The Payments Canada Summit is Canada’s largest payments conference, spanning two and a half days in downtown Toronto. The Summit connects industry leaders, innovators and challengers with over 90 speakers, 40 breakout sessions, and 1,800 delegates, to discuss the ever-changing payments industry in Canada and internationally.
As Canada’s largest payment processor we were proud to take part in the Summit, with both our President and CEO Angela Brown giving a keynote speech, and Chief Sales and Marketing Officer Jeff Guthrie, presenting on day two.
Did you miss this year’s Summit? Here’s a look at some of our favourite highlights from Angela and Jeff’s presentations that we don’t want you to miss out on!
Angela Brown – Innovation with Integrity and Transparency in the Digital Age
Working with integrity is an vital part of operations at Moneris, and something that we work towards every day. But what does it mean? And, how does a company with over 2,000 employees ensure that integrity stays top of mind for every Moneris team member?
The Definition on Integrity
The dictionary says that integrity is the quality of being honest and having strong principles, but in payments, we can always expand that to being trusted, accurate and reliable.
How Do You Incorporate Integrity at Work?
By taking a framework approach to integrity, it becomes simpler to adopt in day-to-day business operations. This framework applies to employees and customers, and helps ensure that we keep integrity at the forefront of everything we do.
Our customers are given high value experiences across all our touch points, and we measure their experiences to ensure they’re satisfied. Our employees are the people who take care of these customers, so we know to focus on their engagement and the social culture to enhance their daily work experience.
Privacy and the use of private information is at the heart of integrity. The recent headlines of data breaches and corporate breaches of trust are a big concern, especially in the payments industry, where we have so much private information. Focusing on the practices that deliver privacy to our customers, and their customers, is at the core of everything we do.
Accessibility applies to both the digital and physical worlds. In the digital space, it may mean employing AI to help customers quickly resolve their problem. In the physical world it means making sure our devices are user friendly, as well as making sure our premises are accessible to employees and customers with disabilities.
We need authentic communications to customers and employees that are clear, provided through their preferred platform, arrive on a timely basis, and at an appropriate frequency. Whether it’s through advertising, email, or another relationship management platform, we apply the highest standards for clarity and authenticity.
Finally, we know that transparency is an integral part of working with integrity. Why? We believe that transparency in the digital age is becoming a key brand pillar affecting everything we do from pricing, to advertising, reporting and training.
Jeff Guthrie – Combatting the Amazon Effect
Amazon isn’t the first company to disrupt the sales cycle, and it won’t be the last. But, how do independent businesses combat the “Amazon Effect”?
What is the Amazon Effect?
What Amazon is doing is essentially taking the experience of a department store, and putting it online. Instead of needing to search for a product in a number of stores in-store or online, almost everything can be found on Amazon. This has created the Amazon Effect – disrupting the standard shopping experience by creating a single buy-all ecommerce store.
Amazon accounts for about 20% of all ecommerce sales in Canada, and about 44% of all online sales in the United States. So does this mean that small businesses are doomed? History says no.
So How Does a Main Street Small Business Tackle Amazon?
There are five things that small businesses should do to make sure that they keep up with the Amazon’s of the world:
1. Personalized Service
2. Web Presence
4. Embrace Technology
5. Leverage Data
What Does an Independent Merchant Do Better? Personalization.
Small businesses offer a customized experience to their customers, and that is a key differentiator. Each customer has a unique shopping experience, and independent businesses can use this to their advantage to provide outstanding service in each interaction.
How Does an Independent Merchant Keep Business Busy? Get Online.
While 80% of Canadians have adopted the latest technology in their day-to-day lives with things like the smartphone, less than 1% of small businesses have done so to run their business. Without a web presence, your business is being rendered invisible to people who begin their research on their phones.
Set up a simple website so customers know how to find you, and utilize social media to reach out to new and existing customers. From there you can grow into ecommerce, and build out an online store to not only complete with the Amazon’s of the world, but bring in an additional revenue stream too.
Embracing technology will also let you learn more about your customers by providing you with data on your online traffic. Knowing more about your customers will let you market better, sell better, and make operations easier in the end.
At Moneris, we’ve partnered with Apple to help independent businesses keep up with technology by providing iPad POS solutions, and offering our PAYD Pro solution in all Apple retail stores. Our dedicated Moneris Field Service team can help deploy and install technology to any merchant who wants the help. And for businesses looking to expand to ecommerce, we’ve partnered with Shopify so you can have a multi-channel operation that works seamlessly with your Moneris solution.
Looking to find Moneris at your next local event? Make sure to follow us on Twitter to learn more about where we’ll be next!