Santa Cruz Tech Beat

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‘Going Digital’ Means More Than Just Accepting Credit Cards

By Dan Davies
PayStand

December 4, 2018 — Scotts Valley, CA

What does accepting credit card payments really mean for your business?

To some companies, credit card payments translate to expansion into new markets. To others, credit card processing signals unaffordable transaction fees or more complex technical integrations. Fill in the blank with your own answer.

But the one thing credit cards definitely don’t mean: that the business has joined the digital era just by virtue of accepting them as a method of payment.

Myth: Credit card payments = digital transformation

We at PayStand hear this fallacy regularly in our conversations with companies across the globe. “We’ve already gone digital by offering credit card payments,” they say. “What else is there?”

Our answer is this: a lot more goes into digitizing billing processes than just offering credit card payments. Credit cards are just a switch you can turn on and off for customers. Don’t get us wrong: they’re a valuable switch, but they are not digital transformation alone.

Take one of our customers as a cautionary tale. Before moving to PayStand, this regional business insurer started offering credit card payments on their website as a way for customers to pay insurance premiums, deductibles, and other associated fees. Customers responded by converting to credit card payments at a high rate.

Continue reading here: https://www.paystand.com/blog/going-digital-means-more-than-just-accepting-credit-cards

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