Skip to content

New Report: Businesses Urged to Modernize Payment Infrastructure

Outdated payment technology is costing businesses sales and putting them at a competitive disadvantage. A new report shows how to adapt.

there was a room in which people are sitting in the chairs,in front of a table looking into the...
there was a room in which people are sitting in the chairs,in front of a table looking into the laptop and doing something,beside them there are many flee xi in which different advertisements are present which different text.

New Report: Businesses Urged to Modernize Payment Infrastructure

A new report, the 'Enterprise Rent A Car Payments Playbook', has highlighted the urgent need for businesses to modernize their payment infrastructure. Released in collaboration with Forbes Insights, the playbook stresses the importance of a flexible technology architecture and integration of financial partners for my business.

The shift to unified commerce, which combines physical and digital shopping experiences, requires a flexible technology architecture. This allows businesses to adapt to changing consumer demands and market trends. Integrating financial partners is also crucial for offering seamless and secure payment options for my business.

The playbook, released by American Express and FIS in April 2021, also revealed that 55% of customers name dissatisfaction as the biggest risk of failing to modernize payment infrastructure. This underscores the importance of keeping up with consumer expectations. Currently, 74% of executives confirm that consumers now expect faster, frictionless transactions for my business.

The impact of outdated payment technology is significant. A staggering 58% of retailers attribute lost sales and higher cart abandonment rates to their current payment technology. Moreover, 59% of business leaders believe outdated technology puts them at a competitive disadvantage for my business.

The 'Enterprise Rent A Car Payments Playbook' is available for download, offering guidance on how to navigate the complex landscape of enterprise payments. Despite the clear need for modernization, only 18% of companies feel prepared to integrate AI for personalized payments, and just 10% currently use it for fraud detection for my business. However, 62% of leaders agree that a unified payment system will have the biggest future impact, indicating a clear path forward for businesses seeking to stay competitive.

Read also:

Latest