FirstBank SMEConnect webinar exposes SMEs to alternative payment options

In pursuit of its role in promoting the sustainability and viability of Small and Medium Enterprises (SMEs), Nigeria’s first and leading financial inclusion service provider, FirstBank, recently held its SMEConnect webinar on Thursday March 24, 2022. The event was themed; Leverage alternative payment methods (APM) to generate revenue for your business.

The objective of the webinar was to update businesses with current technology as it relates to payments and demonstrate how adopting alternative payment methods can play a critical role in revenue growth.

During the webinar, various speakers explained how companies could take advantage of the opportunities presented by alternative payment methods (APM).

Jeffery Williams, Group Business Leader, Merchant Acquisition Business Development Management, one of the webinar speakers, explained the technique of upselling and cross-selling, saying that business owners should aim to improve the shopping experience of existing customers rather than trying to attract new ones.

To improve the customer shopping experience, according to Jeffery, business owners should be able to offer additional or alternative items, should have a good understanding of customer profiles, increase average spend and margin per customer purchase, make visible the additional or alternative items you wish to project.

He explained that by offering alternatives, business owners also enable more sales. For alternative payments, they can be applied through simple technology, these payments being made by payment with a card, with POS, with Quickteller, transfer, USSD, etc.

Kolawole Ogunmekun, Head of Digital Innovation Lab at First Bank Limited, gave an overview of different types of alternative payment methods. He shared that APMs “to refer to any form of payment that is not made in cash or with a major international brand of debit or credit card”.

He said that customers need a frictionless checkout experience, especially for e-commerce transactions, to enable seamless checkout and alternative payment methods (APM) solve this problem by offering a different range options.

Some reasons why small and medium businesses are taking advantage of APMs include; increase sales, expand business reach, speed up payments and improve payment security. APMs promote increased transaction security and a better experience for merchants and their customers.

FirstBank’s APM products that SMEs can take advantage of include; FirstBank wallet, Pay with Bank Account, Pay with QR Code, FirstChekout, Mobile Contactless payment, Buy Now Pay Later, Pay with USSD and Prepaid Card. All of the products listed above enable faster and more reliable cashless payments and transactions.

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