How companies are reshaping payments

the COVID-19 The pandemic has prompted the entertainment, fitness and restaurant industries to adjust their revenue models and keep customers engaged during lockdown. Business owners in these industries are learning how to survive financially as consumers comply with stay-at-home orders while preparing to restore operations and afford payrolls, utilities and other needs once the doors reopen are open. In order to retain as many customers and employees as possible, these companies must therefore rethink their range of services.

The service model of the healthcare sector has also been badly affected with many patients avoid Health clinics and hospital visits for fear of exposure to the virus. Doctors, dentists, nurses, therapists and other healthcare professionals are recognizing that patients still need support for their health issues, and many are turning to digital technologies that offer remote care like telemedicine appointments.

This month’s deep dive examines how these four lines of business are adjusting to continue providing services and receiving payments. It also examines how businesses that have not traditionally leveraged mobile and online methods are adopting and managing these new cash flows, and explores the payment tools and software that can help.

Fitness and healthcare are going virtual

Most gyms and fitness centers operate based on making equipment and workout classes available to customers on-site, but such models have evaporated as non-essential businesses are temporarily closed. Wellness operations around the world are shifting to virtual classes, with gyms and individual practitioners charging per class or weekly. Cloud-based training planning and business management software providers are stepping in to enable these shifts. Consumer adoption has been strong, according to reports from software-as-a-service (SaaS) provider Mindbody handling between 31 March and 7 April between 125,000 and 200,000 digital courses daily.

Have several spinning studios out of stock different approaches to maintaining revenue, with some rent exhibit their stationary bikes for monthly fees and deliver them to consumers via U-Haul trucks. This approach allows companies to monetize devices that would otherwise gather dust in closed studios. Still other fitness companies emulate the gift card model and offer Customer discounts for purchasing courses to take once studios reopen.

Healthcare providers are also exploring digital ways to continue serving clients who don’t need in-person visits. These practitioners are now far away offer Support and advice via apps, chatbots, e-mails, SMS and video-based communication and much more enable digital prescription order. However, expanding remote service is only half the battle, as healthcare providers must also accommodate financially strained consumers. Some clinics are like that rotate to payment service providers to offer installment plans and to adjust or suspend repayment periods. This approach allows hospitals to continue earning revenue for their work while relieving pressure on defaulting consumers.

Restaurants deliver dinner, drinks and toilet paper

Restaurants are also adapting to serve customers remotely, and venues that previously didn’t have pre-order or delivery services are doing so rotate to free software to help them accept, manage, and receive payment for orders. The restaurants are also designing delivery approaches to accommodate social distancing requirements, with contactless deliveries where meals are left at customers’ doorsteps. Most are too discouraging Cash tips or payments due to concerns the virus could linger on paper.

Restaurants are also experimenting with what they serve, as some offer limited menus and purchases of bulk ingredients and alcoholic products. Restaurant supply chains differ from those of convenience and grocery stores, and therefore have not experienced the same inventory depletion from consumer purchases. This has prompted some restaurants to allow consumers to add toilet paper, soap and food supplies to their delivery orders.

Some are promoting the sale of gift cards, as these products can offer restaurants instant cash injections to pay their staff and show business owners that customers will come back once venues reopen. Additionally, gift cards can help restaurants generate additional revenue beyond retail prices, as 80 percent of restaurant gift card holders allegedly spend more than the amount stored on the cards when you use them. Other restaurants are questions for Venmo donations to support chefs, waiters and other staff during the COVID-19 pandemic.

Entertainment sales target consumers at home, in their cars, and in the future

What “dinner and a movie” looks like has changed a lot for consumers, and the changes aren’t limited to how people eat their meals. The entertainment industry is also changing its business model as movie theaters close. movie studios are waiver Theatrical-based releases and launching films via online streaming and rental services instead. Drive-thru venues are also estimated to be experiencing a resurgence project that these locations will account for 60 percent of the theaters currently open to US customers.

Other entertainment companies are also experimenting to stay in the game. A retro arcade is react by selling discount passes to be used during the upcoming Memorial Day through Labor Day season, for example. The discounts are intended to encourage customers to buy now in the hope that social distancing will no longer be necessary by Memorial Day, which falls on May 25.

Many payments for many consumers

Businesses reimagining their approaches to maintaining service must be able to accept many different types of payments or risk locking out some consumers in moments of need. Providing a wide range of payment options can help businesses sell to customers who may not have credit cards, allowing those buyers to pay directly from their bank account or using other methods instead.

New evidence of the need for wider acceptance of payments is in the grocery sector, where retailers are working to make online grocery shopping easy and safe for the economically disadvantaged. The 38 million consumers who depend on the Supplemental Nutrition Assistance Program (SNAP) often miss out on these benefits numbers for groceries ordered online due to the current official regulations. This is forcing consumers to instead visit stores in person and shop in the aisles, which could increase their risk of exposure to the virus. Only eight states are actively participating in pilot programs that allow the use of SNAP for digital payments. Has this problem asked Some retailers are designing order-for-collect options where customers indicate in their digital ordering applications that they want to pay with SNAP and then provide their benefit cards for staff to scan when they pick up the items. Such approaches enable customers to order online even if they cannot pay digitally.

Merchants may also find that enabling a wider range of online payments allows them to serve customer bases that are spread across different geographies. Fitness trainers offering online classes and entertainment companies trying to sell globally need to offer purchase options that match the payment norms and preferences in each customer location. US consumers tend to prefer Paying in e-commerce with credit cards and Chinese buyers, for example, strongly favor digital wallets, so merchants selling in both markets need to facilitate transactions with these different payment instruments. The right payment methods can help businesses make their customer base more inclusive.

Businesses are facing strains as the pandemic disrupts their normal business operations, and the entertainment, fitness, healthcare and hospitality sectors have all been badly affected. Innovative approaches to service delivery, nurturing loyal customers, and supporting software and digital payment methods help these businesses maintain revenue and enable them to resume operations as soon as it is safe to do so.

Previous Property tax deadlines have been pushed back, but lenders want cash
Next Congress seals deal on $900 billion Covid relief bill