Forbes Insights finds outdated payment technology leads to lost sales, lower customer loyalty, and competitive risks for retailers and hospitality brands
FreedomPay, a global leader in Next Level Commerce, and Stripe, the programmable financial services company, released the “Enterprise Payments Playbook,” a new report in partnership with Forbes Insights. The report, based on a survey of 250 global financial services enterprise leaders, finds that outdated payment technology is a direct cause of lost sales, reduced customer loyalty, and significant competitive disadvantage. The findings highlight a critical need for businesses to adopt a unified, omnichannel commerce strategy to meet modern consumer demands.
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The High Cost of Outdated Technology
The study reveals a major disconnect between consumer expectations and what businesses can deliver with legacy systems. A significant 74% of executives confirm that consumers now expect faster, frictionless transactions. This pressure is exposing critical vulnerabilities, with 58% of retailers directly attributing lost sales and higher cart abandonment rates to their current payment technology. Furthermore, 59% of business leaders believe their outdated technology puts them at a competitive disadvantage, and 55% name customer dissatisfaction as the single biggest risk of failing to modernize their payment infrastructure.
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“This research confirms the tipping point for payment modernization has arrived,” said Chris Kronenthal, President of FreedomPay. “In a world where a single bad checkout experience can lose a customer forever, a unified commerce strategy isn’t just a competitive advantage, it’s a survival strategy. Our platform is designed to be the central hub that allows enterprises to solve today’s challenges while building the agile, data-driven infrastructure needed for the future of AI-powered commerce.”
The Strategic Shift to Unified Commerce
The report’s data shows a clear consensus on the path forward, with 62% of leaders agreeing that a unified payment system will have the biggest future impact. The solution requires a paradigm inversion, where businesses choose a flexible technology architecture first, then integrate financial partners. This unified approach breaks down data silos, allowing businesses to gain a single, actionable view of the customer across all online and in-person touchpoints.
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“To understand the shift in enterprise payments, you have to start with consumer expectations. Today, they want a simple, seamless experience, no matter where they engage,” said Kate Brennan, Business Lead for Terminal at Stripe. “Consumers want flexibility in payment options. They want to pay with cards, buy-now-pay-later, or any relevant payment method. Flexibility is where the entire enterprise industry is changing, which can be a tough adjustment for those using legacy payment systems.”
The Future of the AI Readiness Gap
The report also uncovers a significant gap between the industry’s ambition for AI and its current capabilities. Only 18% of companies feel prepared to integrate AI for personalized payments, and just 10% currently use it for fraud detection. This readiness gap highlights the need for a modern, agile payment infrastructure, the kind provided by platforms like FreedomPay and Stripe, to support future AI-driven innovations.
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Source : globenewswire