The COVID-19 pandemic has affected our lives and the way we do business and companies need to adapt their strategies to change.
The pandemic abruptly changed the lives and economic activity of the world. This unprecedented change has decreased retail sales, disrupted employee work schedules, limited economic factors such as travel for business and leisure, and affected the food and service industries in a detrimental manner. The effects of the pandemic have been immediate and will have long term implications for the economy and specifically for the payment industry. It is not yet known what effect federal and local government actions will have on these declines. The stimulus bill is encouraging consumer spending and aid has been available for small businesses. Still it is yet to be seen how this funding will impact the downward trend in spending.
Managing Through the Crisis
In the current economy it is imperative how we manage through the crisis. Taking care of our family, friends, coworkers and customers remains the priority and safeguarding their health is at the forefront of our decisions. This has resulted in many company’s decisions to work remotely and find creative ways to continue to work without disruptions to their business. Managing our businesses to follow safe protocols of social distancing and limiting exposure will continue to be of importance to keep businesses open.
Stability of Transaction Systems
For the payments and transactions industry the stability of systems remains at the forefront of priorities. The security measures and emergency systems in place have had successful outcomes so far with no major damages in the core infrastructure reported. But there is a need to continue this as we move into what looks like a new normal for doing business. As consumers and customer’s needs change, there will be the need for payment processing solutions to adapt to these new priorities.
Companies with online offerings have seen less disruption and it may be a critical component for businesses to establish to remain competitive in the consumer market. The trend toward consumers placing orders and payments online and then picking up their products continues to grow in popularity. Skepticism of traditional paper currency and contact based payment methods raise concerns over exposure to COVID-19. The trend toward making all payments touchless will continue, as will the desire for enabling tap and go features to ensure contactless payments.
Protection Against Fraudulent Transactions
Providing protection against fraud during the pandemic is another important aspect that companies must take into consideration. The FTC(Federal Trade Commission) has reported a dramatic increase of fraud complaints related to COVID-19 and businesses must take precaution to protect their assets as well as their customers. One of the ways that businesses can mitigate this risk is by going digital. Utilization of protective software can help companies ensure their numerous transactions are accurate and free from fraudulent activity. Businesses will need to ensure their payment processing follows regulation guidelines from government entities. (FDIC, US Federal Reserve, OCC)
Business Software Analytics for Successful Management
Providing access to business software that will help businesses manage their day to day operations will be imperative to successfully maneuvering through this new way of doing business. The need for business software analytics to help companies identify how to successfully manage their business will be critical to their success. Analytics are recognized to predict outcomes and manage successful change. Companies that utilize this data to model their change and adapt quickly to their environment will be setup for greater success. This pandemic will likely accelerate the implementation of digital strategies for companies.
Although it’s important to manage the current pandemic and health crisis, it is also imperative to get our economies back running again as this affects the population livelihoods in the longer term. To do so will mean operating in different and innovative ways. MPG is prepared to help you successfully manage your payment solutions. Our customized software will help you optimize your operations.
Call today and let us help you maneuver through these unchartered times.