How e-payment solutions can help businesses be more efficient and productive
We are currently?and indisputably?in the midst of a payment revolution.?E-commerce?continues?to grow, and?we’re?expecting online payments to continue to increase at a compound annual growth rate?of 25 percentage points?in the?MEA (Middle East and Africa)?market?from this year until 2025,?while?mobile payments?are?expected to?increase by 20?points?over the same period.??
In Jordan?there is a?particularly?large scope for growth?due to a growing young population,?and the pandemic?lockdowns?made it?clear that customers already have?both the tools and the will to use e-payments?instead of cash.?Nevertheless,?there has been some resistance to change in the market, which has caused businesses to lose out.?Under these pressurized circumstances,?those?with fully functioning digital platforms were able to bring in higher revenues compared to?businesses?with little digital development, who were?left?playing catch-up?while?offering?a?sub-standard service.??
Our?long-term?strategy is to support?this increased?demand for?payment?services?and provide merchants and issuers with high-quality and cost-effective solutions.?Working closely with the government, local regulators and financial service providers,?we?will continue to?promote?financial inclusion?and?increase?consumers’ acceptance of e-payment,?which?is paying off through?a dramatic increase in the trust?for?online transactions for e-commerce in Jordan.?
The problem businesses have is that they need e-commerce solutions to be?efficient and productive, or else they risk losing out on opportunities, but few have the?in-house?capability?for digital transformation. Because of this, businesses are missing their chance while market and consumer demand is increasing. Network?International’s?e-payment?services are ready to provide a solution. New clients can quickly and easily be onboarded and have e-payments?enabled?through a simple and easy integration between the merchant’s website and?our?payment gateway?which comes with the highest?global?security protocols?and?the Falcon Fraud Manager?which?detects fraudulent transactions through?continuous?monitoring.?
For?SMEs and start-ups in particular,?e-payment platforms?are?far more than just a?means?to receive payments; they are?powerful tools for?optimizing?operations.?By digitizing?payments,?companies can?reduce loss and?gain?access to?up-to-the-minute?business?data?insights?(through tools?such as?Network International’s?SmartView Interactive Dashboards and Performance Reports)?and?besides, automated?record keeping?further?lowers?operating costs and?increases?efficiency.?
The time and resources saved?through e-payment integration?gives businesses?a competitive advantage,?freeing up time to focus on?increasing?productivity?and?creating?new products and services?– which can be rolled out sooner when the?online?tools?for selling them?are already available.?The ability to accept payments from anywhere also opens up access to the global marketplace, increasing scalability. All of the?rich?data?produced?by?e-payment platforms?can?also?be analyzed to generate?insights?which?can help businesses become more efficient?and?profitable.?
Businesses of any size can capitalize on digital payments adoption?and?improve their market presence, reduce costs, and provide a smooth service.?They can further benefit from related outsourcing solutions,?such as?customer support relating to payments and data analytics which can be used to increase profitability.?Providing a convenient means for customers to pay for goods and services is no longer an optional extra?–?e-payment solutions?have become?essential for businesses to develop and grow.?
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Regional Division Manager - Banking Sector
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