In the fast-paced world of eCommerce, customer experience and satisfaction reigns supreme. According to SuperOffice CRM, 86% of buyers say they are okay with paying more for a great customer experience. By offering real-time payment (RTP) methods, businesses across different regions, including Brighton can enhance their competitiveness as customers find satisfactory transaction experiences.
The Popularity of Instant Payments
The concept of instant payouts has evolved as a response to the increasing demand for real-time transactions in the digital realm. As Tink AB reported, over 77% of customers expected instantaneous payments, which explains why the industry’s market share is growing. In the UK alone, Statista approximated that instant payments’ market share for 2023 had grown by about 25% from 2022. In another place, the research company projected that about 12.5% of all payment methods in the country could be instant by 2027.
The online entertainment industry is amongst the sectors where we continue to see an increasing number of businesses adopt RTP. In the online casino industry, for example, platforms like Hippodrome’s instant withdrawal casino offer prompt bank payments, allowing fans to receive withdrawals in their bank accounts instantly. The transaction processing times are further enhanced by diversifying deposit options to include e-wallets like PayPal, Skrill and Neteller.
Greater Cash Control and Improved Liquidity
Instant payouts empower customers by giving them greater control over their finances. Whether it’s paying bills, making urgent purchases or managing cash flow, the ability to access funds immediately offers flexibility. According to a PYMNT’s study, about 24% of companies agreed that improved cash flow was amongst the top benefits of using real-time transactions. Your cash flow determines your cash position, which is especially important for potential investors and partners. An instant payment system can give the impression that your company has the capital flexibility to cover pending expenses and liabilities.
Faster payments facilitate liquidity management, allowing one to pay bills even during uncertain times. Companies can optimise their working capital by swiftly deploying surplus funds or accessing additional liquidity when needed. By reducing reliance on credit lines or overdraft facilities, businesses can lower associated costs and minimise financial risks. This facilitates more agile decision-making and allows firms to capitalise on time-sensitive opportunities, such as discounts for early payments.
More Benefits to Enjoy
Not all payment methods are the same. B2B payments, for example, can be time-consuming and expensive to process. Using an RTP (real-time payment) network can significantly reduce expenditure while maintaining transparency and security. The unnecessary paperwork also ensures that we can say goodbye to costly fees.
Instant payouts can be a competitive advantage in attracting and retaining top talent in the gig economy. Freelancers and independent contractors often prioritise platforms that offer fast and hassle-free payment processing. In England and Wales, the number of weekly gig workers was estimated by TUC to have reached about 4.4 million by 2021. By prioritising instant payouts, online businesses can attract skilled professionals and maintain a competitive edge in talent acquisition.
In conclusion, implementing instant payouts is a significant milestone in the evolution of customer-centricity in online businesses. Businesses can elevate customer experiences and gain a competitive edge by prioritising speed, convenience and security. As technology evolves, the future of instant payouts holds immense promise for financial ecosystems in UK cities like Brighton and beyond.
