competitive difference. Could the secret to being viable in a competitive business environment be to introduce modern ways of allowing customers to make payments?
Online Casino Industry
The online casino industry is one that represents the future of tech and also one that has heavy competition. So, deploying multiple modern payment methods could be effective. Click here to read the full article that outlines the range of payment methods on offer throughout the online casino industry. For example, most offer standard bank transfers and MasterCard. Others also add PayPal to the mix, given how important it has become over the past two decades.
However, as a point of differentiation, some sites are allowing players to deposit with Ecopayz, Skrill, Paysafecard, and Neteller. Opening up the payment methods to include ones that utilize modern technology shows that the sites themselves are open to the technology. This leaves a positive impression in a potential customer’s mind and helps them connect the brand with being forward-thinking when it comes to tech. Not everyone will want to pay with e-wallets or modern methods, but their presence says a lot about the online casino site and its place in the future of technology and entertainment.
Smaller Retailers
Smaller retailers are also set to benefit from the rise in alternative payment methods. Many smaller businesses have already swapped to a digital-only format for banking – using the Starling app for instance instead of a larger national bank. Having banking functions and accounting functions in one simple location makes life easier for smaller business owners. These companies can then decide how they want to accept payments from customers. Their nimbleness has always been a benefit compared to multi-national chains. This means that they can latch onto new trends, such as modern payment methods, quicker and deploy them faster.
Those who sell on Etsy, for example, and run extremely small operations, can accept payment via e-wallets or other methods that might suit the retailer. For those who may want to use this method of payment, the smaller retailer is more flexible in allowing it than the larger ones will be. This kind of technological thinking could help smaller retailers become competition for larger firms. Financial trends can grow out of nowhere, and could become relevant and necessary long before major corporations are able to change their infrastructure to adapt. That’s where smaller retailers are at an advantage.
There is evidence that modern payment alternatives could help businesses stand out from their competitors. Whether we look towards the online casino industry or at smaller retailers, being able to offer customers more variety with how they engage with a business could help sway them towards using the service.
