Gaming & Hospitality Organizations Must Modernize Legacy Payment Solutions to Survive in the New Digital Environment, Says a New Report From Info-Tech Research Group

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May 10, 2023, 14:16 ET

As Gaming & Hospitality organizations continue to shift to platform businesses, there is a lack of knowledge about where to integrate digital or how to structure related organizational reporting.

TORONTO, May 10, 2023 /PRNewswire/ - The payment landscape is evolving rapidly, with digital transformation making its way into the payments environment, and by extension, the Gaming & Hospitality industry. For many organizations in this space, the payment process is in a legacy state and will not survive in a digital-first environment. Gaming & Hospitality organizations may also struggle specifically with focusing on current states over future states, foregoing the tremendous level of innovation occurring in payments in favor of what is working presently.

The final stage of the customer journey, purchase, is also sometimes referred to as “the last mile.” Though this stage may seem simple, it can leave a lasting impression on the customer and even impact their decision to purchase in future. A streamlined, user-friendly payment process sets both the customer and the organization up for success. (CNW Group/Info-Tech Research Group)

To support industry leaders in their endeavors to lead with a digital-first approach and modernize payment solutions, Info-Tech Research Group has released its latest digital transformation technology report, Enhance the Guest Experience Through Payments Modernization. The new resource was designed to help Gaming & Hospitality leaders understand how digital transformation is impacting major payment stakeholders, learn about changes in the payment service provider (PSP) ecosystem, and gauge the current capabilities of leading payment vendors in the space.

"The payments industry is in the midst of a significant digital transformation, accelerated by the pandemic. By extension, the Gaming & Hospitality industry has been given a key role in digitizing their own payment services and fostering the inclusion of different payment innovations as the day-to-day financial experiences of guests and players become enhanced," says Monica Pagtalunan, research analyst, Industry Practice, at Info-Tech Research Group.

While making the move to digitize payment processes and identifying which PSP is best suited to an organization's unique needs can be challenging, modernizing payment solutions across the Gaming & Hospitality industry is a crucial step for organizations that wish to remain competitive and future focused. Organizations that seek to digitally transform their payment processes are also building a converged payments and loyalty architecture because digital payments offer the following consumer benefits:

Personalization – Enables cashless payment types, such as debit and credit, which drives interactions that are rich in customer insights and can lead to recognition and rewards for the customer.
Convenience – Facilitates fast payment journeys via tokenization or one-click buys, enabling transactions that are quick and seamless and reduce abandonment, which eases the payment process for the customer.
Flexibility – Accepting multiple forms of payment via multiple channels, such as through various alternative payment models (APMs), drives more transactions and offers customers their payment method of choice via their preferred channel.
Customer loyalty – Combining personalization, convenience, and flexibility leads to increased customer loyalty.

When considering PSPs, Info-Tech's research shows that the "lowest rate is best" concept is a myth and all costs must be considered to truly understand the fee of any service. The firm advises in the report that Gaming & Hospitality organizations assess the payment process as a loyalty tool, the security of the payment process and its impact on profitability, the optimization of internal operations, and the available PSP services and technology to ensure the customer experience is frictionless.

To access the full report, including a vendor analysis of 12 popular cashless payment vendors, a PSP roadmap, and a breakdown of the payment flow, download Enhance the Guest Experience Through Payments Modernization.

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For more information about Info-Tech Research Group or to view the latest research, visit infotech.com and connect via LinkedIn and Twitter.

About Info-Tech Research Group

Info-Tech Research Group is one of the world's leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For more than 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

Media professionals can register for unrestricted access to research across IT, HR, and software and over 200 industry analysts through the firm's Media Insiders program. Contact [email protected] to gain access.

SOURCE Info-Tech Research Group