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The payment provider industry is the latest to recognise the opportunities that online marketing tools can provide. Here are some of the many reasons that the big players in the fintech industry have made the move to start offering online visibility tools to their customers alongside their payment products.
As found in a survey by McKinsey, COVID-19 has dramatically accelerated the digital transformation of businesses. More than 90% of consumers search for businesses, products, and services online, starting their quest with search engines. In order to survive, businesses are relying upon upholding a strong online presence to expand their customer base and ultimately, their revenue. It no longer matters as much where businesses have set up shop but instead, how clear their online presence is. In response to this change, fintech companies are relying upon online visibility tools to make sure that the businesses they work with are at the forefront of searches.
Payment providers are reliant upon the success of businesses they partner with. One of our payment provider partners found that the businesses that they work with showed an increase of 230% of website traffic, 35% more phone calls and 72% more direction requests from using our tools. Payment providers offering online visibility tools to their business partners gives them more footfall in transactions and ultimately, more profits. Simply put, offering SO Connect’s tools help businesses get found online, which in turn leads to more customers coming through the doors of the business, more transactions happening, and ultimately, an increase in revenue for the payment providers.
There are approximately 8,000 marketing solutions on offer. With an overwhelming number of services to pick from, fintech marketers are facing vendor clutter. This clutter is created by collaborating with too many technology providers at the same time, which drains time from managing and maintaining each vendor individually. SO Connect offers a one-stop solution to this problem, saving time and money. Our white-label tools have been created to smoothly integrate into our partner’s current packages and platforms. The user journey is simple, made with our payment provider partners in mind. As soon as payment providers are using our tools they can instantly start to make even more profit from every transaction by increasing in-store and online customers.
The fintech industry is increasingly competitive with numerous new companies with big plans appearing all the time. Businesses are going to pick payment providers who understand them and their current needs. Our payment provider partners offering online visibility tools have seen an increase in their business partner’s customer base by 68% within one year of collaborating with us using Listings, Reviews and Website Optimizer. Our tools meet the current needs of businesses and have the potential to exponentially boost the number of in-store and online customers. This, in turn, leads to more transactions so that fintech companies can thrive, leaving their competitors behind.
It’s become very clear that the future of business growth is online. It’s purely up to payment providers to decide whether they want to gain untapped revenue now or further down the road when every other competitor is already offering it to gain more profits. Making the forward-facing decision now by offering the SO Connect online visibility tools to your businesses today is a massive step towards the future. It can bring more customers to businesses, increasing their transactions and surge payment providers profits.