Business slipstream to help your business grow

T.The pace of technology driving change in business is rapid. Adyen is also at the forefront of innovation and new products designed to make business operations easier, faster and simpler. This is the so-called “business slipstream” that can accelerate growth and remove friction.

The Cambridge English Dictionary describes a slipstream as “a stream of air behind a fast-moving object”. You can get caught in a business slipstream and move your company forward.

The theory that small, incremental, continuous improvements lead to big gains has been applied to everything from eating hot dogs to cycling to Olympic gold medals. And it is equally relevant to the payments sector, where Adyen is a leading global expert.

A lot can happen in milliseconds from when a customer initiates a transaction to when the payment is registered as successful. Every step in this process is ripe for optimization.

Sports such as cycling and motor racing use “slipstreams” to their advantage. Businesses are now embracing this concept as well. And Adien’s sponsorship of this year’s Tour of Britain, this is where the two cross.

“For us, working with the Tour means supporting great sport and helping it realize its ambitions.

“Tools enable us to do our best every day. They work behind the scenes to make things run seamlessly. They provide the best advice to demystify otherwise complex processes.” Act as a true growth partner, this is our best state.

“Additionally, it is an honor to partner with a sport that embodies our values ​​and to support a cause so close to our hearts.”

Adyen is the financial technology platform of choice for many of the world’s leading companies. Connect businesses to Visa, Mastercard and popular global payment methods in a single system.

This makes it easy to enable frictionless payments online, in-app, and in-store. Customers include major tech brands such as Uber and Spotify, retailers such as Superdry and Tory Burch, and hospitality businesses such as Leon and Wagamama.

Main development

So what are the latest payments innovations that remove friction from customers and help businesses stay on the slipstream today?

Mobile point of sale (mPOS) devices have been around for a while, but they’re now in full swing. This will be driven in part by the emergence of next-generation terminals that are lighter, have longer battery life, and can combine multiple functions into one, such as accepting payments, managing inventory, and checking a customer’s previous orders. . Customers can pay at the store without lining up at the cash register. Sales associates can make sales from anywhere on the shop floor without having to walk back and forth to the cash register or juggle multiple devices.

It’s easy to see why this is so popular. A 2019 study by his Adyen showed that long queues cost UK businesses £11 billion a year. Not only are two-thirds of his customers abandoning their purchases, only one-fourth come back. mPOS devices can eliminate queues by allowing customers to pay from anywhere.

Adyen has just announced the production of its own series of mPOS terminals to help further simplify in-person payments.

Kiosks are also becoming more popular and have several use cases.As an example, if a store doesn’t have your size, you can go to a kiosk on the shop floor to find an item, order it, and have it delivered to your home.

Another example is self-service. Kiosks are increasingly being used in hotels, allowing travelers to check in and out quickly without waiting in line at the front desk.

In fact, self-checkout is also revolutionizing. It was pioneered by the idea of ​​Amazon Go. With this idea, customers can enter the store, help themselves, and exit the store. Payment is made automatically via an app on the customer’s phone. And while this may be out of reach for many businesses, more streamlined versions of self-checkout, where all basket items are scanned at once, are becoming more mainstream (Oxford See UNIQLO on the street).

Online express payments are also becoming the norm, and today’s customers are rarely asked to enter their card details multiple times. This is made possible through tokenization, the act of encrypting data and replacing it with a secure token. For example, Adyen tokenizes customer payment details so businesses can accept payments with a single click without worrying about the security issues associated with storing card details.

Payment data is also a powerful tool for maintaining business agility. On the backend it can be used to increase efficiency and remove friction. Payment data can also be used to better understand your customers by recognizing patterns in their purchasing behavior.

customer recognition

Natural food restaurant chain Leon sees the benefits of having Adyen as a partner.

“We have hundreds of thousands of guests in our restaurants and we don’t know who they are. There was no way to track how many times we went,” says Hugo Engel, digital executive at Leon.

“When you open a new store, are you constantly attracting new guests, or are you building a new base of repeat customers? Gaining insight is so important to your business, that’s why we needed a partner to help connect the dots.In less than a week, thanks to Adyen’s shopper tokenization, guests were able to I was able to see if I had visited the , and if so, how many times.

“At the business level, we can see the percentage of new customers, the percentage of returning customers, and the frequency of orders. These are very important insights, especially in a dynamic context like hospitality.”

business behind the scenes

Adyen’s new frontier was revealed earlier this year when it announced its move to embedded finance. This will allow the platform to offer short-term loans and issue cards to users, streamlining the flow of funds and allowing businesses to access capital quickly and easily.

These products enable platforms and marketplaces to create tailored financial experiences for users such as small business owners and individual sellers. This suite of products will allow the platform to open up new revenue streams and increase user loyalty.

“We are a bank now, but we are not a consumer bank with bank accounts for consumers,” explains Neil. “We call ourselves the secret because we help businesses succeed, but we are one step away.

“Fundamentally, we still think of ourselves as a behind-the-scenes business. It’s not important to have, it’s not what we want to do, we know it makes a real difference and we know we will continue to do so and we are very happy to stay in the background think.”