Banking is continually undergoing transformations in response to new technology, regulation, and operating models. Even more now with the world trying to recover from the COVID-19 pandemic, the business paradigm is best described as a series of disruptions and uncertainty, and building resilience into your business model is more important than ever.
Photo Credit: Mike Petrucci
In this context, business leaders and owners should look to unlock new sources of capital and growth. Businesses need to find solutions to better transact with their clients, pay their employees, how to get paid, and allow a more convenient way to make their products and services available online through digital payments.
Declines in consumer confidence and decreased sales can threaten all businesses and small businesses can be particularly vulnerable. Because every business is different, it is important to do research to choose the best solutions for your unique business needs. When reviewing financial and payment providers, consider some of these features: remote account opening, custom IBANs, instant transfers, account options (settlement and payments), secure and regulated, the availability of a mobile app, and access to user-friendly APIs.
With the influx of BaaS (Banking as a Service) and PaaS (Payments as a Service) providers offering customers all kinds of options, such as insurers, money managers, payments specialists, etc., choosing the right solution and dedicating the resources required to quickly implement a strategic response to changes to your business is crucial. Across sectors, these providers have served as a bridge by bringing together consumers and businesses and have become instrumental in the economic growth of both startups and larger enterprises. More and more consumers are likely to turn to online shopping, home entertainment including online gaming, and are becoming more intrigued and interested in cryptocurrency during the crisis.
Whether you’re pivoting or reinventing your business model to evolve with the times, Paytah will help you manage your business by accepting multiple payments and transfer options: SEPA transfers, internal transfer, mass payments, multiple IBAN accounts, among others.
That’s why Paytah is prioritising in delivering digital solutions to its clients, no longer considering it as a new norm, but a necessity during these tough times. Being innovative is about delivering a digital customer experience that’s intuitive, fast, and reliable.
Paytah allows international clients to have cross-border payments with guaranteed fraud and personal data protection. By combining multiple solutions into a single payment processing platform, Paytah will help your business speed up time to market and limit your technology development costs. With this transition to a reliable partner, you have total control over your business transactions.
Failure to adapt to changing demands is not an option. Therefore, businesses must be structured for agility and be prepared to pivot when necessary. As the cliché goes, businesses must benchmark to survive but innovate to thrive. Now is the best time to review and consider changes to your short and long-term strategy.
In order to come back stronger, companies should reimagine their business model as they return to full speed from recovering revenue to accelerating the adoption of digital banking and payment solutions. Paytah is here to help your business tackle your banking and payment challenges and help you embrace digital transformation.
