Alternative payment methods: strength and challenges merchants should understand

There are so many things to banking that some topics aren’t as discussed as others. Unfortunately, the alternative payment methods (APMs) fall into the category, unrightfully so! You see, the APMs are the alternatives to cash and card payments, but throughout the years they became quite widespread and functional. 

Check out Genome’s article “Are Alternative Payment Methods the New Banking King?” to find out what it is about APMs that customers prefer. Here are some of the riveting points described in the article to pick your interest.

Alternative payment methods drive diversity in customers’ options

A great thing about APMs is that they are all different and offer clients various ways to pay. Some APMs function as cashless apps you have on your phone, others – like e-wallets, and there are even APMs that provide people with payment slips to pay with at shops, post offices, etc. 

As you can see, the alternative payment methods can be used by both technologically-driven customers, and by people that live in rural areas and don’t have bank accounts. That’s what makes APMs so versatile, and as there a huge number of them allows customers to choose the most favorable terms.

The world changes, so are the clients’ demands

It is no secret that digital transformation starts ruling supreme, and more people switch from cash to more convenient ways of payment. It particularly applies to millennials and Gen Z, that are more tech-savvy. Considering that lots of alternative payment methods are digital, it is no wonder they are an easy pick for younger generations.

Not to mention that cashless services will become more prevalent among customers and retail shops due to the pandemic. 

There are still issues the APMs should consider

Even though alternative payment methods are becoming more popular, lots of them are still used locally, meaning it is hard to compete with Visa, Mastercard, and other major credit card companies that are available globally.

Another issue is that not all merchants are ready to work with APMs, as those are difficult to set up without external help. 

Still, we at Genome believe that merchants should have at least some APMs available on their website to show their openness and provide customers with more options. And that’s where our team can help, as Genome offers our merchants 25 alternative payment methods, among which are Alipay, Skrill, Paysafecard, WeChat Pay, Sofort, and others. Not to mention that all the onboarding and merchant account opening is carried out completely online, to our clients’ convenience. Find out how we can help you on our website, or by contacting us via email.