If you are yet to install a contactless payment solution in your business, you are at risk of becoming an inconvenience to your target market. Digital first and contactless solutions are rapidly taking over as the only way consumers want to pay.
According to a Visa report, over 80% of businesses and 50% of Americans now use some form of contactless payment because it is safer, easier and handier. If your business needs a signature, PIN or worse, cash, your customer will go elsewhere. Simply put, businesses can’t get away without having contactless technology anymore.
We understand you still want your customers to have a positive experience of your brand and that the process of selecting a solution that fits is a nightmare. Ensuring your chosen solution matches the needs of the business while still giving your customers a great brand experience can be huge challenge. Choosing the wrong provider can have disastrous impacts for both business and customer. Allow us to help.
How to choose the best contactless solution for your unique business needs
The current contactless and software buying process is wrought with bias and is failing many trusting businesses. Poor decisions and lack of action on finding solutions are costing companies money.
Unfortunately, these risks are putting buyers off. When you realize that the benefits of contactless solutions include personal safety, efficiency, fraud protection, flexibility in payment devices, loyalty and better customer experiences, the missed opportunities are significant. To save yourself money and hardship, we suggest you follow this process closely.
1. List your exact needs and goals
A huge problem in software buying is that vendors and comparison sites tell clients what they want rather than asking what they need. It is the complete inverse of what should be happening and a major reason why we founded Olive.
As a unique business, you have unique needs. No doubt you share many of them with your industry but you need a custom fit. We need to find the one that saves you time and money and gives customers a great experience.
Give yourself and the team the task of making a list of your exact demands from a contactless solution. Take a week and write down the needs during your process or come together in a meeting. Either way, list your precise goals because that is what makes your business better.
Ask yourself and the team:
- Where could we improve drastically?
- What do our customers use everywhere else?
- What do we need to do to be a market leader?
- What added benefits could we get to bring us to the next level?
2. Rank your requirements
Not all needs are created equal. What are the absolute non-negotiables in your software solution? Keep your team involved in the discovery stage because they know the things you don’t have time to know.
With that, find out what functions of their roles cost the most time. Saving a couple hours a week per staff member often adds up to more than the cost of the solution. In addition, define each priority clearly. Be prepared to go to a vendor armed with vivid deliverables.
3. Explore the Market Options
Take your needs and goals and build a list of potential suitors. In this stage, there is little need to be uber-selective as this is still discovery. You may find solutions that are a little over what you intended to spend but eliminate a significant cost in the process.
Google, ask competitors, go to webinars or whatever way you need to find the best options. Most people will find themselves on market comparison sites like G2 and Capterra. While both are fantastic, they should come with a warning label. Be aware of your biases at this stage, and remember, you are talking to salespeople, not technology matchmakers.
As we mentioned earlier, vendors are telling buyers what they want and these sites do the exact same. The vendors featured in search results pay to be there. They are not suggested based only on your search. You’ll notice they are not ranked by review score or number of reviews because they are ranked on who pays most to feature higher.
Regrettably, this means that buyers end up with a host of wrong solutions for their business. You wouldn’t serve ice cream to the lactose intolerant simply because you like it so why would you accept it?
4. Evaluate and Shortlist Vendors
Step 4 requires you to take the list of exciting options and trim it down to those who bring your business forward. The aim is to get to a shortlist of no more than 5.
Now is the time to establish a budget. You know exactly what is on offer and what the potential ROI might be from direct and ancillary benefits. Whilst working on budget, you should also refer to your requirements list. Are you satisfying the criteria you laid out previously? If a solution doesn’t hit your priorities, it isn’t a solution.
When you have a shortlist of solutions that you know meet your most important needs, it’s important to get a tailored demo. Warning, many buyers jump straight into demos. This is exactly what the sales people want. Once you take a demo, the sales people have the opportunity to bias your decision making process. Make sure you keep them on track while still keeping an open mind to learning about new ideas. Most vendors are happy to showcase their products. If not, discard them because in the long run the after sales support won’t be there either.
Stick rigorously to your needs. Vendors usually show up to dazzle with add on features but you are different. You just need your requirements met. Bring a colleague to the demo to ensure your team is represented. Ask lots of probing questions:
- Is the solution scalable?
- How is it meeting your needs?
- What additional ways does it help you company?
- Are there add ons or upgrades available?
- What is the after sales service like?
- Who else have they worked with?
- Does it work with other specific software you have?
- Does it perform any data capturing?
- Is it easy to use?
- Will it make your company better?
5. Making Your Choice
Firstly, do not get bedazzled. Sales people aim to impress you but listen to your team and business first. Ask for the input of those who will be affected – your workforce. Pick a solution based on exactly what you need to progress your company, shed redundant tasks and save money. Remember, it’s your buying process. Don’t let the vendor turn it into their sales process
The Contactless Buying Process is Tedious but Vital
The software buying process does take a long time and can be a nightmare but each step is important. Rushing through gives errors a chance. You wouldn’t ask a builder to rush your building foundations and nor should you rush your software procurement.
You need a software solution that adds value. The bare minimum is to bring you up to speed with your competitors and make you available to more customers. However, the wrong solution will continue to ostracize clients and cost you money.
For the CIO or individual responsible for a poor software choice, it could mean your job. This isn’t a scare tactic, it is our experience speaking. The error of wrong software solutions compounds over time and can often need to be replaced. The risk of getting it wrong just isn’t worth it.
Olive helps you find the right contactless solution for your business needs
Digital transformation is inevitable and customers all over the world are adapting quickly. Olive is cutting down the risks and time it takes to find a perfect contactless option for our clients.
Olive is not about quick sales, vendor bias or ignorant risk. We are about buyers. Our process is to strengthen your position in your market. Olive is eliminating the bias against buyers by not accepting any payments or influence from vendors. Olive doesn’t fit you to a solution. It takes your needs and finds only solutions that fit those needs.
Olive is like the trusted mechanic you bring to check over a new car before buying. We start by drilling down into your needs and search the market for exactly what you want. We don’t come back with redundant options because our system doesn’t have any vendor bias. Olive puts the power back into the buyer’s hands. Olive believes fully in credibility and making the contactless transition seamless.
Our expertise is helping businesses go digital. This is your ‘heads up’ to save you from being among a predicted 6% of businesses without contactless by year end. If you need a solution right away, please let us know. Olive leaves nobody behind!