Visa Leverages the Listening Economy to Solve Customer Pain Points
Empathy combined with creativity leads to products that help clients unlock their potential, Visa Global Head of Acceptance Solutions Rob Cameron writes in a new PYMNTS eBook, “The Listening Economy: How Customer Conversations Are Transforming Financial Services.”
The world of payments is expanding rapidly, with a massive surge in digitization, artificial intelligence (AI) and emerging sectors like the creator economy generating immense opportunities to boost growth and profitability.
However, the payments industry has also become more complex, which can be daunting. Payments are no longer just about completing a sale — the expectation today is for seamless, digital-first experiences.
Our customers see the opportunities but are often challenged to execute given competing priorities and limited budgets. Small businesses, in particular, struggle to keep up with the rapid advancements and the intricacies involved.
This puts companies like Visa in a unique position. Everything we do starts with our clients’ needs. We must empathize with customers and see the world from their perspective. Simultaneously, we need vision, creativity and foresight to innovate and build future-proof products. This dual approach helps us create products that help clients unlock their potential. For example:
Building Seamless Payments Experiences
With new ways to pay entering the scene all the time, merchants need a seamless solution to accept all payment types and avoid losing sales at checkout. Visa’s answer to this customer challenge is a new Unified Checkout Experience.
The launch of our next-generation Unified Checkout product streamlines and simplifies the digital payment process for our customers. It can be set up in just a few hours using our “deploy ready” payment acceptance code and integrations to a vast array of software solutions across industries and geographies. With built-in payment orchestration support for a multitude of payment types, it delivers strong eCommerce conversion rates with an intuitive checkout experience.
Enhancing Fraud Protection Amid Rising Cost of Fraud
Fraud costs billions to the global financial ecosystem each year — and fraudsters are just getting smarter and more determined, reaching unprecedented success rates. In addition, the barrier to entry is getting lower with generative AI. But fraud is just one consideration when acquirers consider the risks associated with any given merchant. Increasingly, merchants are also expecting payouts in real time.
A new solution to help with this is the ARIC Risk Hub, which is powered by our recent acquisition of Featurespace. It can help acquirers manage end to end merchant risk, while enabling dynamic settlement. This can help acquirers to ultimately accept more good merchants and get them funded faster.
Delivering Actionable Intelligence
We deliver actionable intelligence: data insights customers can use to drive profitability. Our reimagined Authorize.net platform, for example, helps businesses analyze data, summarize insights and adapt to rapidly changing customer trends. It was born out of the need to better support small businesses and resellers, ensuring they have the tools and resources they need to succeed. It is an all-in-one solution designed to enable small businesses to deliver next-generation payment experiences without tying up their limited resources.
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