Online payments are not only about convenience and low transfer fees. This is a service that allows companies and organizations to conduct an in-depth analysis of consumer demand and needs and build business strategies based on the results. Valeria Vahorovska, CEO of Fondy, explains how online payments are changing Britain’s transport system and how it affects business as a whole.
What benefits do local authorities get when people buy tickets with a card?
The most obvious advantage is convenience for users, Valeria Vahorovska emphasizes. When residents have several payment options, they feel care for themselves. Of course, this increases people’s loyalty. However, it is only the tip of the iceberg.
Each purchase of a transport ticket is a large amount of information: which route a person chooses, how often he or she uses it, how busy the route is, etc.
What can be learned by analyzing this information? For example, local authorities can forecast traffic in different directions, says Valeria Vahorovska. This can help make public transport routes more rational and even design new roads or modernize existing ones. In addition, this information can become the basis for the infrastructure project creation: the construction of new districts, the creation of various public, educational, and entertainment centers, etc.
Correct accounting of funds is another obvious advantage of online payments. They allow the risk of miscalculations or even fraudulent actions when funds go beyond the budget.
Online payments in transport also make it possible to increase the security of citizens, Valeria Vahorovska emphasizes. Payments are easy to track and dispute. So, in case of loss of the card, the fraudster can be found, and the card itself can be blocked with one phone call.
What benefits does a business get when introducing online payments?
Globally, the benefits for business are the same, says Valeria Vahorovska. But there is an important nuance: online payment services allow local businesses to profitably enter the international market. Bank transfers require the payment of high commissions, and the transferring process itself can take several days. Therefore, such payments are more suitable for large businesses and corporations, Valeria Vahorovska notes. Small and medium-sized businesses (and their customers) would not benefit from this. A more detailed analysis of this issue can be found here.
Systems like Fondy allow accepting payments in a way that is beneficial to both the business and its customers. Fondy is easy to integrate into any site. It supports regular payments and has an extremely high success rate (98%). Thanks to online payment platforms, entering the international market has become more comfortable than ever before.
